China's economy expected to further recover: official

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.

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.

"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 epidemic 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.

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.