Thanks to policies to boost consumer spending such as those on automobiles, home furnishing, electronic products, and tourism, spending on big-ticket items steadily picked up and consumption of consumer services recovered quickly.
We fully leveraged the role of government investment in boosting overall investment and adopted policies for promoting non-governmental investment. There was rapid growth in investments in energy and water conservancy infrastructure as well as the manufacturing sector.
We improved city-specific policies on real estate regulation, worked to lower housing mortgage costs, and ensured the delivery of housing projects. We formulated and implemented a package of steps to address local government debt, dealt with financial risks by type, and ensured that no systemic risks arose.
2. We promoted industrial upgrading through innovation and gained new momentum for coordinated urban-rural and regional development.
To build China’s strength in strategic science and technology, we stepped up efforts to implement major science and technology programs. We adopted an overarching plan to advance new industrialization. We took measures to ensure the stable performance of the industrial sector and support advanced manufacturing, and increased the additional tax deductions for R&D expenses of enterprises in key industries. This helped promote high-quality development of key industrial chains. As a result, industrial enterprise profits stopped declining and began growing.
The digital economy posted rapid growth, and 5G penetration rate in China topped 50 percent. The new urbanization strategy was further advanced. Restrictions on permanent urban residency were further relaxed or lifted, the overall carrying capacity of county seats was increased, and the share of permanent urban residents in the total population rose to 66.2 percent.
We adopted stronger support policies to develop agriculture and took effective steps to protect against natural disasters and ensure good harvests. New initiatives were launched to increase grain production capacity by 50 million metric tons, and solid progress was made in rural revitalization.
The systems and mechanisms for coordinated regional development were refined. We adopted new measures and launched major projects to implement major regional strategies, thus ensuring better coordinated and more balanced regional development.
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