China's economy to see independent upward trajectory in 2023: official

While the world's growth will likely weaken significantly in 2023, the Chinese economy is expected to see an independent upward trajectory with an overall recovery, a senior official said.

The official of the office of the Central Committee for Financial and Economic Affairs made the remarks after last week's tone-setting Central Economic Work Conference.

The bright prospect can be attributed to the optimized epidemic response, effective pro-growth policies, and a low base this year.

China's improved COVID-19 response will exert a major positive influence on the economy, the official said, predicting a faster recovery in the first half of 2023, especially the second quarter.

The country will retain its existing policies of increasing demand and promoting structural improvement next year and introduce new measures in line with actual needs as well, the official said.

Given lower-than-expected growth this year, as long as the economy returns to normal growth, the base effect will provide support for the economic data next year, the official said.

Although the Chinese economy faces multiple challenges at home and abroad, its sound fundamentals remain unchanged, with strong resilience, enormous potential, and great vitality.

To promote the economic recovery next year, the official cited policy support in fiscal, monetary, industrial, scientific, technological, and social fields.

China will step up the proactive fiscal policy with better effectiveness and make the prudent monetary policy targeted and effective, with stronger support for micro and small businesses, technology innovation, and green development.

The stronger coordination of various policies will form a combined force to push forward high-quality development, the official said.