Chinese Vice-Premier Liu He told the World Economic Forum that China will support the growth of the private economy in 2023, and that it was impossible for the country’s to return to a planned economy.
The country’s imports are expected to increase significantly this year, Liu said in a special address at the annual meeting, adding that corporate investment will rise and household consumption will return to normal.
China’s GDP grew 3% in 2022, official data showed the same day, missing the government’s “around 5.5%” target, as stringent pandemic control measures in line with the country’s now-aborted “zero-Covid” strategy slowed economic activity for months. The economy has also been plagued by an ongoing real estate slump.
