China's NDRC assures continuation of economic recovery in 2023

19 Dec '22

2 min read

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China’s National Development and Reform Commission (NDRC) recently said the country’s economy will continue to recover next year with the optimisation of COVID-19 containment measures and stimulus policy measures gradually taking effect. NDRC will further expedite financing of projects via policy-based and developmental financial instruments and speed up infrastructure construction.

Due to a more complicated and grimmer external environment and a cloudy global outlook, the top economic regulator said more efforts will be made to proactively expand effective investment, spur consumption in key fields and increase support for micro, small and medium enterprises and self-employed households.

The country has invested 739.9 billion yuan ($106 billion) via policy-based and developmental financial instruments, and over 2,700 projects backed by such financial tools have begun construction as of the end of November, the commission said.

During the first 11 months, the NDRC approved 106 key fixed-asset investment projects worth around 1.5 trillion yuan, a Chinese media outlet reported.

Data from the National Bureau of Statistics (NBS) showed China has maintained a recovery trend with steady growth in both industrial production and investment in November, while consumption remains weak amid COVID-19 outbreaks.

The country’s value-added industrial output grew by 2.2 per cent year on year in November, while fixed-asset investment increased by 5.3 per cent in the January-November period.

Retail sales declined by 0.1 per cent year on year between January and November this year, NBS data showed.

ALCHEMPro News Desk (DS)

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