China's economy ready to see more favorable conditions

Lou Qinjian, spokesman for the second session of the 14th National People's Congress. [Photo by Feng Yongbin/chinadaily.com.cn]

China's economy is poised to see more favorable conditions than challenges, Lou Qinjian, spokesman for the second session of the 14th National People's Congress, told a news conference on Monday.

He expressed strong confidence about China's economic prospects, saying the "underlying trend of economic rebound and economic fundamentals that will sustain long-term growth remain unchanged".

Looking forward, he said the NPC and its Standing Committee will seek steady progress in improving legislation, providing safeguards for high-quality development through high-quality legislation.

More efforts will be made to advance legislation in deepening reforms, including implementing financial institutional reforms and supporting the development of the private sector, aimed at boosting the intrinsic driving force of the economy, he said.

China's economy has sustained robust growth despite uncertainties and challenges on the domestic and international fronts, in stark contrast with the situation in some other major economies.

China's economy expanded by 5.2 percent in 2023, significantly higher than that of the United States at 2.5 percent, the eurozone with 0.5 percent and Japan at 1.9 percent, data from the National Bureau of Statistics showed.