Beijing’s economic plans for 2023
Business briefs from the Chinese media — Monday December 19
- The meeting emphasized the goals of “stable growth, stable employment, and stable prices,” and the boosting of domestic demand: “China obviously will miss this year’s economic growth target,” said Zichen Wang on his Pekingnology newsletter. (Read his full translation and analysis of the conference here.)
- Beijing also reiterated its support for the private sector, building on recent signals that Chinese leaders are endorsing a more pro-business approach.
SAIC is electric: SAIC Motor 上汽集团, one of China’s Big Four auto manufacturers, reported that it sold around 130,000 electric vehicles (EVs) in November, a record monthly high, and around 930,000 units from January to November, accounting for nearly 20% of overall sales.
Tech layoffs: Consumer electronics manufacturer Xiaomi 小米 is reportedly implementing a round of year-end layoffs, including at its smartphone department, with some departments said to be laying off up to 75% of their staff.
