BEIJING :China's economy is expected to generally rebound in 2023 and monetary policy will be precise and forceful, the central bank said in its quarterly policy implementation report released on Friday. The People's Bank of China (PBOC) said it will focus on supporting domestic demand expansion and stabilis
BEIJING :China's economy is expected to generally rebound in 2023 and monetary policy will be precise and forceful, the central bank said in its quarterly policy implementation report released on Friday.
However, it said that the external environment remains"severe and complex", adding the basics of domestic economic recovery are"not solid". The report also said that the property sector requires time to transition while the pressure of balancing local government fiscal revenue and expenditure persists.
The world's second-largest economy is stabilising and improving but still faces many challenges, Premier Li Keqiang said at a cabinet meeting on Wednesday, after the country's economic growth slowed to one of the worst levels in half a decade due to stringent COVID-19 lockdowns and curbs in 2022. The central bank also pledged to start improving social expectations and boosting confidence, mainly focusing on stabilising economic growth, employment and prices.
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