China’s Economy shows signs Growth
2022.12.16 00:33
China’s Economy shows signs Growth
Budrigannews.com – China’s top state planner said on Friday that the country’s economy is expected to pick up, but “arduous efforts” are needed to keep the recovery in growth going because the global economy is losing momentum and the external environment is bad.
The remarks were made following the release of November economic activity data that were lower than anticipated.
The abrupt relaxation of China’s strict “zero-COVID” regime, which was announced last week, runs the risk of larger outbreaks of the virus, which could affect businesses and consumers. However, the world’s second-largest economy is expected to benefit from the change.
In addition to COVID, policymakers must navigate the economy around other obstacles, most notably prolonged property sector weakness and waning external demand.
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A spokesperson for the National Development and Reform Commission (NDRC) stated in a statement, “With the implementation of optimised measures of COVID-19 prevention and control, while policies to stabilize the economy gradually take effect, China’s economic growth is expected to continue picking up.”
The spokesperson stated, “At the same time, we are aware that the economy is facing a more complex and severe external environment, as well as weakened growth momentum for the global economy.”
They went on to say, “We need to make arduous efforts to promote sustained economic recovery.”
According to the statement, China will work to stabilize growth, employment, and prices, accelerate the construction of infrastructure projects, and increase effective investment.
The NDRC stated that the infrastructure and manufacturing sectors supported growth in fixed asset investment despite a significant decline in property investment, with capital formation accounting for 26.7% of China’s economic growth in the first three quarters.
The NDRC claimed in November that it had approved 106 major projects totaling approximately 1.5 trillion yuan ($215.18 billion) in funding.
The state planner promised to promptly release state pork reserves in order to maintain stable prices as the Lunar New Year holiday season approaches.
China’s state media reported on Wednesday that plans to boost its COVID-ravaged economy included increasing domestic consumption and investment.
According to the statement, the nation will also help eastern Zhejiang province construct a pilot zone for the common prosperity campaign and broaden the scope to include middle-income groups.
