CGTN: Officials voice confidence in China's economy, urge cooperation
PR98947
BEIJING, Nov. 23, 2022 /PRNewswire=KYODO JBN/ --
As the world economy reels from the pandemic and geo-political tension, even
showing signs of recession, China has stabilized its economy with a package of
measures, officials and experts said on Monday at the 2022 Financial Street
Forum, calling for cooperation and risk-awareness.
China's economy has remained in recovery this year, despite pressure, showing
sound momentum for long-term development, Fu Linghui, spokesperson for the
National Bureau of Statistics, said at the forum.
Although confronted with the complex and severe international circumstances and
other unexpected difficulties, China's economy showed remarkable resilience and
vitality, Fu said.
Reviewing this year, Fu said that China had implemented a package of policies
to stabilize the economy, turning a slump in the second quarter into a rebound
in the third quarter.
Meanwhile, Fu stressed that China has actively expanded high-level opening up.
As the world faces rising recession risks, China is committed to establishing a
new system for a higher-level open economy, including promoting trade and
ensuring port services, he said.
Despite this year's recovery, officials also warned of financial risks rooted
in heavy debts and high inflation.
It has been a key task for China's finance 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), said at the forum.
After the financial crisis in 2008, the global community has reached a
consensus on strengthening the macro-prudential management system to avoid
spillover of financial risks, Xuan said, noting China had made progress in the
management sector with related policies launched over the past few years.
Looking to the future, China is faced with both opportunities and challenges,
said Wang Weidong, vice president of China Development Bank (CDB), the nation's
biggest policy lender.
The global economic downturn may lead to weaker demands while cooling
consumption and investment returns may also be seen at home, he said.
However, China has sufficient capacity for development and industry upgrading,
Wang said, concluding that the fundamentals for positive long-term 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-sized businesses and
the green industry, he said.
"Development and cooperation are the 'keys' to solving global problems, and can
help countries cope with challenges and overcome difficulties," Peng Chun,
chairman and CEO of China Investment Corporation, said at the forum.
China is building a dual circulation model with openness as a new development
pattern, which will provide more support for a more resilient global supply
chain and share new opportunities with the world, Peng said.
SOURCE CGTN
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