Published: 15:21, November 16, 2022 | Updated: 15:30, November 16, 2022
Official: China's economy expected to further recover
By Xinhua

An employee makes a cylinder for a steam turbine at a heavy machinery production facility in Huzhou, Zhejiang province, on Jan 2, 2021. (PHOTO BY YAO HAIXIANG / FOR CHINA DAILY)

BEIJING - China's economy is expected to further recover in the rest of 2022 as the government's stimulative economic package is set to yield fruitful returns in the fourth quarter, an official with China's top economic planner said Wednesday.

"Statistics for October showed that China's economy has withstood the impacts of multiple factors from home and abroad and maintained a steady recovery," Meng Wei, spokesperson for the National Development and Reform Commission, told a press conference.

Data released Tuesday by the National Bureau of Statistics showed that China's value-added industrial output went up 5 percent year-on-year in October

Data released Tuesday by the National Bureau of Statistics showed that China's value-added industrial output went up 5 percent year-on-year in October.

During the first 10 months, the country's fixed-asset investment went up 5.8 percent year-on-year, with investment in infrastructure and manufacturing gaining 8.7 percent and 9.7 percent, respectively.

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"The economic recovery and stabilization of key areas are speeding up, as a policy package for stabilizing the economy and follow-up measures are gradually taking effect," Meng added.

Last week, the Chinese government released a circular on further optimizing the COVID-19 response, announcing 20 prevention and control measures. The move aims to adapt to the new situation of COVID-19 prevention and control, and to minimize the impact of the pandemic on economic and social development.

"This will further smooth the economic cycle and promote the recovery of market demand, and the economic growth is expected to further accelerate in the whole year," Meng said.

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Looking ahead, the government will continue to intensify efforts to expand effective investment, increase support for micro, small and medium-sized companies and individual businesses, and implement employment-stabilizing policies, she added.

Natural gas

Meng also said that China can generally guarantee the natural gas supply for winter heating demands this year despite a complex international market situation.

Timely preparation and joint efforts have been made to ensure enough natural gas supply, she said, adding that the commission will urge localities to stay true to related price policies to maintain relatively stable natural gas prices for households.

Support will be given to upstream firms to beef up natural gas production and stock to help tide over heating peaks during the winter.

From January to October, the country produced 178.5 billion cubic meters of natural gas, up 6.0 percent year on year.

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Meng added that tight supplies of natural gas might happen during some peak periods or in some regions amid lingering cold waves.

The country will leverage its daily natural gas supply management mechanism to address pop-up shortages and keep residents warm in winter, she said.

Pork prices

Meanwhile, Meng said the prices of pork, a staple meat in China, are expected to stay relatively stable and unlikely to see hikes in the near future.

The country's pork supplies are on the increase thanks to the growing number of hogs in stock and those ready to enter the market, she said.

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The prices of hogs climbed in the second half of this year, with marked increases in October. Chinese authorities responded swiftly with a slew of steps to keep a lid on price hikes.