China to focus on stable growth in 2023 by prioritizing spending

The Chinese leadership has decided to focus on ensuring stable economic growth in 2023 by prioritizing the recovery and expansion of consumption, state-run media said Friday, as the world’s second-largest economy has been slowing amid the COVID-19 pandemic.

An annual meeting to craft economic plans for next year pointed out that, at present, the foundation for China’s economic recovery is “not yet solid” and vowed to implement support measures, such as “a proactive fiscal policy and a prudent monetary policy,” according to China Central Television.

President Xi Jinping and Premier Li Keqiang w...