China’s economic tsar ‘highly confident’ of recovery in 2023, mulls property-sector support
- Vice-Premier Liu He made the remarks in a written speech to a China-European Union dialogue on Thursday
- Chinese ambassador to United States Qin Gang also met US Treasury Secretary Janet Yellen on Thursday in Washington
China will see an economic recovery next year and is mulling new measures to support the beleaguered real estate market, Vice-Premier Liu He said on Thursday, in the latest high-profile remarks intended to shore up market sentiment.
The outgoing economic tsar made the remarks in a written speech to a China-European Union dialogue on Thursday, when he called for expanding bilateral cooperation in trade, science and technology and digital sectors.
“As for the overall improvement of China’s economy next year, we are highly confident,” Liu was quoted as saying by the official Xinhua News Agency.
China has, in recent months, rolled out measures to support the debt-laden property sector, which is estimated to contribute one-fifth of gross domestic product, 40 per cent of fiscal revenue and nearly two-thirds of household assets, but the sector is yet to recover.
China will continue to see a relatively rapid pace of urbanisation, which will offer enough room and support for a stable development of the real estate sector
“The real estate sector is a pillar industry for the economy, and we have introduced some measures to counter downward risks and are mulling new measures to improve the balance sheet of the sector, lift the market expectations and confidence,” Liu added.
“China will continue to see a relatively rapid pace of urbanisation, which will offer enough room and support for a stable development of the real estate sector.”
