China's politburo shifts focus to boosting economic recovery in 2023

The economy is expected to face bigger pressure from spiking Covid cases in the early stages of China's reopening

China’s Politburo, the Communist Party’s top decision-making body, said it will seek a turnaround in the economy next year, pledging to keep fiscal policy active and monetary tools targeted and “forceful.”

Officials will “push for overall improvement of the economy” by focusing on the quality of growth and keeping the pace of expansion reasonable, the official Xinhua News Agency said Wednesday in a readout of the meeting. They will also try to “significantly boost market confidence.”

“We should seek growth while prioritizing stability,” according to the report. “We will continue to implement an active fiscal policy and prudent monetary policy,