Country for PR: China
Contributor: PR Newswire Asia (China)
Wednesday, November 23 2022 - 03:52
AsiaNet
CGTN: Officials voice confidence in China's economy, urge cooperation
BEIJING, Nov. 23, 2022 /PRNewswire-AsiaNet/ --

As the world economy reels from the pandemic and geo-political tension, even 
showing signs of recession, China has stabilized its economy with a package of 
measures, officials and experts said on Monday at the 2022 Financial Street 
Forum, calling for cooperation and risk-awareness.

China's economy has remained in recovery this year, despite pressure, showing 
sound momentum for long-term development, Fu Linghui, spokesperson for the 
National Bureau of Statistics, said at the forum.

Although confronted with the complex and severe international circumstances and 
other unexpected difficulties, China's economy showed remarkable resilience and 
vitality, Fu said.

Reviewing this year, Fu said that China had implemented a package of policies 
to stabilize the economy, turning a slump in the second quarter into a rebound 
in the third quarter.

Meanwhile, Fu stressed that China has actively expanded high-level opening up.

As the world faces rising recession risks, China is committed to establishing a 
new system for a higher-level open economy, including promoting trade and 
ensuring port services, he said.

Despite this year's recovery, officials also warned of financial risks rooted 
in heavy debts and high inflation.

It has been a key task for China's finance regulators to fend off major 
financial risks and maintain stability in the sector, Xuan Changneng, deputy 
governor of the People's Bank of China (PBOC), said at the forum.

After the financial crisis in 2008, the global community has reached a 
consensus on strengthening the macro-prudential management system to avoid 
spillover of financial risks, Xuan said, noting China had made progress in the 
management sector with related policies launched over the past few years.

Looking to the future, China is faced with both opportunities and challenges, 
said Wang Weidong, vice president of China Development Bank (CDB), the nation's 
biggest policy lender.

The global economic downturn may lead to weaker demands while cooling 
consumption and investment returns may also be seen at home, he said.

However, China has sufficient capacity for development and industry upgrading, 
Wang said, concluding that the fundamentals for positive long-term development 
remain unchanged.

CDB will continue to make efforts to serve the real economy, including 
stabilizing credit growth and offering more support to key sectors, such as 
manufacturing, technology, innovation, small- and micro-sized businesses and 
the green industry, he said.

"Development and cooperation are the 'keys' to solving global problems, and can 
help countries cope with challenges and overcome difficulties," Peng Chun, 
chairman and CEO of China Investment Corporation, said at the forum.

China is building a dual circulation model with openness as a new development 
pattern, which will provide more support for a more resilient global supply 
chain and share new opportunities with the world, Peng said.

https://news.cgtn.com/news/2022-11-22/Officials-voice-confidence-in-China-s-economy-urge-cooperation--1fat2WiPb2g/index.html


SOURCE  CGTN

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