Well begun is half done. Off to a good start in 2023, China’s economy is seeing a faster-than-expected recovery, which is boosting confidence and nurturing new impetus both domestically and abroad.
The robust tourism and consumption boom during the Spring Festival, as well as other indicators, serve as evidence suggesting a promising year.
During the seven-day holiday, China saw nearly 2.9 million cross-border trips, up 120.5 percent year on year, and 308 million domestic trips, up 23.1 percent compared with 2022.
In January, the purchasing managers’ index for China’s manufacturing sector came in at 50.1, returning to expansion territory after three consecutive months of contraction.
The global economy will see slow growth, high inflation and high risks in the next three to five years, and the monetary policies in major developed economies will bring uncertainty to the global economy, said Liang Guoyong, a senior economist for the UN Conference on Trade and Development.
Therefore, the positive development of China’s economy will undoubtedly play an important role in stabilising the world economy, he added.
Zhang Ming, deputy director of the Institute of Finance under the Chinese Academy of Social Sciences, believes that as the effects of various policies continue to emerge, China’s economy will pick up steam and again become an important “locomotive” driving global economic growth
