China’s economy is expected to recover further by the end of 2022, with the government’s economic stimulus package expected to produce fruitful returns in the fourth quarter, an official with China’s top economic planner said on Wednesday.
“October statistics showed that China’s economy has withstood the impacts of multiple domestic and foreign factors and maintained a steady recovery,” said Meng Wei, spokesperson for the National Development and Reform Commission. during a press conference.
Data released by the National Bureau of Statistics on Tuesday showed China’s value-added industrial output rose 5 percent year on year in October.
In the first 10 months, the country’s fixed asset investment rose 5.8 percent year-on-year, with infrastructure and manufacturing investment gaining 8.7 percent and 9.7 percent, respectively.
“Economic recovery and stabilization of key areas are gaining momentum, as a package of measures aimed at stabilizing the economy and follow-up measures are gradually taking effect,” Meng added.
Last week, the Chinese government issued a circular on optimizing the response to COVID-19, announcing 20 prevention and control measures. This decision aims to adapt to the new situation of prevention and control of COVID-19 and to minimize the impact of the epidemic on economic and social development.
“This will further smooth the economic cycle and promote the recovery of market demand, and economic growth is expected to pick up further momentum throughout the year,” Meng said.
Going forward, the government will continue to intensify its efforts to increase effective investment, increase support for micro, small and medium enterprises and individual businesses, and implement employment stabilization policies, a- she added.