China's economy to see independent upward trajectory in 2023: official

This aerial photo taken on Dec. 26, 2022 shows the expressway linking Xin'an and Yichuan in central China's Henan Province. With a design speed of 100 kilometers per hour, the 81-km expressway is an important part of the expressway network in Henan Province. [Photo/VCG]

While the world's growth will likely weaken significantly in 2023, the Chinese economy is expected to see an independent upward trajectory with an overall recovery, a senior official said.

The official of the office of the Central Committee for Financial and Economic Affairs made the remarks after the tone-setting Central Economic Work Conference held from December 15 to 16, 2022.

The bright prospect can be attributed to the optimized epidemic response, effective pro-growth policies, and a low base in 2022.

China's improved COVID-19 response will exert a major positive influence on the economy, the official said, predicting a faster recovery in the first half of 2023, especially the second quarter.

The country will retain its existing policies of increasing demand and promoting structural improvement in 2023 and introduce new measures in line with actual needs as well, the official said.

Given lower-than-expected growth in 2022, as long as the economy returns to normal growth, the base effect will provide support for the economic data in 2023, the official said.

Although the Chinese economy faces multiple challenges at home and abroad, its sound fundamentals remain unchanged, with strong resilience, enormous potential and great vitality.

To promote the economic recovery, the official cited policy support in fiscal, monetary, industrial, scientific, technological and social fields.

China will step up the proactive fiscal policy with better effectiveness and make the prudent monetary policy targeted and effective, with stronger support for micro and small businesses, technology innovation and green development.

The stronger coordination of various policies will form a combined force to push forward high-quality development, the official said.

China's water conservancy investment hits historic high

The 16-gigawatt Baihetan hydropower station, now the second largest hydro project in the world in terms of total installed capacity, goes fully operational on Dec. 20, 2022. [Photo/VCG]

China's investment in water conservancy projects surpassed 1 trillion yuan (about 143.8 billion U.S. dollars) in the January–November period of 2022, already a record annual high since 1949, the Ministry of Water Resources said on December 14, 2022.

Investment increased by 33% during this period in comparison with the figure registered for the entire 2021, data from the ministry showed.

Some 25,000 new water conservancy projects commenced nationwide in this period, 3,767 more than that in 2021.

The majority of this investment flowed to flood prevention, water transfer programs and water ecological restoration, according to the ministry.

While maintaining a focus on these areas, the ministry will also step up efforts to modernize irrigation facilities, improve rural water supply and promote the utilization of intelligent technologies in 2023, said Vice Minister of Water Resources Liu Weiping.

For new projects — especially those having received fiscal support front-loaded from a 2023 central budget fund regarding water conservancy development — the ministry will expedite the process of approval, bidding and preparation, so that they can begin construction as early as possible, Liu said.