Chinese official: Domestic consumption will return to normal in 2023

Chinese Vice Premier Liu He stressed that the Chinese government is mainly focusing on increasing domestic demand and supporting the private sector, and trying to maintain normal growth levels questyear and the stability of prices and employment.

In his speech on the sidelines of the sessions of the World Economic Forum in Davos, Liu He added that the Chinese economy grew by 3 percent last year.

Stressed that the economy was in able to maintain the stability of jobs and prices last year.

And the Chinese vice premier continued: “The unemployment rate has reached 5.6%, the inflation rate has reached 2% and the current account surplus, and the current account surplus has exceeded 2% of GDP “.

He said that China will continue to make progress while maintaining stability and that we will pursue prudent fiscal and monetary policy in 2023 and strive to maintain normal levels of growth, price stability and employment.

He added: “We will mainly focus on increasing domestic demand, supporting industry and supply chains as well as supporting the private sector, carrying out reform projects regarding SOEs, attracting foreign investment and avoiding economic risks and financial”.

For his part, Anthony Sassin, chief investment strategist at Kranesharess, said China has many tools to help it boost economic growth.

Sassin added, in an interview with Al-Arabiya, which data on economic growth in China announcements yesterday were higher than expected.

He explained that China aims to support the local economy and encourage consumption.

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