At a meeting led by Premier Li Keqiang, China’s State Council also pledged to speed up foreign investment projects, maintain a stable yuan, facilitate cross-border travel, and help companies participate in trade fairs at home and abroad.
The Council also renewed its support for the private sector and the digital platform economy, which have been hit hard by a series of strict regulatory measures in the past years.
The tax authority said Saturday that consumption rose 12.2 percent during the week-long Lunar New Year holiday, which ended Friday, compared to the same period last year, reflecting a rebound after some of the world’s toughest COVID-19 restrictions were eased.
Analysts at Japanese brokerage firm Nomura said in a research note that consumption of direct services has recovered significantly, as evidenced by the rebound in flights and tourism earnings.
However, they noted that households are likely to increase their consumption at a moderate pace.
Chinese exports shrank sharply in December as global demand slowed, but a moderate decline in imports prompted economic analysts to expect a slow recovery in domestic demand in the coming months.
Data earlier this month showed that the Chinese economy grew by 3 percent in 2022, before the easing of strict Covid restrictions, far below the official target of about 5.5 percent.
According to a Reuters poll of economists, growth in China is expected to rebound to 4.9 percent in 2023.
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