Officials voice confidence in China’s economy, urge cooperation

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

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of China Economy is still recovering this year, despite pressure, showing sound momentum for long-term development, Fu Linghui, spokesman for the National Bureau of Statistics, said at the forum.

Although the complex and serious international circumstances and other unforeseen difficulties were faced, of China the economy has shown remarkable resilience and vitality, Fu said.

At this year’s review, Fu said that China that a package of policies was in place to stabilize the economy, turning from a slump in the second quarter into a rebound in the third quarter.

Meanwhile, Fu emphasized that China there is an active expansion of high-level opening.

As the world faces increased recession risks, China committed to establishing a new system for a high-level open economy, including promoting trade and ensuring port services, he said.

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

It was his main task for of China financial regulators to deal with major financial risks and maintain stability in the sector, Xuan Changneng, deputy governor of the People’s Bank of China (PBOC), said at the forum.

After the financial crisis in 2008, the global community reached a consensus on strengthening the macroprudential management system to avoid financial risks, Xuan said, noting China progress made in the management sector and the launch of related policies in the last few years.

Looking to the future, China who are faced with both opportunities and challenges, it was said Wang WeidongVice President of China Development Bank (CDB), the nation’s largest policy lender.

The global economic downturn could lead to weaker demand and cooling consumption and investment returns could also be seen at home, he said.

But, China has sufficient capacity for industrial development and upgrading, Wang said, concluding that the fundamentals of long-term positive development are unchanged.

BFC 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 businesses and green industry, he said.

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

China 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

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