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BEIJING. — Given the resilience and potentials of its economy, analysts believe China will continue to be a reliable and important driving force of global economic growth in 2023.
This year, in the face of multiple challenges, China has maintained the overall stability of its economy by effectively coordinating Covid-19 policy with economic and social development, and introducing a series of stimulus packages to support enterprises, stabilise consumer prices, and boost the confidence of global investors.
The annual Central Economic Work Conference held in Beijing from Thursday to Friday noted that China’s economic performance in 2023 is expected to witness an overall recovery and improvement. Elaborating on the fiscal and monetary, industrial, science and technology, and social policies for 2023, the Central Economic Work Conference put economic stability a top priority and demanded pursuing steady progress while ensuring economic stability for the next year. China has also pledged to further expand domestic demand and to give full play to the fundamental role of consumption and the key role of investment in 2023, according to a meeting convened by the Political Bureau of the Communist Party of China Central Committee earlier this month.
Considering the fact that Beijing has many policy levers at its disposal to secure a resilient recovery, observers predict the Chinese economy will have a good performance in 2023.
International Monetary Fund managing director Kristalina Georgieva said that China has fiscal space to boost its economy and counter the downward pressure. “We see three to four quarters of strong growth, starting either in 2Q or 3Q of next year,” wrote analysts at multinational financial services company Societe Generale, forecasting the Chinese economy could achieve around 5 percent growth in 2023. — Xinhua
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