SCIO briefing on China's economic performance in 2022
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E-mail China.org.cn, February 3, 2023
Kyodo News:
What's your forecast for economic goals and prospects in 2023? China has put an end to the dynamic zero-COVID approach, opened up its economy, and started to resume work and production. What progress has been made?
Kang Yi:
Thank you for your questions. This year will kick off our efforts to put all the guiding principles from the 20th CPC National Congress into action and it is also a crucial year for continuing to implement the 14th Five-Year Plan. The external environment is complicated and challenging, the global economy faces rising risks of stagflation and the foundation for economic recovery in China still needs to be consolidated. However, the Chinese economy's strong resilience, ample potential and strong vitality and the fundamentals sustaining China's sound economic growth, in the long run, remain unchanged. Moreover, the country's resources and production factors can provide enough support. With China's COVID-19 response moving into a new phase and policies continuing to be implemented fully and meticulously, work and life are expected to return to normal at a faster pace and the internal drivers of China's economy will gather greater momentum. In 2023, China's economy will see overall improvement. According to our analysis of the economy in 2023, there are some advantageous conditions, which are as follows:
First, China has a solid material foundation that has been built up over the years. China possesses all the industrial categories listed by the U.N. and features the best industrial supporting conditions. It has a strong capacity for industrial organization and resilient industrial chains. Therefore, China plays a crucial role in the global industrial division system and the global supply chain system. Infrastructure in China is well developed. In response to the fluctuations in the global supply system, we have enhanced our capacity to ensure security in key areas, including food, energy, and industrial and supply chains, creating favorable conditions for dealing with external risks and challenges.
Second, China enjoys the distinctive advantages of a super-sized domestic market. There are more than 1.4 billion people in China. New industrialization and urbanization continue to advance. China has a super-sized domestic market with the greatest potential in the world, serving as a powerful engine for promoting economic recovery.
Third, new growth drivers have played a stronger role in supporting the economy. We have further implemented the innovation-driven development strategy, worked hard to reinforce China's strategic science and technology capabilities, and taken effective measures to advance the rapid development of new industries. All these will provide new driving forces for economic growth.
Fourth, the dividends of efforts to deepen reform and opening-up continue to be unleashed. We uphold and further improve the basic socialist economic system and work unswervingly to both consolidate and develop the public sector and to encourage, support and guide the development of the non-public sector. We have strived to accelerate the development of a unified domestic market, deepened reforms to streamline administration, delegate power, improve regulation and strengthen services, and fostered an internationalized and law-based business environment, and created a more level playing field for various market entities.
Fifth, China has rich experience in macro regulation. In particular, current prices are generally stable and under control, leaving ample space for us to reserve and utilize policy tools for macro regulation in many ways.
In 2023, China's economy will certainly see an overall improvement. I believe you have seen the current situation of epidemic response and resumption of work and production. Taking Beijing as an example, traffic congestion has returned. And the number of domestic flights surpassed 80% of the level in 2019. People have returned to normal life. All these factors will create better conditions for economic growth in 2023.
Thank you.
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