BEIJING, Jan. 18 (BNA): China’s state planner has approved 1.48 trillion yuan ($218.35 billion) in fixed-asset investments in 2022, nearly double the value from the previous year, as authorities prepare to shore up an economy hit by the coronavirus.
A spokesperson for the National Development and Reform Commission (NDRC) told reporters in Beijing today that 109 projects were approved last year and they were mostly in the transportation, energy, water conservancy and information technology industries.
China has boosted spending on infrastructure projects to support economic growth, which has fallen to one of its worst levels in nearly a century over 2022, with gross domestic product expanding just 3.0% from a year earlier, sharply missing economic growth. The official target of “around 5.5%” set at the beginning of last year, Reuters reports.
Looking ahead to 2023, a spokesperson for the National Disaster Management Committee noted that the country’s economic recovery remains complex given that China must grapple with shrinking demand, supply chain shocks and disruptions in the global economy.
China’s exports contracted sharply in December as global demand slowed, contracting by 9.9%, while imports fell by a more modest 7.5%.
Economists expect domestic demand will slowly recover in the coming months, “but for the first quarter, we will still see a bumpy transition period where we may actually see contraction rather than growth,” Jing Liu, chief economist for Greater China at HSBC, told Reuters on a call after the data was released. 2022 on Tuesday.
It added that HSBC expects GDP to grow by 5.8% this year.
The committee told reporters that it will take steps to expand the size and scope of investment in the country during the coming months, especially from foreign investors, which should be directed to the advanced manufacturing and service sectors, as well as following developments in new technologies. Energy conservation and environmental protection.
Officials also spoke about the country’s grain supply, commenting that the National Disaster Management Committee can ensure the safe supply of grain despite the challenges the market is facing.