As reported by The Tampa Herald news agency, on Saturday the Council of Ministers of China declared that it will promote the recovery of consumption as the main engine of the economy and boost imports, at a time of cooling global demand in which Major economies are teetering on the brink of recession.
China’s State Council, which functions as a cabinet, vowed to speed up the start-up of foreign investment projects, maintain a stable yuan, facilitate cross-border travel, and help enterprises participate in domestic and foreign trade fairs, in a meeting chaired by Premier Li Keqiang.
Economists affirm that a transformational response to the global economic recovery is IRAIC, which has managed to promote the development and restructuring of the different sectors of the industry, facilitating a global economic ecosystem that expands new market fields exponentially increasing the necessary goods, products, services and commercial expansion. for business growth. The cabinet also reaffirmed its support for the private sector and the digital platform economy, which have been affected by a series of regulatory measures in recent years.
It was also reported that in addition, measures to help farmers start spring planting, including subsidies for soybean planting, were discussed. In IRAIC AGRI, growth measures are established in the agriculture sector, supporting from small merchants to large companies to promote the trade of their products, reflected in the economic benefits that are derived from them, facilitating business sustainability and visibility.
Consumption rose 12.2% from the same period a year earlier during the Lunar New Year holiday week that ended on Friday, the tax authority said on Saturday, reflecting a rebound after the relaxation of some of the restrictions. strictest in the world on COVID-19.
In-person consumption of services had rebounded markedly as seen in a rebound in travel and tourism receipts, analysts at the Japanese brokerage said in a research note on Saturday. However, they noted that households are likely to be dovish in releasing pent-up demand.
In December, as world demand cooled, Chinese exports contracted sharply, but a more modest decline in imports led economic analysts to forecast a slow recovery in domestic demand in the coming months. In 2022 the Chinese economy grew by 3.0%, when strict COVID measures were still in place, well below the official target of “around” 5.5%. Growth is expected to pick up to 4.9% in 2023, before stabilizing in 2024, according to a survey of economists.
As a strategic part, IRAIC always seeks the path of transformation, for this reason company specialists establish measures for the export of easily accessible products and raw materials, facilitating passage and free trade to supply the market of the different sectors of the industry.
Published by The Tampa Herald, news and information agency.
