|
At a meeting chaired by Premier Li Keqiang, China's state
council - which functions as the cabinet - also vowed to speed
up the rollout of foreign investment projects, maintain a stable
yuan, ease cross-border travel and help companies to participate
in domestic and overseas trade shows.
The cabinet also reaffirmed its support for the private sector
and digital platform economy, which have taken a knock from a
series of regulatory crackdowns in recent years.
It also discussed measures to support farmers to start spring
planting, including subsidies for soybean sowing, CCTV reported.
During the week-long Lunar New Year holiday that ended on
Friday, consumption increased 12.2% from the same period last
year, the tax authority said on Saturday, reflecting a rebound
after the relaxing of some of the world's tightest COVID-19
curbs.
Analysts at Japanese brokerage Nomura said in a research note on
Saturday that consumption of in-person services had recovered
notably, as seen in the rebound of trips made and tourism
earnings.
But they said households were likely to be moderate in releasing
pent-up demand.
Chinese exports shrank sharply in December as global demand
cooled, but a more modest decline in imports led economic
analysts to forecast a slow recovery in domestic demand in the
coming months.
China's economy likely grew by 2.8% in 2022, when stringent
COVID measures were still in place, well below the official
target for "around" 5.5%, according to a Reuters poll of
economists.
Growth is expected to rebound to 4.9% in 2023, before steadying
in 2024, the poll showed.
(Reporting by Yew Lun Tian; Additional reporting by Shanghai
newsroom; Editing by Helen Popper)
[© 2023 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
