Commerce Ministry: Consumption the focus for 2023

The government will give priority to the recovery and expansion of consumption in 2023 while stabilizing the scale and optimizing the structure of foreign trade, the Ministry of Commerce said.

In addition to attracting and utilizing foreign investment this year, the government will cultivate new growth points for international economic and trade cooperation, as well as deepen multilateral and bilateral cooperation in these areas across the world, the ministry said in an online statement after it held a key meeting on Monday in Beijing.

The government will also enhance its strength to maintain economic security in 2023.

After a decade of growth, consumption has been the biggest driving force of economic growth in China for many years. The country’s position as the world’s largest economy in goods trade has been consolidated, and the utilization of foreign investment has been steadily ranked second in the world for five consecutive years.