China poised to see notable economic rebound in 2023: Officials and experts

An overall recovery and improvement is expected in China's economic performance in 2023, officials and experts said after digesting the highlights of the tone-setting Central Economic Work Conference, which concluded on Friday.

The conference demanded making economic stability a top priority and pursuing steady progress while ensuring economic stability for the next year.

Speaking at an annual Chinese economic meeting held by the China Center for International and Economic Exchanges on Saturday, Xu Hongcai, China's vice-minister of finance, said the country will coordinate fiscal revenue, deficit, and special bonds to strengthen financial resources for major national strategic tasks, ce.cn reported.

China will also further improve the structure of government spending and increase spending in key areas such as science and technology, environmental protection, basic people's livelihood, and regional coordination, he added.

The prudent monetary policy should be targeted and effective, with reasonable and sufficient liquidity to be maintained and stronger support from financial institutions for micro and small businesses, technology innovation and green development, said the conference.

Proactive fiscal policy and prudent monetary policy will continue to be implemented next year. Meanwhile, efforts will be made to intensify macro-control and coordinate various policies to form synergy for high-quality development, according to the conference.

Liu Guoqiang, vice-governor of the People's Bank of China, the country's central bank, said on Saturday that the strength of the monetary policy in 2023 should not be smaller than this year. China will better meet the needs of the real economy, and also maintain reasonably sufficient liquidity in the financial market.

He also noted that the country will continue to increase support for small and micro businesses, scientific and technological innovation, green development, infrastructure and other key areas and weak links.

A firm confidence is necessary to do a good job in the economic work next year, the conference said. The potential of the domestic market will also be fully tapped so that domestic demand can play a stronger role in driving economic growth.

Ning Jizhe, deputy director of the Committee on Economic Affairs of the National Committee of the Chinese People's Political Consultative Conference, said China should ramp up more efforts to boost domestic demand and spur consumption next year, which will help promote economic growth to a reasonable range.

He also said the optimization of COVID-19 containment measures will help give consumption a boost, and the economy will likely recover next year with the government's solid steps to boost domestic demand.

The conference stressed that industrial policies should be optimized to facilitate the transformation and upgrading of traditional industries and the cultivation and growing of strategic emerging industries, as well as shore up the weak links in industrial chains and forge new competitive advantages in the country's pursuit of carbon peaking and neutrality goals.

Wang Yiming, vice-chairman of the China Center for International Economic Exchanges, said the country will continue to make cultivating strategic emerging industries a key task, and speed up research and development and industrial application of cutting-edge technologies such as new energy, artificial intelligence, biotechnology, green and low-carbon technologies and quantum computing.

Besides, the country needs to strengthen scientific and technological innovation to support the modern industrial system, enhance its ability to ensure the supply of strategic resources, and vigorously develop the digital economy.

The country will make greater efforts to attract and utilize foreign capital, widen market access, promote the opening-up of modern service industries, and grant foreign-funded enterprises national treatment, the conference said.

Long Guoqiang, deputy head of the Development Research Center of the State Council, said China should steadily expand institutional opening-up such as in management standards and deepen domestic reform in relevant areas.

The Chinese economy has a strong resilience, great potential and vitality, said Han Wenxiu, an official with the Central Committee for Financial and Economic Affairs. The Chinese economy may witness an overall rebound amid a sluggish world economy next year, he said.

The optimization of pandemic control measures will have a significant positive impact on economic recovery. It is expected that in the first half of next year, especially in the second quarter, the order of social production and life will be restored at a faster pace, which will actively promote economic recovery and development.

Xinhua contributed to this story.