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China's economy to be back on track soon: Official

Economy
China's economy will return to normal operations soon thanks to effective epidemic control and a raft of policies, an official said Tuesday.

XinhuaUpdated:  May 18, 2022

China's economy will return to normal operations soon thanks to effective epidemic control and a raft of policies, an official said Tuesday.

The economy is now facing strong headwinds due to unexpected impacts from recent COVID-19 resurgences and the volatile global situation, Meng Wei, spokesperson for the National Development and Reform Commission (NDRC), said at a press conference.

However, it should be noted that in 2020 when the sudden COVID-19 outbreak dealt an unprecedented blow, China managed to swiftly reverse the downturns of some economic indicators through solid epidemic control and work resumption, and saw steady recovery quarter by quarter, said Meng.

Meng said the commission will step up macro policy adjustments and help firms restore production capacity.

The commission aims for better implementation of policies and securing concrete outcomes in the first half of the year, Meng said, adding that it will also devise incremental policy tools to help keep growth stable.

Despite the raging pandemic and complex and severe external situation, China has the ability and confidence to maintain stable prices, Meng said.

The NDRC will spare no effort in ensuring the supply of commodities including grain, coal and minerals while ramping up the crackdown on acts of speculation, Meng added.

Addressing concerns over business operations and prospects of foreign firms in China, Meng said China remains a strong magnet for foreign investment with its advantages of complete industrial system, infrastructure and super large market.

The NDRC is working to expand the catalog of industries encouraging foreign investment, with a focus on manufacturing and productive services and channeling more investment to the central, western and northeastern parts of China, Meng said.

Official data showed that foreign direct investment into the Chinese mainland, in actual use, expanded 26.1 percent year on year to 74.47 billion U.S. dollars in the first four months, on the high base of 38.6-percent growth in the same period last year.

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