Hong Kong
CNN
—
Beijing has vowed to go all out next year to save its Covid-hit economy by boosting consumption and loosening control over private industry, including the struggling tech and property sectors. The new pledge marks a big shift from leader Xi Jinping’s years-long effort to rein in private businesses, which were perceived as too powerful and “disorderly.”
The world’s second biggest economy faces multiple challenges. Covid infections are surging in China after leaders unexpectedly eased its restrictive Covid policy earlier this month. At the same time, its exports have been hurt by a slump in global demand.
Stabilizing economic growth is the top priority for 2023, according to an official readout following the conclusion of the Central Economic Work Conference (CEWC), a key annual meeting of top leaders, which ended Friday.
“We need to encourage and…
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