China's economic performance is expected to rebound overall next year

The Central Economic Work Conference stressed that we should promote the overall improvement of economic operation, achieve effective qualitative improvement and reasonable growth in quantity, and make a good start for building a modern socialist country.

Han Wenxiu, the deputy director in charge of daily work of the office of the Central Financial and Economic Affairs Commission, said that although there was a gap between this year's economic growth and the expected goal at the beginning of the year, many other indicators were well completed, and some future oriented structural indicators were more prominent. It is expected that the total annual economic output will exceed 120 trillion yuan, and the actual growth of per capita disposable income in poverty alleviation counties is higher than the average level. Grain production has remained above 1.3 trillion pounds for 8 consecutive years, and the international balance of payments is in good condition. The national foreign exchange reserves remain above 3 trillion US dollars.

Looking forward to 2023, Han Wenxiu said that China's economy has strong resilience, great potential and sufficient vitality. The fundamentals of long-term improvement have not changed, and the conditions of resource elements can support it. Next year, China's economic performance is expected to rebound overall

He further analyzed that optimizing the combination of epidemic prevention and control measures, stock policies, and incremental policies will have a significant positive impact on economic recovery and development; The Base effect will also form a certain support for next year's economic data.

He said that from a complete process perspective, the impact of optimizing epidemic prevention and control measures on economic operation will have a similar "J-curve effect", that is, in the short term, it will cause disturbance to economic operation, but the whole year will be a significant positive. It is expected that the social production and living order will accelerate the recovery in the first half of next year, especially in the second quarter, and economic vitality will accelerate the release. We have the confidence, conditions, and ability to promote the overall improvement of China's economic operation

Ning Jizhe, deputy director of the Economic Committee of the CPPCC National Committee, said that from 2020 to 2021, the average real growth rate of residents' consumption was only 4.4%, mainly due to the impact of the epidemic. Resident consumption urgently needs to be restored, and the fundamental role of consumption in economic development should be played well.

"Next year, we will strengthen macro policy regulation, optimize and adjust epidemic prevention and control policies, which will help to restore consumption and expand domestic demand, thus helping to promote the economic operation in a reasonable range." Ning Jizhe said that he believed that under the role of various policies such as focusing on expanding domestic demand, and with the joint efforts of all parties, China's economy will certainly usher in an overall improvement next year.

Various policies form a joint effort to promote high-quality development

The Central Economic Work Conference requires that next year, we should adhere to the principle of stability and progress in stability, continue to implement proactive fiscal policies and prudent monetary policies, increase macro-policy regulation, strengthen coordination and cooperation of various policies, and form a joint force to jointly promote high-quality development.

The meeting demanded that proactive fiscal policies be strengthened to improve efficiency.

Xu Hongcai analyzed that the main manifestation of afterpower is to coordinate fiscal revenue, fiscal deficits, special bonds, and allocate funds, while maintaining the necessary intensity of fiscal expenditure; Reasonably arrange the deficit ratio and the scale of local government special bonds to ensure that government investment does not decrease; Continuously increasing transfer payments from the central government to local governments, and securing the bottom line of grassroots "three guarantees".

The improvement of efficiency is mainly reflected in: improving tax reduction, refund, and fee reduction policies; Further optimize the structure of fiscal expenditure, support filling weaknesses, strengthening weak areas, strengthening the bottom plate, and enhancing advantages; Better leverage the guidance and leverage role of fiscal funds; Improve the direct access mechanism for fiscal funds and deepen the budget