Daily Times

With the ease of COVID-19 containment measures, and given the resilience and potential of its economy, analysts believe China’s economy will revive next year and continue to be a reliable and important driving force of the global economy in 2023.

“Despite global macroeconomic headwinds and the impact of the pandemic, China’s economic performance in 2022 was very commendable,” Lawrence Loh, Director of Center for Governance and Sustainability at the National University of Singapore Business School told China Media Group (CMG).

The good expectation is further fortified by the annual Central Economic Work Conference in Beijing ended on Friday with principles for next year’s economic development set and priorities for next year’s economic work arranged, including expanding domestic demand, accelerating the construction of the modern industrial system, consolidating public sector and supporting private business, attracting more foreign investment, as well as preventing major economic and financial risks.

“The meeting has pointed out the direction for economic development next year and beyond. At the same time, it addressed very specific issues, such as expanding domestic demand and attaching importance to technological innovation. It’s like Chinese acupuncture, finding the right point and applying the right force to achieve the desired effect,” Loh said.

With medical systems fortified, new variants getting tamer and 90 percent of the population armed with vaccines, China recently announced new measures to optimize its epidemic control measures.

Noting the recent measures to ease COVID-19 restrictions, Liang Guoyong, a senior economist with the UN Conference on Trade and Development, said that although the change will inevitably bring some pains in the short term, the adjustment is beneficial for the revitalization of economic activities and business confidence, pushing the economy back on a healthy growth track.