(MENAFN) A Chinese official has expressed optimism about the steady and sustained development of the country's economy, adding certainty to global growth clouded by upheavals. Han Wenxiu, executive deputy director of the office of the Central Committee for Financial and Economic Affairs, made the remarks at the economic summit of the ongoing China Development Forum 2023. Han stated that the country has hit the "fast-forward" button on its economic growth after optimizing its epidemic prevention and control measures.
Passenger flows, logistics, and business trips in China are normalizing quickly, while domestic demand has also recovered, according to Han, who cited major economic indicators in the first two months of the year. Retail sales, a gauge of consumption growth, increased 3.5 percent year on year in the January-February period, reversing declines seen in the previous three months. Additionally, China's value-added industrial output went up 2.4 percent year on year, while the index gauging the country's service industry output rose 5.5 percent.
With the accelerated implementation of supporting policies, Han stated that the confidence of enterprises and investors is also on the mend. However, he also noted that China's economic operation still faces challenges such as stagflation risks and spillover effects brought by the tightened monetary policies of developed economies. Nevertheless, China aims to expand its economy by around 5 percent in 2023, according to its government work report.
Han emphasized that the current development momentum bodes well for the full-year growth target, adding that China will remain a significant engine fueling global economic growth. He pointed out that the contribution of China's economy to the world economic growth has exceeded 30 percent on average in the past decade, and the figure this year will surpass that in 2022, providing market demand and a strong impetus to the global recovery.
Moreover, Han stated that China is proactive in stabilizing global industrial and supply chains, defusing financial risks, attracting foreign investments, and upholding multilateralism. To further revive the economy, China will make more efforts in Chinese modernization to cultivate development in the medium and long term.
Overall, Han's remarks reflect China's commitment to promoting steady and sustained economic growth, both domestically and globally. Despite challenges, the country is taking steps to optimize its economic policies and support business confidence, with the goal of expanding its economy and contributing to the global recovery.
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