The National Development and Reform Commission of the People's Republic of China (NDRC) is China's state planner. They were on the speaking circuit on Tuesday pumping up China's economic prospects.

Caixin have a bit of a recap up ICYMI:

  • China is confident it can ensure steady economic growth and keep inflation in check, according to officials at the National Development and Reform Commission
  • Officials reiterated a vow to tap policy reserves when necessary.
  • The government will coordinate Covid control and economic development in a “highly effective” way, adjusting policy based on local situations to contain outbreaks and avoiding “one-size-fits-all” policies, said Ou Hong, a deputy secretary general of the National Development and Reform Commission (NDRC).

Here is the link for more.


The groupthink is strong in China. Zero COVID, while it may be a necessary health measure in the country with its ineffective home-grown vaccines (I'll leave to the health folks to decide), is devastating the economy each time harsh lockdowns are imposed. As Shanghai and Bejing (and others) emerge from their latest restrictions the economy is inching back, which is good news. Until the next outbreak and the reimposition of harsh measures that is.

Tomorrow we get PMIs from China for June. The May numbers were all in contractions, all 5 of them:

Beijing 13 May 2022