*China"seconomyisshakingofftheshadowofCOVID-19,backedbyhugepotentialandsupportivepolicies,withcontinuouslyoptimizedanti-virusresponse.

*Freshpositivesignshaveshownthatsectorsrangingfromtourismtoservicesandcateringarereturningtotheirpre-pandemiclevels.

(资料图片仅供参考)

*Chinaisconfidentofachievinganoverallrecoveryandimprovementinitseconomicperformancein2023,withabetterfoundationandmoreadvantagesshoringupgrowth.

BEIJING,Jan.15(Xinhua)--Withcontinuouslyoptimizedanti-virusresponse,China"seconomyisshakingofftheshadowofCOVID-19,backedbyhugepotentialandsupportivepolicies.

Freshpositivesignshaveshownthatsectorsrangingfromtourismtoservicesandcateringarereturningtotheirpre-pandemiclevels,indicatingthataneconomywith1.4billionpeopleisheadedforafastrecovery.

Chinaisconfidentofachievinganoverallrecoveryandimprovementinitseconomicperformancein2023,withabetterfoundationandmoreadvantagesshoringupgrowth,saidZhaoChenxin,deputydirectoroftheNationalDevelopmentandReformCommission.

REGAINEDVITALITY

Service-relatedconsumption,whichhadoncesufferedheavylossesduetothepandemic,isamongthefirstbatchofsectorstoseearevival.InBeijing,thehi-techhubofShenzhenandmanyothercities,hordesofpeoplenowcrowdoutsiderestaurants,waitingforseatsduringpeakhours.Moviegoersswarmcinemastowatchmoviesonthebigscreen,whileroadandsubwaylinesarefloodedwithcommutersagain.

Anindextrackingshopperfoottrafficin83citiesacrossthenationcameinat96.6onDec.31,2022--climbing28.7pointsfromthelowestlevelinthesamemonth--datafromtheStateInformationCentershowed.OnJan.1,2023,atotalof10,640cinemasopenedforbusinessnationwide,thehighestnumberinnearly10months.

PeopledineatarestaurantinZhongmuCountyofZhengzhou,centralChina"sHenanProvince,Dec.31,2022.(Xinhua/LiAn)

Meanwhile,easiertravelrekindledChinesepeople"szealfortourism.Duringthethree-dayNewYearholiday,thepopulartraveldestinationofHainaninthesouthofChinawelcomedmorethan1milliontouristsandachievedatotaltourismrevenueof1.5billionyuan(about223millionU.S.dollars).Zhangjiakouinthecoldnorth,wheresnowandicesportsflourish,alsowelcomedaninfluxoftouristsduringtheholiday,withmanyhotelsfullybooked.

ThisrisingtrendofenthusiasmfortravelislikelytoextendintotheupcomingSpringFestivalholiday.IntheJan.1-Jan.8period,theinquiryvolumefordomestictravelservicesduringtheSpringFestivalholidaysoarednearlytwenty-foldcomparedwithoneyearbefore,datafromtheonlinetravelservicesproviderTongchengTravelshowed.

Asidefromtheboomingconsumermarket,headwayhasbeenmadeinacceleratingtheresumptionofworkandproduction.Majorprojectsnationwidearekickingoffconstructionintensively,whilemostfactoriesarerunningatfullthrottleasorderspourin.

AsoflateDecember2022,99.5percentofmajorprojectsinChongqinghadstartedconstructionagainandfactoriesinHunanhadsetnewoutputrecordssinceNovember,withconfidencerestored.

AtamachinerycompanylocatedinJiashanCounty,eastChina"sZhejiangProvince,theproductionlinesarehummingandmachinesarerunning,gearinguptosatisfyincreasingoverseasorders.

"Theyearof2023willseerecoveryandasurgeinordersforforeigntradecompanieslikeus,"saidWangShengshuang,chairmanofthecompany--expectingtoreachanambitioustargetof50percentyear-on-yeargrowthinoverseassales.

EmployeesworkatanassemblylineofthenorthChinabaseofFAW-VolkswageninnorthChina"sTianjin,Jan.11,2023.(Xinhua/ZhaoZishuo)

POLICY-BACKEDMOMENTUM

DespitetheCOVID-19disruptions,China"seconomicmomentumcontinuesunabated,thankstostrongpolicysupportthathelpsfostervitalityininvestment,consumptionandtrade.

Chinahassustainedanaverageannualeconomicgrowthrateofabout4.5percentoverthepastthreeyears--significantlyhigherthantheworldaverage.

Onepropellerthathasdrivenmomentumistheutilizationofspecial-purposebonds,whicharecrucialinexpandingeffectiveinvestment.BytheendofNovember2022,localgovernmentsinChinahadissued4trillionyuanworthofnewspecial-purposebonds,offeringsupporttonearly30,000keyprojects.In2023,thecountrywillappropriatelyexpandtheareasinwhichthesebondscanbeinvestedandused.

Earlyinvestmentatthestartoftheyearbylocalgovernmentscanlayagoodfoundationforachievingsteadyeconomicgrowthinthefirstquarter(Q1)andthroughouttheyear,accordingtoZhangYiqun,anexpertfromtheSocietyofPublicFinanceofChina.

Thecountrywillalsostrengthensupportforconsumptionrelatedtoretail,catering,tourismandnewenergyvehicles,whileexpandingconsumptionscenarioswiththehelpofnewtechnologiesandapplications.

Localgovernmentsareonthemovetoencourageasmuchconsumerspendingaspossible.ShenyanginnortheasternChinavowedtoissuevouchersworthatotalof100millionyuaninQ1,coveringsectorssuchasautomobiles,homeappliances,shoppingmalls,supermarketsandcatering.

Aslewofpoliciesrolledouttostimulateconsumptionhaveevidentlyhelpedtorevivethegrowthoftheautomarket.In2022,autosalesrose2.1percentyearonyearto26.86millionunits.Salesofnewenergyvehicles(NEVs)almostdoubledfromayearearliertoabout6.89millionunits.

ChinaannouncedinSeptemberlastyearthatthepurchasetaxexemptionforNEVswouldbeextendedtotheendof2023,whichisexpectedtowaive100billionyuanworthoftaxes.Thankstothis,theChinaAssociationofAutomobileManufacturershasforecastthatChina"sNEVsalesfor2023willgrow35percentyearonyearto9millionunits.

Foreigntraderemainsadrivingforceforeconomicgrowth.Despitethepandemic-depressedglobaldemand,China"sforeigntradehitarecordhighagainin2022,exceedingthe40-trillion-yuanmarkforthefirsttime,officialdatashowed.

ThisaerialphotoshowsvehicleswaitingtobeexportedataportinLianyungang,eastChina"sJiangsuProvince,Jan.13,2023.(PhotobyGengYuhe/Xinhua)

Tofurtherboostthissector,ChineseauthoritiescanceledregistrationrequirementsforbusinessesengagedinforeigntradeactivitiesfromDec.30,2022,onwards.

Fiscalandmonetarypolicieswillcontinuetoplayamajorroleincementinganoverallimprovementineconomicoperation.WenBin,chiefeconomistwithChinaMinshengBank,saidthecountrywillstepupitsfiscalpolicyinordertoachievegreatereffectiveness,whilealsomakingitsprudentmonetarypolicymoretargetedandeffective,possiblybringingitsdeficit-to-GDPratioupto3percentandspecialbondissuanceuptoabout3.8trillionyuanin2023.

POTENTIAL-DRIVENOUTLOOK

ThoughCOVID-19flare-upsandgeopoliticalconflictshavecomplicatedthecountry"sgrowthtrajectory,theChineseeconomyretainsitshugepotentialandsoundlong-termfundamentals.

AreportfromStandardCharteredBankindicatedthatitexpectedChinatogrowat5.8percentin2023,andbeanimportantdriveroftheexpectedglobalrecovery.

AnalystsnotedthatChina"seconomyhasenormouspotentialinareassuchasindustrialupgrading,newinfrastructure,scientificandtechnologicalinnovation,urbanization,andhigher-standardopening-up,makingitastrongmagnetforglobalinvestors.

ThoughChina"soptimizedepidemicresponsemaydisrupteconomicactivityintheshortterm,itissettoshoreupgrowthfortheyearasawhole,saidHanWenxiu,executivedeputydirectoroftheofficeoftheCentralCommitteeforFinancialandEconomicAffairs,addingthattherecoverywillpickuppaceespeciallyinQ2,whenmorefactoriescrankupproductionandbusinessesreopen.

China"sgrowthpotentialwasfurtherunleashedbyanorderlyeasingofmobilityrestrictions,followedbyastrongreleaseofpent-updemandforconsumptionandservices,accordingtoareportrecentlyissuedbytheWorldBank."Aquicker-than-expectedrecoveryinthecountry"srealestatesectorisanotherupsidepossibility."

Inthenext15years,theworld"smostpopulouscountrywillseeitsmiddle-incomepopulationincreasetomorethan800million.Thestrongconsumptionpowerofthismiddle-incomepopulationconstitutesasuper-largemarket,creatingenormousopportunitiesforforeignbusinesses.

ConsumersgoshoppingatashoppingmallinKunming,southwestChina"sYunnanProvince,Jan.1,2023.(PhotobyLiangZhiqiang/Xinhua)

Inlate2022,SwisstechgiantABBopenedastate-of-the-artroboticsmegafactoryinShanghai,withtheirinvestmentamountingto150millionUSD.MarketopportunitieshavebeenseeninemergingsectorsinChina,suchaselectronics,e-commercelogistics,healthcare,pharmaceuticalsandservicerobotics,saidMarcSegura,presidentofABBRobotics.

TheChinaCouncilforthePromotionofInternationalTraderevealedthatover99percentofsurveyedforeignfirmsareconfidentaboutChina"seconomicoutlookin2023--and98.7percentsaidtheywouldmaintainandexpandtheirinvestmentinChina.

"Allfundamentalsareinplace"inChinaforcontinuedeconomicgrowthoverthenext20years,BHPGroupCEOMikeHenrysaid,addingthatChinaisobviouslygoingtoprovidestabilityforglobalgrowththisyear.Enditem

(Videoreporters:LiZhenbei,WangHuan,JiangJiang,AliJaswal,TariqHameed,YouZhixin,CenZhilian,SunQing;Videoeditors:ZhangZhihuan,ZhuJianhui,ZhouSaang,HuiPeipei,LiuRuoshi)