This photo, taken on Oct. 16, 2022, shows flags on Tian'anmen Square and atop the Great Hall of the People in Beijing, the capital of China. (Photo/ Xinhua)

Beijing- China's economic development is expected to gain new strong impetus from the 20th National Congress of the Communist Party of China (CPC).

The Chinese economy has posted a remarkable recovery in the third quarter of this year, Zhao Chenxin, deputy director of the National Development and Reform Commission, told a press conference on Monday on the ongoing congress.

Following a 4.8-percent growth in Q1, China's GDP increased 0.4 percent in Q2 due to negative factors like COVID-19 outbreaks.

"China's economic performance has seen fluctuations this year but logged a continuous trend of recovery in general," Zhao said, adding that the country's major economic indicators, like consumption, have been on the rebound curve thanks to a slew of supportive policies.

Zhao pointed out that China's economic performance has stood out globally, citing the country's mild inflation, generally stable employment, and huge foreign exchange reserves. "The Chinese economy is facing some challenges, but more importantly, it's brimming with opportunities."

Zhao Chenxin, deputy director of the National Development and Reform Commission, speaks at a press conference on the sidelines of the ongoing 20th National Congress of the Communist Party of China (CPC) in Beijing, capital of China, Oct. 17, 2022. (Photo/ Xinhua)

Zhao noted that China has the world's largest middle-income group, a comprehensive industrial system, an excellent industrial chain, and increasingly modern infrastructure, offering abundant market space for companies.

He said that the country's orders for energy, petrochemical, mining, construction, machine tools, and industrial robots are increasing significantly, following more support to boost weak economic areas.

Most importantly, Zhao said that the Party congress would gather strong momentum and offer fresh impetus for advancing the country's economic development.

The country will move faster to build a modernized economy, according to a report to the 20th CPC National Congress.

The report said that China would raise total factor productivity, make industrial and supply chains more resilient and secure, and promote integrated urban-rural development and coordinated regional development to upgrade economic output effectively and appropriately.

"The report has encouraged us and boosted our morale," said Jiang Deyi, chairman of Chinese carmaker BAIC Group and a delegate to the congress. "We will foster more edge in the field of new energy vehicles (NEVs) and contribute more to China's strength in manufacturing."

The economy has shifted from high-speed growth to high-quality growth, Jiang noted. The automobile sector is a vivid case in point.

According to the China Association of Automobile Manufacturers, thanks to preferential policies, more than 4.56 million NEVs were sold in China in the first nine months, up 110 percent year on year.

To make the industrial and supply chains more resilient and secure amid COVID-19, the country has introduced requirements to prevent the arbitrary closing of major industrial chain firms and those supplying daily necessities. According to Zhao, constant efforts have been made to keep industrial parks, enterprises, and logistics running smoothly.

Zhao added that the government is pushing the implementation of pro-growth measures with a focus on addressing the needs of small and medium-sized firms.

"With the implementation of the guiding principles of the Party congress, the effective coordination of COVID-19 prevention and control with economic and social development, and the continuous effects of macro policies, the sound momentum of China's economic recovery will be further consolidated," Zhao said.