New economy provides growth stimulus going forward

The National Development and Reform Commission, the country's top economic regulator, said at a recent news conference that a batch of investments will be allocated from the central budget around Spring Festival to support the construction of major new infrastructure projects. Notably, the country will strongly increase spending on developing information networks in remote central and western regions, it added.

Charlie Zheng, chief economist at Samoyed Cloud Technology Group Holdings Ltd, highlighted the importance of accelerating the development of new infrastructure, saying more efforts should also be made to boost digital trade, especially in the fields of big data, AI and cloud services.

Zheng said the new economy — including both the digital and green economies — will play a key role in driving the economic rebound in 2023, saying the digital economy has accounted for around 40 percent of China's economy.

"The green economy will provide sufficient energy for the development of the digital economy, while the digital economy will offer technological support for the green economy," Zheng said. "Their development will accelerate the upgrading of traditional industries and foster high-quality economic growth. I expect that China can build such new growth models by 2025."