China's economy has survived the most difficult period: official

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China's economy has survived the most difficult period and an overall improvement is expected in 2023, an official said at a forum on Saturday.

There are three unexpected factors that have negatively affected China's economy in 2022, namely COVID-19 flare-ups, geopolitical tensions, and the U.S.' overly aggressive monetary tightening, Yin Yanlin, deputy director of the General Office of the Central Financial and Economic Affairs Commission, said at the China Wealth Management 50 Forum in Beijing.

However, Yin noted that China should have full confidence in the overall improvement in 2023 despite an uncertain environment, as there will be more favorable factors for economic recovery.

With the easing of COVID-19 restrictions, faster recovery of economic and social activities can be expected, he said.

The optimization of policies will inject strong impetus into the economic recovery. The Chinese government vowed to maintain stable development in the property sector with less purchase restrictions. And proactive fiscal policy and prudent monetary policy will continue to be implemented next year to support economic recovery, according to Yin.

Yin concluded that from a longer-term perspective, the economic downturn in recent years is only a short-term disturbance caused by the epidemic, which will not change the long-term trend of China's economic development.

The dawn for fast economic recovery is just ahead, said Yin.

(Cover via CFP)

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