As the epidemic prevention and control has entered a new stage, China's economy has enjoyed a good recovery since the beginning of the New Year. During this year's Spring Festival holiday, about 226 million passenger trips were made by railways, highways, waterways and civil aviation, generating 375.843 billion yuan in domestic tourism revenue, up 30 percent year on year. The sales revenue of consumption-related industries increased by 12.2% compared with the Spring Festival holiday last year. The box office took 6.758 billion yuan, the second highest in China's Spring Festival history.
Confidence is gold. The Central Economic Conference to be held at the end of 2022 called for strengthening confidence in economic work. In January 2023, China's manufacturing purchasing managers' Index (PMI) rose 3.1 percentage points to 50.1%, indicating a significant recovery in economic sentiment. Since the beginning of the New Year, local governments have rushed to meet the schedule and started work on a series of major projects. Policy support has also been increased. Recently, many places issued the Spring Festival "No. 1 document", "fight economy" has become a consensus.
As the second largest economy in the world, China has withstood the pressure of the epidemic in the past three years and achieved an average annual economic growth of 4.5%, which is significantly higher than the world average of about 2%. We have the world's most complete industrial system, a large scale consumer market, and a total human resource of 220 million people... full of economic resilience and strong resilience, we are expected to become the main "engine" for slowing down shock absorption and serving as growth assistant when the global economy faces a downturn in 2023.
By deepening reform and focusing on development, the Chinese economy will continue to generate strong momentum. Recently, China's capital market reform ushered in a "key leap" : on February 1, the reform of the national stock issue registration system was officially launched. Looking ahead to 2023, deepening supply-side structural reform, deepening the reform of state assets and state-owned enterprises, and comprehensively promoting rural revitalization will continue to roll out a series of reforms, which will also release more dividends for China's economic development.
The robust recovery of the Chinese economy has once again drawn the attention of the world. Many international organizations, institutions and media are full of expectations for the prospects of the Chinese economy. The International Monetary Fund has sharply raised its forecast for China's economic growth this year to 5.2%. The United Nations World Economic Situation and Prospects 2023 also said China's economic recovery will support growth in the Asian region. "The world's second-largest economy is pulling out all the stops to revive its economy." The website of Barron's pointed out that China's economic situation is promising.