{"id":15035,"date":"2023-01-06T14:00:00","date_gmt":"2023-01-06T14:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3979668_CN79668_0"},"modified":"2023-01-06T14:00:00","modified_gmt":"2023-01-06T14:00:00","slug":"why-are-we-confident-about-chinas-economy-this-year","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=15035","title":{"rendered":"Why are we confident about China&#8217;s economy this year?"},"content":{"rendered":"<p><span class=\"legendSpanClass\"><span class=\"xn-location\">BEIJING<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">Jan. 6, 2023<\/span><\/span> \/PRNewswire\/ &#8212;&nbsp;A news report from China.org.cn on <span class=\"xn-location\">China&#8217;s<\/span> economy in the new year:<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2197\" align=\"center\" readability=\"7\">\n<p title=\"Why are we confident about China\u2019s economy this year?\"><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/3dAnCsI_hLI\" frameborder=\"0\">&amp;amp;amp;amp;amp;nbsp;<\/iframe><\/p>\n<\/p><\/div>\n<p><span class=\"xn-location\">China&#8217;s<\/span> economy, the second largest in the world, has always been in the spotlight. Recently, the country has deployed its economic work for 2023, opening a new chapter for its economic development and filling us with confidence in <span class=\"xn-location\">China&#8217;s<\/span> economy in the new year.<\/p>\n<p>But where does this confidence come from?<\/p>\n<p>Looking at the bigger picture, the 10 new prevention and control measures ushered in a new stage of <span class=\"xn-location\">China&#8217;s<\/span> COVID-19 response. Although the pandemic has not yet come to an end, the optimized strategy will undoubtedly boost economic activity, and facilitate the flow of economic factors and commodities. Put simply, the optimized strategy has reinvigorated the economy. The roads are busier, the malls have more shoppers, and travel apps have seen an uptick in customers. The optimized COVID-19 strategy and updated economic policy have brought <span class=\"xn-location\">China&#8217;s<\/span> economy into a new development stage.<\/p>\n<p>In terms of specific economic measures, &#8220;expanding domestic demand&#8221; has become a top priority in achieving the goal of ensuring stable growth in 2023. Predictions for this year depict a bleak global economic outlook with sluggish external demand. In contrast with the Keynesian belief that &#8220;demand creates its own supply,&#8221; <span class=\"xn-location\">China<\/span> emphasizes generating effective demand through high-quality supply, which means continuously innovating to create higher-level products. For example, despite the saturated cellphone market, the emergence of smartphones redefined cellphones, creating demand from 7 billion people for the new products. This represents the underlying logic behind <span class=\"xn-location\">China&#8217;s<\/span> efforts to deepen supply-side structural reform.<\/p>\n<p>According to a recent report from the World Bank, <span class=\"xn-location\">China<\/span> contributed an average of 38.6% to global economic growth from 2013 to 2021, more than the G7 countries combined. Expanding domestic demand means further tapping the huge potential of <span class=\"xn-location\">China&#8217;s<\/span> supersized market of 1.4 billion people. This will translate into a critical driving force to the economies of both <span class=\"xn-location\">China<\/span> and the world.<\/p>\n<p>In addition, developing the private sector is also a key priority. With private businesses, such as Huawei, Alibaba and ByteDance, accounting for a large proportion of <span class=\"xn-location\">China&#8217;s<\/span> economy, the private sector has now become a major economic player in the country. Statistics show that in the first 11 months of 2022, the import and export volume of <span class=\"xn-location\">China&#8217;s<\/span> private businesses amounted to <span class=\"xn-money\">19.41 trillion yuan<\/span> (about <span class=\"xn-money\">$2.82 trillion<\/span>), or 50.6% of the country&#8217;s total. Private businesses have also demonstrated stronger vitality and resilience, especially in terms of the sustainable development of new forms of foreign trade.<\/p>\n<p>Therefore, <span class=\"xn-location\">China<\/span> is scaling up its support for the private sector, continuously urging equal treatment of private businesses and their state-owned counterparts, and helping micro-, small- and medium-sized enterprises to overcome difficulties posed by the pandemic. These supporting measures aim to promote the sound development of private businesses. Likewise, the thriving of private businesses will in return bolster the economy by creating more jobs, ensuring the continued growth of disposable incomes, and further expanding domestic demand and boosting consumption. As such, we are also confident about the growth of the private sector in 2023.<\/p>\n<p><span class=\"xn-location\">China&#8217;s<\/span> economy has withstood multiple tests and challenges during the three years since the outbreak of the pandemic, and the year 2023 is bound to be a brand new journey in striving for economic growth. However, with the current policies, innovation capacity and various driving forces, we are confident that <span class=\"xn-location\">China&#8217;s<\/span> economy will grow steadily, continue to act as an engine for the global economy and propel further growth.<\/p>\n<p>(Special thanks to Mr. Yu Miaojie, President of <span class=\"xn-location\">Liaoning<\/span> University, and a member of the Economic and Trade Policy Advisory Committee of the Ministry of Commerce)<\/p>\n<p><b><i>China Mosaic <br \/><\/i><\/b><i><a href=\"http:\/\/www.china.org.cn\/video\/node_7230027.htm\" rel=\"nofollow\">http:\/\/www.china.org.cn\/video\/node_7230027.htm<\/a><\/i><\/p>\n<p><b><i>Why are we confident about <span class=\"xn-location\">China&#8217;s<\/span> economy this year?<br \/><\/i><\/b><i><a href=\"http:\/\/www.china.org.cn\/video\/2023-01\/06\/content_85044691.htm\" rel=\"nofollow\">http:\/\/www.china.org.cn\/video\/2023-01\/06\/content_85044691.htm<\/a><\/i><\/p>\n<p id=\"PURL\"><img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN79668&amp;sd=2023-01-06\"> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow noopener\" href=\"https:\/\/www.prnewswire.com\/news-releases\/why-are-we-confident-about-chinas-economy-this-year-301715294.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/why-are-we-confident-about-chinas-economy-this-year-301715294.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BEIJING, Jan. 6, 2023 \/PRNewswire\/ &#8212;&nbsp;A news report from China.org.cn on China&#8217;s economy in the new year: &amp;amp;amp;amp;amp;nbsp; China&#8217;s economy, the second largest in the world, has always been in the spotlight. Recently, the country has deployed its economic work for 2023, opening a new chapter for its economic development and filling us with confidence [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-15035","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why are we confident about China&#039;s economy this year? - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=15035\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why are we confident about China&#039;s economy this year? - My Blog\" \/>\n<meta property=\"og:description\" content=\"BEIJING, Jan. 6, 2023 \/PRNewswire\/ &#8212;&nbsp;A news report from China.org.cn on China&#8217;s economy in the new year: &amp;amp;amp;amp;amp;nbsp; China&#8217;s economy, the second largest in the world, has always been in the spotlight. 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