China’s Economic Reopening: It Can Boost the World Economy

Diana Ember
Diana Ember Economy
3 Min Read

China‘s economy is off to a fantastic start in 2023 and is seeing a speedier rebound, fostering fresh domestic and international momentum and increasing confidence. A good year is indicated by various indications and the significant increase in tourists and consumption during the Spring Festival. 

China had over 2.9 million cross-border trips during the seven-day holiday, increasing 120.5 percent year over year, and 308 million domestic visits, up 23.1 percent from 2022. These developments could also revitalize the world economy, officials say.

China’s Economic Growth Plans for 2023

According to Yu Xiangrong, Citigroup’s China Chief Economist, with easing epidemic restrictions and beginning a new policy cycle, China’s economy will likely open new horizons in 2023. Pragmatic policies to stabilize growth and promote development will further shore up trust.

Additionally, the Ministry of Commerce recently said it will concentrate on sectors like vehicles and home goods and organize national promotional efforts to increase consumption. The ministry will also keep up its emphasis on creating county-level enterprises while building international consumption hub cities.

China’s Ministry of Finance will coordinate instruments to make more efforts to draw special bond investments and enhance favorable tax and fee policies.

The Chinese central bank will direct financial institutions to boost their support for environmentally friendly development and will keep using monetary policy instruments to guarantee that carbon emissions are reduced, coal is used cleanly and effectively, and logistics are effective.

china’s economic growth plans for 2023

Meanwhile, Dong Ximiao, chief researcher at Merchants Union Consumer Finance Company Limited, reported that China‘s local governments recently hosted highlighted events and implemented steps to accelerate economic development and strengthen market confidence.

International organizations have praised this exceptional accomplishment and updated their estimates of China’s economic growth in 2023 as a result.

The World Economy is at a Slow Pace

According to Liang Guoyong, a senior economist for the UN Conference on Trade and Development, the world economy will experience slow growth, high inflation, and significant risks in the ensuing three to five years. Additionally, the monetary policies of the major developed economies will create uncertainty in the global economy.  Therefore, he said, China’s economic growth would surely be crucial in stabilizing the global economy.

China‘s economy will pick up steam and once more turn into a significant “locomotive” propelling the global economy’s growth, according to Zhang Ming, deputy director of the Institute of Finance under the Chinese Academy of Social Sciences. 

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