Officials voice confidence in China’s economy, urge cooperation

BEIJING, November 22, 2022 /PRNewswire/ — As the world economy reels from the pandemic and geopolitical tensions, even showing signs of recession, China has stabilized its economy with a package of measures, officials and experts said Monday at the 2022 Financial Street Forum, urging cooperation and risk awareness.

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Chinese the economy has remained in the recovery stage this year, despite the pressure, showing strong momentum for long-term development, Fu Linghui, a spokesman for the National Bureau of Statistics, said at the forum.

Although faced with complex and difficult international circumstances and other unexpected difficulties, Chinese the economy has shown remarkable resilience and vitality, Fu said.

Reviewing this year, Fu said that China implemented a package of policies to stabilize the economy, turning a second-quarter slump into a third-quarter recovery.

Meanwhile, Fu emphasized that China has actively expanded the opening at a high level.

As the world faces growing risks of recession, China is committed to establishing a new system for a higher-level open economy, including promoting trade and securing port services, he said.

Despite this year’s recovery, officials have also warned of financial risks rooted in high debt and high inflation.

It was a key task for Chinese financial regulators to defend against major financial risks and maintain stability in the sector, Xuan Changneng, Deputy Governor of the National Bank China (PBOC), he said at the forum.

After the 2008 financial crisis, the global community reached a consensus on strengthening the macroprudential management system to avoid financial risk spillovers, Xuan said, noting China made progress in the governance sector with related policies launched over the past few years.

Looking to the future, China is faced with opportunities and challenges, he said Wang Weidongvice president of China Development Bank (CDB), the largest state lender.

The global economic crisis could lead to weaker demand, while spending cuts and investment returns could also be seen at home, he said.

However, China has enough capacity to develop and upgrade the industry, Wang said, concluding that the fundamentals for positive long-term development remain unchanged.

CDB will continue to make efforts to serve the real economy, including stabilizing credit growth and offering more support to key sectors, such as manufacturing, technology, innovation, small and micro enterprises and green industry, he said.

“Development and cooperation are the ‘keys’ to solving global problems and can help countries to face challenges and overcome difficulties,” Peng Chunchairman and chief executive officer of China Investment Corporation, said at the forum.

China is building a dual circulation model with openness as a new development pattern, which will provide more support for a more resilient global supply chain and share new opportunities with the world, Peng said.

https://news.cgtn.com/news/2022-11-22/Officials-voice-confidence-in-China-s-economy-urge-cooperation–1fat2WiPb2g/index.html

SOURCE CGTN

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