Chinese leaders last week pledged to intensify policy tightening in the face of a slowing economy to cushion the impact on businesses and consumers of a surge in Covid-19 infections at a time when the weakening of the world economy is hurting exports.
The World Bank cut its growth outlook for China for this year and next, citing the impact of the abrupt relaxation of strict Covid-19 containment measures and persistent weakness in the real estate sector.
China will better balance its COVID prevention measures and its efforts to promote economic and social development, trying to lay a good foundation for growth in 2023, the cabinet was quoted as saying.
The government will “keep economic performance within a reasonable range, promote further stability and improvement of the economy, and make a good start for the coming year,” the cabinet said.
China will speed up the construction of large investment projects and upgrading of equipment, the cabinet said, adding that China will meet people’s demand for COVID-prevention materials and medicines and reasonably import urgently needed goods.