China’s economy will get back on track, despite low growth in 2022, Vice-Premier Liu He tells Davos
- Liu He tells the World Economic Forum that the country is getting back to normal more quickly than expected after lifting its zero-Covid policies last month
- Xi Jinping’s top economic adviser is also expected to meet US Treasury Secretary Janet Yellen during his visit to Switzerland
Chinese Vice-Premier Liu He said the country is returning back to normality faster than expected, projecting a rosy picture for this year despite recording the second-lowest annual growth figures in more than 40 years.
Liu also said China would stick to its socialist market economy and remain open to foreign businesses, adding that it would never return to a planned economy.
Liu was speaking at the World Economic Forum in Davos, where he is due to meet US Treasury Secretary Janet Yellen on Wednesday. Liu, President Xi Jinping’s top economic adviser, is also expected to seek further economic coordination with other leading economies.
“We are confident that in 2023 China’s growth will most likely return to its normal trend. The Chinese economy will see a significant improvement,” he said.
He added that since China ended its zero-Covid policy last month, the time it had taken to reach a peak in the number of infections had been relatively quick, “which somehow is beyond our expectations”.
Life has been restored to normal in China
“Life has been restored to normal in China,” he said, adding that his prediction of this year’s economic development had taken this into consideration.