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BEIJING, Nov. 23, 2022 /PRNewswire/ — As the world economy reels from the pandemic and geopolitical tension, and even shows signs of recession, China has stabilized its economy with a package of measures, officials and experts said on Monday at the Financial Street Forum 2022, calling for cooperation and risk awareness.
China’s economy has remained in recovery this year despite the pressure, showing solid momentum for long-term development, Fu Linghui, spokesman for the National Bureau of Statistics, said at the forum.
Although faced with complex and serious international circumstances and other unexpected difficulties, China’s economy has shown remarkable resilience and vitality, Fu said.
Reviewing this year, Fu noted that China had implemented a package of policies to stabilize the economy, turning a fall in the second quarter into a rebound in the third quarter.
Meanwhile, Fu stressed that China has actively expanded high-level opening.
As the world faces increasing risks of recession, China is committed to establishing a new system for a higher-level open economy, including promoting trade and guaranteeing port services, he explained.
Despite this year’s recovery, officials also warned of financial risks stemming from heavy debts and high inflation.
It has been a key task for China’s financial 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), told the forum.
After the financial crisis in 2008, the world community reached a consensus on strengthening the macroprudential management system to prevent financial risk spillovers, Xuan explained, noting that China had made progress in the management sector with related policies launched in recent years.
Looking ahead, China faces both opportunities and challenges, said Wang Weidong, vice president of the China Development Bank (CDB), the nation’s largest policy lender.
The global economic downturn may lead to weaker demand, while cooling consumption and investment returns may also be seen at home, he noted.
However, China has sufficient capacity for the development and upgrading of the industry, Wang said, concluding that the fundamentals for long-term positive 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-enterprises and green industry, it said.
“Development and cooperation are the ‘keys’ to solving global problems and can help countries face challenges and overcome difficulties,” Peng Chun, Chairman and CEO of China Investment Corporation, told the forum.
China is building a dual circulation model with opening up as a new pattern of development, which will offer more support for a more resilient global supply chain and share new opportunities with the world, Peng said.
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