China’s central economic moot identifies milestones for 2023

BEIJING: The annual Central Economic Work Conference was held in Beijing from Thursday to Friday as Chinese officials decided priorities for the economic work in 2023.

Delivering an important speech at the conference, Chinese President Xi Jinping, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, reviewed the country’s economic work in 2022, analyzed the current economic situation and arranged next year’s economic work.

The meeting underlined that the country’s economic work in 2023 should fully implement the spirit of the 20th CPC National Congress and solidly promote the Chinese modernization.

The meeting stressed the need to accelerate the building of a new development pattern to promote high-quality development, as well as better coordination between the COVID-19 pandemic prevention and control and economic and social development.

The work of stabilizing growth, employment and prices should be highlighted, so as to effectively guard and solve major risks and promote the overall economic improvement, according to the meeting.

It said China will seek progress while maintaining stability next year, calling for continued efforts to implement proactive fiscal policy and prudent monetary policy, intensify the regulation and control of macro-policy, strengthen coordination and cooperation of all kinds of policies, to form a joint force to promote high-quality development.

The meeting urged to guide financial institutions to increase support in the fields of small and micro enterprises, scientific and technological innovation and green development.

The policy of science and technology needs to focus on self-reliance, the meeting noted, calling for effective coordination in education, sci-tech and human resources work.

It said the government should play an organizational role well in the research of key core technology, adding that the dominant status of the scientific and technological innovation of the enterprises needs to be highlighted.

China will expand domestic demand, develop the modern industrial system and promote high-level opening-up, according the meeting.

China’s economy sustains resilience in first 11 months

The Chinese economy has maintained resilient growth in the first 11 months of 2022, despite challenges posed by domestic COVID-19 outbreaks and a complex global environment.
The world’s second-largest economy saw a steady expansion in fixed-asset investment, industrial output and online retail sales, among others, in the January-November period, official data showed Thursday.

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