Page 30 - 2023 White Paper on the Business Environment in China
P. 30
3 White Paper on the Business Environment in China
their willingness to rebalance their focus between COVID-19 epidemic lingers. And shrinking
virus control and boosting and promoting business demand is combined with supply shocks at
exchanges. It is imperative that governments at home. But an equally obvious fact is that the
various levels act with similar urgency to reboot fundamentals of the Chinese economy remain
the economy (CD, Time for Local). unchanged, including its enormous potential,
strong resilience, and vast room for maneuver.
Expectations China will seize the sound momentum, stay
confident, and forge ahead to achieve a steady
The Chinese economy is poised to deliver solid recovery of the economy (Xinhua, The Resilience).
rebound in 2023, bolstered by its underlying
strength and policy stimulus. “[2023] should be
a rebound year, there's a lot of stimulus now in
investment," said Albert Keidel, a development
economist specializing in East Asia. Keidel,
an adjunct professor of economics at George
Washington University, said China's economy
has maintained resilience amid challenges from
COVID incursions and a complex international
environment. Sectors such as high-tech, e-economy
and e-commerce sales have presented a strong
momentum, evidenced in key economic indicators
so far in 2022, he said. "The strong point is
investment levels are quite high, particularly public
investments," which also bodes well for continued
expansion next year and beyond, noted Keidel,
previously a senior fellow at the Atlantic Council,
a U.S. think tank. Moreover, the substantial
increase of foreign direct investment in the Chinese
mainland showed "a lot of confidence there" from
global investors, he said. The economist, also a
former senior economist at the World Bank's Beijing
office, said China's COVID-19 policy over the past
three years has helped minimize the disruption to
the structure and organization of the labor force,
laying a foundation for the economy. As China is
making efforts to optimize its pandemic response,
more potential in the economy will be unleashed,
in particular in the fields that require face-to-face
services such as restaurants and catering. The
combination of smart investment at a high share of
gross domestic product (GDP) plus well-managed
macro demand through policies in a sophisticated
system is a key formula that has kept China's
growth at a very healthy level for several decades
in the past, he said, adding that same force will
continue to drive China's economic development
(Xinhua, U.S. Economist).
Headwinds are obvious for China. The risk
of global economic stagflation is rising. The
30
their willingness to rebalance their focus between COVID-19 epidemic lingers. And shrinking
virus control and boosting and promoting business demand is combined with supply shocks at
exchanges. It is imperative that governments at home. But an equally obvious fact is that the
various levels act with similar urgency to reboot fundamentals of the Chinese economy remain
the economy (CD, Time for Local). unchanged, including its enormous potential,
strong resilience, and vast room for maneuver.
Expectations China will seize the sound momentum, stay
confident, and forge ahead to achieve a steady
The Chinese economy is poised to deliver solid recovery of the economy (Xinhua, The Resilience).
rebound in 2023, bolstered by its underlying
strength and policy stimulus. “[2023] should be
a rebound year, there's a lot of stimulus now in
investment," said Albert Keidel, a development
economist specializing in East Asia. Keidel,
an adjunct professor of economics at George
Washington University, said China's economy
has maintained resilience amid challenges from
COVID incursions and a complex international
environment. Sectors such as high-tech, e-economy
and e-commerce sales have presented a strong
momentum, evidenced in key economic indicators
so far in 2022, he said. "The strong point is
investment levels are quite high, particularly public
investments," which also bodes well for continued
expansion next year and beyond, noted Keidel,
previously a senior fellow at the Atlantic Council,
a U.S. think tank. Moreover, the substantial
increase of foreign direct investment in the Chinese
mainland showed "a lot of confidence there" from
global investors, he said. The economist, also a
former senior economist at the World Bank's Beijing
office, said China's COVID-19 policy over the past
three years has helped minimize the disruption to
the structure and organization of the labor force,
laying a foundation for the economy. As China is
making efforts to optimize its pandemic response,
more potential in the economy will be unleashed,
in particular in the fields that require face-to-face
services such as restaurants and catering. The
combination of smart investment at a high share of
gross domestic product (GDP) plus well-managed
macro demand through policies in a sophisticated
system is a key formula that has kept China's
growth at a very healthy level for several decades
in the past, he said, adding that same force will
continue to drive China's economic development
(Xinhua, U.S. Economist).
Headwinds are obvious for China. The risk
of global economic stagflation is rising. The
30
