China’s warming economy new impetus to global growth

BEIJING: Well begun is half done. Off to a good start in 2023, China’s economy is seeing a faster-than-expected recovery, which is boosting confidence and nurturing new impetus both domestically and abroad.
The robust tourism and consumption boom during the Spring Festival, as well as other indicators, serve as evidence suggesting a promising year.
During the seven-day holiday, China saw nearly 2.9 million cross-border trips, up 120.5 percent year on year, and 308 million domestic trips, up 23.1 percent compared with 2022.
In January, the purchasing managers’ index for China’s manufacturing sector came in at 50.1, returning to expansion territory after three consecutive months of contraction.
With eased epidemic controls and the start of a new policy cycle, China’s economy is expected to open new horizons in 2023, while pragmatic policies to stabilize growth and boost development will further shore up confidence, said Yu Xiangrong, China chief economist of Citigroup.
Encouraging figures are the result of coordinated central and local planning, which echoed a Chinese saying that a year’s plan starts with spring.
Promoting consumption and expanding domestic demand is a priority task in China in 2023.
The Ministry of Commerce recently said that it will focus on areas such as automobiles and household supplies, and coordinate national promotional activities aimed at boosting consumption.
The ministry will also continue with the construction of international consumption center cities, and maintain emphasis on developing county-level businesses.
The National Development and Reform Commission, China’s top economic planner, said multiple measures will be implemented to increase confidence in consumption. –Agencies