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 (November 16).

“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, said during a press conference.

Data released Tuesday by the National Bureau of Statistics showed that China’s value-added industrial output went up five per cent year on year in October.

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

“The economic recovery and stabilisation of key areas are speeding up, as a policy package for stabilising the economy and follow-up measures are gradually taking effect,” Meng added.

Last week, the Chinese government released a circular on further optimising 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 minimise 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-stabilising policies, she added.