China's State Council Urges to Promote Steady Economic Recovery at Beginning of 2023

By Global Times

Jan 28, 2023 10:53 PM

A view of Shanghai, China's major financial hub and destination for foreign investment Photo:VCG

Chinese Premier Li Keqiang presided over a State Council executive meeting on Saturday, calling for sustained efforts to grasp the current economic and social development work and promote the steady rebound of economic operations at the beginning of 2023. 

The meeting noted that China's economy is continuously recovering and rebounding, stressing efforts to further stabilize economic growth, employment and prices and keep economic operation within a reasonable range. It also vowed to promote the fast resumption of enterprises after the Spring Festival holidays.

The meeting also called for efforts to accelerate the recovery of consumption as it's the main driver of the economy, while continuously promoting opening-up and stabilizing foreign trade and investment. 

For instance, the meeting urged to promote the implementation of policies aimed at boosting consumption along with other measures to accelerate the recovery of contact-based consumption. 

China's consumption posted a remarkable rebound during the Spring Festival holidays. A total of 308 million domestic trips were made in China during the holidays, recovering to 88.6 percent of the level seen in the same period of 2019, and domestic tourism revenue generated during the holiday totaled 375.8 billion yuan ($55.4 billion), according to data from the Ministry of Culture and Tourism released on Friday.

As for the continuous deepening of opening-up, the meeting vowed to come up with more actual supportive measures to stabilize foreign trade, encourage Chinese firms to participate in domestic and international exhibitions, and implement relevant policies.  

In order to actively attract foreign investment, the meeting proposed measures such as revising the new Catalogue of Encouraged Industries for Foreign Investment and implementing measures to facilitate cross-border personnel exchanges.  

China's economy is forecast to see a major improvement in 2023. For example, according to a UN report released on Wednesday, China's GDP growth could accelerate to 4.8 percent in 2023, while the world output growth is projected to decelerate from an estimated 3 percent in 2022 to 1.9 percent in 2023.

The State Council meeting on Saturday also urged to deploy the preparation work for spring plowing to lay a solid foundation for grain harvest and stable supply of important agricultural products with measures to support the planting of soybeans. 

Global Times