BEIJING: While global growth will likely weaken significantly in 2023, China’s economy is expected to bounce back and improve, a senior official has said.
The official of the office of the Central Committee for Financial and Economic Affairs made the remarks after last week’s tone-setting Central Economic Work Conference.
Next year’s bright prospects can be attributed to the optimized epidemic response, effective pro-growth policies, and this year’s low baseline.
China’s improved COVID-19 response will exert a major positive influence on the economy, the official said, predicting a faster recovery in the first half of 2023, especially the second quarter.
The country will retain its existing policies of increasing demand and promoting structural improvement next year and introduce new measures in line with actual needs as well, the official said.
Although the Chinese economy faces multiple challenges at home and abroad, its sound fundamentals remain unchanged, with strong resilience, enormous potential, and remarkable vitality.
To promote economic recovery next year, the official cited policy support in the fiscal, monetary, industrial, scientific, technological and social fields.
China will step up its proactive fiscal policy with improved effectiveness and make its prudent monetary policy more targeted and effective, while strengthening the support of micro- and small-businesses, technological innovation, and green development.
Stronger coordination of various policies will form a combined force to push forward high-quality development, the official said. – The Daily Mail-CGTN News Exchange Item.
