China will focus on stabilising its $17-trillion economy in 2023 and step up policy adjustments to ensure key targets are hit, said a statement following an agenda-setting meeting, as Beijing scrambles to cushion the impact of a surge in COVID infections, reports Reuters. The closed-door two-day meeting of top leaders and policymakers to chart the economy’s course in 2023 has been watched closely by investors amid expectations that Beijing would ramp up support measures.
The world’s second-largest economy faces multiple headwinds. COVID infections are surging following an abrupt relaxation of harsh restrictions, hitting businesses and consumers, while a weakening global economy hurts Chinese exports.
“The messages from the conference on monetary and fiscal policies do not suggest massive stimulus,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.