What can be expected from the Chinese economy in 2023?
According to a senior official on Saturday the Chinese economy has survived its most difficult moment and is anticipated to show general development in 2023 amid an unstable environment.
According to Yin Yanlin, deputy director of the General Office of the Central Financial Institution, „2022 is a remarkable and exceedingly tough year for the development of China’s economy, but the nation bore the test and challenges of inconceivable forces.“
Yin cited three extraordinary factors that threatened to have a negative impact on China’s economy, which include COVID-19 flare-ups, a volatile global environment caused by the conflict in the Ukraine and Russia, the growing quarantine of China’s development by some Western nations, and the US’ abrupt economic tightening.
China’s GDP growth rate falls short of the annual goal set at the start of 2022, but structural indices like development quality and technological and scientific development have performed well, according to Yin. He claimed that the labor force and the cost of commodities had maintained their basic stability and that the security of food and energy supplies, as well as the protection of people’s livelihoods, had ensured general social and economic stability.
In order to assure stable growth of the real estate sector, the nation will increase regulation of the supply side of the industry while easing demand constraints, based on the Central Economic Work Conference. More private sector capital will be invested next year, in addition to proactive fiscal policy and careful monetary policy, according to Yin. He emphasized that a number of programs will aid in the rehabilitation of the economy.
According to Yin, the foundation and conditions for China’s economy’s sustainable development are strong. The remarkable durability, enormous potential, and great vitality of China’s economy remain unaltered, as with the sound trend of its continuing new strong economic growth and more efficient structure of the economy.