ECONOMY

Wed 15 Mar 2023 8:00 pm - Jerusalem Time

Speaker: China's economy is still resilient and full of potential and vitality

BEIJING, (Xinhua) -- China's national political advisors believe the country's economy remains resilient and full of potential and vitality, said a spokesperson for the first session of the 14th National Committee of the Chinese People's Political Consultative Conference.


Answering questions at a press conference, Guo Weimin said that despite the complex and harsh development environment, China has great strength in market size, industrial system and human resources.


Warning against headwinds, including continued turmoil in the international political and economic landscape, repercussions of policy adjustments in other major economies and domestic economic recovery that has yet to be consolidated, Guo urged firm confidence in doing a good job in economic work in 2023.


"We must make stabilizing growth, striving to effectively upgrade the economy and appropriately expand its scope, as our top priority," he said.


China's economy expanded by 3 percent last year, overcoming the impact of factors beyond expectations such as the complex global environment, COVID-19 and natural disasters.


The spokesperson said that maintaining overall economic stability and withstanding pressure to bring the economy to a new stage is a hard-won achievement for the country.


"National political advisors have suggested concrete reform steps to improve expectations and boost confidence," he told reporters.


Citing advice from members of the National Committee of the Chinese People's Political Consultative Conference, Guo said the country should continue to implement a strategy to expand domestic demand to speed up recovery and stimulate consumption.


He noted that efforts should be made to promote the stable and healthy development of the real estate sector and push the industry's transformation into a new development model.


He also proposed stronger policy guidance to facilitate the digital transformation of traditional industries and small and medium-sized enterprises, as well as deepening reforms to allow financial institutions to better serve micro and small enterprises and innovation.

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Speaker: China's economy is still resilient and full of potential and vitality

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