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Bright Outlook for China's Economy in 2023

By Xinhua|Jan 11,2023

This aerial photo taken on Dec. 13, 2022 shows a cargo ship docking at Ningbo-Zhoushan Port in east China's Zhejiang Province. The cargo and container throughput of Ningbo-Zhoushan Port registered year-on-year growth of 3.41 percent and 7.84 percent respectively in the first 11 months in 2022. (Photo/Huang Zongzhi, Xinhua)

Beijing- Life is returning to normal and mobility is rebounding as China's COVID-19 prevention and control has entered a new stage -- a boon for world economy.

However, some Western media ignore the facts, choosing instead to apply double standard and even spread misinformation, while making unwarranted accusations against China's epidemic fight, confusing the public and misleading the world as a consequence. However, in the face of facts and data, these lies are evident and untenable.

China's optimized COVID-19 response has triggered a lot of ups and downs in terms of predicting the impact on the Chinese economy. A topsy-turvy time and a drag on global growth were among the typical labels foreign pessimists put on the future of the Chinese economy.

Some foreign naysayers, bothered by the "unfortunate side-effects" of China's recovery, even warned that China's reopening may burden the rest of the world, not with higher growth, but with higher levels of inflation or interest rates.

Are the prospects of China's economic recovery bright or dim?

Tourists visit a movie-themed town during the New Year holiday in Zhongmu County of Zhengzhou, central China's Henan Province, Dec. 31, 2022. (Photo/Li An, Xinhua)

Over the past three years, China has effectively handled the impact of five rounds of global pandemic outbreaks.

Balancing its epidemic response and economic and social development, China not only emerged as the first major economy to return to growth, but also maintained an average annual growth rate of about 4.5 percent, significantly higher than the world average.

In 2022, China was expected to boost its GDP to over 120 trillion yuan (17.41 trillion U.S. dollars). Its grain output stayed above 650 million tonnes for the eighth consecutive year. In the first 11 months of last year, 1.16 trillion yuan of foreign investment went into the country, exceeding the level of 2021.

At the tone-setting Central Economic Work Conference in December, Chinese leaders aimed to promote overall recovery and improvements in the country's economic performance this year.

From a global perspective, China's strengths are also clear. Its economy accounts for 18.5 percent of the world's total and serves as an important growth driver. Its foreign exchange reserves top the world, helping ensure the stability of its currency the yuan and financial security.

An employee works at an automobile company in Yuyao, east China's Zhejiang Province, Jan. 5, 2023. (Photo/Huang Zongzhi, Xinhua)

Businesses remain optimistic about the Chinese market. Axel Weber, chairman of the Institute of International Finance, said the Chinese economy remains a massive opportunity for Western companies.

The capacity of Foxconn's plant in Zhengzhou, Henan Province has returned to its peak season levels with about 200,000 workers, shaking off the impact of the epidemic.

"Now, all the production lines of Foxconn's plant in Zhengzhou are running normally, and we have taken various measures to motivate our employees," said Wang Xue, deputy general manager of Foxconn Technology Group.

The optimized response China adopted to deal with COVID-19 is expected to have a "J-curve effect" on the economy, said Han Wenxiu, executive deputy director of the office of the Central Committee for Financial and Economic Affairs. "It may cause disruptions to the economy in the short-term, but from the perspective of a whole year outlook, it is a boon."

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