The Chinese leadership has decided to focus on ensuring stable economic growth in 2023 by prioritizing the recovery and expansion of consumption, Kyodo cited the Chinese state-run media as saying. An annual meeting to craft economic plans for next year pointed out that, at present, the foundation for China's economic recovery is "not yet solid" and vowed to implement support measures, such as "a proactive fiscal policy and a prudent monetary policy," according to China Central Television. President Xi Jinping and Premier Li Keqiang were among the participants of the closed-door Central Economic Work Conference. "We must focus on stabilizing growth, employment and prices to keep the economy operating within a reasonable range," the leaders were quoted as saying. For this year, China had earlier set its growth target at around 5.5 percent. But the economy logged a 3.9 percent expansion from a year earlier in the July to September period, following a two-month lockdown of Shanghai through May. The leaders also said it is necessary to provide maximum convenience for foreign businesspeople to come to China to engage in trade and investment negotiations. Science and technology policies should focus on self-reliance and self-improvement, the leaders said, amid intensifying competition between China and the United States over cutting-edge technology.
