Vice Premier Liu He addressed the World Economic Forum’s annual meeting in Davos, Switzerland, just hours after Beijing releasedeconomic data for the fourth quarter, fueling hopes of a more rapid recovery in 2023.
China’s decision to stop widespread testing and tracking of the virus makes it difficult to know if the outbreak has peaked nationally. Several officials have declared that the peak is past in some parts of the country, just six weeks after China abandoned all of its Covid curbs. Liu also tried to address concerns that Beijing is clamping down on private businesses. He said a return to a planned economy was impossible, while a government drive for “common prosperity” does not mean enforcing strict equality, and requires entrepreneurial effort.
The speech came on the day China announced its population shrunk by almost 1 million in 2022, the first decline since the 1960s. That means China will need to rely more on productivity to drive growth going forward. Several Davos delegates pointed to a reopened China as reason to be tentatively optimistic about the global economic outlook.
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