Date:2022-12-21
China's economy will likely recover next year due to the optimization
of COVID-19 containment measures, strong policy support and a low
comparison base, a senior official said on Saturday.
Han Wenxiu, an official with the Central Committee for Financial and
Economic Affairs, said China will see a notable rebound next year amid a
sluggish global economy, and the resumption of life and production
order will accelerate in the first half of 2023.
"China's economy is still highly resilient and has great potential and vitality, and the economic fundamentals that will sustain long-term growth remain unchanged," Han said.
Despite facing risks and challenges from the COVID impact, weak property market and changes in the international environment, Han said China has the confidence, conditions and capabilities to promote an overall economic rebound next year.
He was speaking after the Central Economic Work Conference concluded on Friday and mapped out priorities for next year's economic work.
Highlighting the importance of strengthening the coordination of
macroeconomic policies, Han said the country will strengthen the
implementation of a proactive fiscal policy and ensure prudent monetary
policy is targeted and forceful to help spur the economic recovery next
year.
Han noted that boosting domestic demand will hold the key to
supporting growth next year amid weakening external demand, and more
efforts should be made to fully unleash the potential of consumption and
investment and encourage the private sector's participation in the
construction of key national projects and projects focused on
strengthening weak links.
When it comes to preventing and defusing financial risks, he said the
property sector serves as a growth driver while posting risks, thus it
is necessary to promote the transition to a new development model and
ensure stable development of the property market.
Han made the remarks when addressing the annual conference on the
Chinese economy, held by the China Center for International Economic
Exchanges on Saturday.
Han estimated that China's GDP is expected to hit over 120 trillion yuan ($17 trillion) in 2022.
During the past three years, China's economy expanded at an average
annual growth rate of 4.5 percent, higher than the average growth pace
for the global economy, he added.