Huang Shouhong:

There are three characteristics of our macro policies and efforts last year worth summarizing.

First, giving priority to consolidating the foundations of the economy. The expression "consolidating the foundations," used in the report is frequently found in traditional Chinese medicine. After three years of COVID-19, the Chinese economy has entered an overall recovery stage, analogous to the process of "recovering from a serious illness." At the same time, it faces multiple difficulties and challenges, exerting increased pressure on our economy. There are two ways to respond to this circumstance. One approach is to implement a deluge of stimulus policies and strong stimulus measures to increase the growth rate in the short term. If we did so, we would certainly achieve a higher growth rate in the short term but would suffer its after-effects. The other approach is to pursue progress while ensuring stability, just like how traditional Chinese medicine helps patients who just recovered from a serious illness to recuperate and restore their vitality. After analysis and comparison, we opted for the approach of consolidating the foundations of the economy to ensure stable growth and sustain momentum. We implemented a number of measures conducive to both current and future development.

Second, strengthening interplay between policies to see that together they deliver greater outcomes. Since we faced multiple challenges last year, each with its own nature and characteristics, we could hardly adopt a single policy that would address all challenges. Therefore, last year, we placed greater emphasis on coordinating policies to ensure that, collectively, they deliver greater outcomes. To address tasks including expanding domestic demand, improving the economic structure, bolstering confidence, and preventing and defusing risks, we adopted a comprehensive range of robust and effective policies, including well-coordinated fiscal, monetary, and employment policies, to create synergy.

Third, placing an emphasis on taking targeted steps. In view of different contradictions and problems, we implemented varied targeted measures. Last year, for example, we introduced policies to support the development of state-owned enterprises, private companies, and foreign investment in response to the specific situations and needs of different business entities. There were both shared policies and targeted measures to address different difficulties and needs.

On the whole, we achieved commendable accomplishments last year and accumulated valuable experience. A thorough understanding of these achievements last year ensures a deeper insight into the reasons behind China's economic achievements in the past few years and boosts confidence in achieving development goals this year, as the logic and fundamental driving factors are the same. This is also why I spent more time elaborating on it.

Thank you.