China's economy is set to recover in 2023

A Chinese economist told a conference that the Chinese economy is in a strong position to gain momentum this year as the country recalibrates its COVID policy and reopens to the world.

"We've had some of our darkest days over the last year. But those days are gone and everything will be fine this year," he said.

The economist warned that along with other uncertainties such as the global fight against inflation, renewed COVID epidemics and geopolitical tensions, the country may face pressures from decreasing demand, increasing supply and a weakening market this year. Nevertheless, he believed that the Chinese economy would remain strong.

This assumption, in the middle of the month of December last year, the Central Economic Work Conference in Beijing, the central government officials growth, employment and prices makes it a top priority to maintain economic stability, and paid special attention to in order to promote a stronger recovery is based on the fact that increasing domestic demand.

In addition, it was observed that the government took comprehensive measures to solve the property crisis and reduce the risk of spread. These include strengthening temporary mechanisms to protect pre-sale home buyers from the risk of non-delivery, restructuring troubled developers, and meeting the industry's demand for reasonable financing.

The economist also stated that he believes domestic consumption will increase markedly and the real estate sector will slowly recover this year, but that the overall weakness of the real estate market may continue through 2023 as both investment and consumption in the sector will need time to stabilize.