China’s economy is estimated to be off to a good start (Best Economic Planner)
A worker checks a chip product at a factory in Sihong Economic Development Zone in Sihong County, east China’s Jiangsu Province on Monday. At present, Sihong County has formed electronic information, new materials, mechanical and electrical equipment and other leading industry development poles. Photo: CGV
China’s top economic planner, the National Development and Reform Commission (NDRC), is confident of achieving a smooth start to this year’s economy in the first quarter of 2022 while envisioning stable, healthy growth. and sustainable, an official said Tuesday.
Yuan Da, spokesperson for the NDRC, said China’s economic development in 2022 still faces serious challenges, although the country has made remarkable achievements in 2021, pointing out that the complicated international environment and the Unbalanced and insufficient domestic economic development were among the challenges.
The response came as reporters asked for the NDRC’s opinion on the economic challenges facing the country during a press conference held on Tuesday. The Central Economic Labor Conference in December listed the challenges as “declining demand, supply shocks and weakened expectations.”
Yuan said sporadic COVID-19 outbreaks in China will continue to affect domestic consumption, in addition to uncertainties regarding the investment and foreign trade situation in the coming months.
Micro, small and medium-sized enterprises have encountered more difficulties in their normal operations, which has negatively impacted market expectations and business confidence, Yuan added.
China achieved strong performance in economic growth and coronavirus containment last year. The country’s national strength is now consolidating, with a GDP exceeding 114 trillion yuan ($17.98 trillion) in 2021, reflecting the growing resilience of the country’s industrial supply chains, Yuan said.
China recorded GDP growth of 8.1 percent in 2021 on Monday, defying market expectations and further cementing the leading position of the world’s second-largest economy in the global economy’s recovery from the COVID-19 pandemic.
Yuan noted that supply shortages have been largely resolved, with the price of coal falling and power supply stabilizing, with more than 20 days of coal reserves available. In 2021, semiconductor production increased by 33.3% compared to a year ago.
And, the country has upgraded and promoted digitalization of a number of key industries while deepening reform in key areas and accelerating opening up, Yuan said, adding that the economy would be boosted by higher levels. equality based on supportive government policies.