Editorial | Finally, our leaders are turning focus back to the economy
- With the zero-Covid policy confined to the dustbin of history, China is eyeing growth in all sectors, from electric carmakers to e-commerce platforms
China’s top leaders meet annually to decide the economic policy outlook for the following year. The central economic work conference last month is especially important. One of the first such top policy meetings held since Beijing’s relaxation of the tough zero-Covid regime, the conference provides economic directions for policymakers to aim for. Early signs are encouraging.
Growth is back on the front burner. Domestic consumption will be revived and boosted after the economy was ravaged by production halts and Covid-19 lockdowns leading to a drag on consumption in the past year.
Factory owners and workers may heave a sigh of relief as local authorities have been ordered to refrain from arbitrary shutdowns of facilities. Meanwhile, official trade delegations from Hainan, Jiangsu, Zhejiang, Ningbo and Suzhou have made world tours in search of investment, export orders and supply chain contracts.
China’s status as the world’s manufacturing hub has been threatened over the past year, and local authorities are desperate in trying to make up for lost time.
Key sectors in the economy have been identified for growth. Electric carmakers such as Nio, Xpeng, BYD and Li Auto are catching up with the industry’s global bellwether, Tesla, showcasing the headway made by the private sector that has left state-owned electric car wannabes in the dust.
