ZHENXIN Ferroalloy Company has ample foreign trade orders. The staff members are accelerating production to meet the requirement of on-time delivery.
In the second half of 2022, the ferroalloy market continued to be depressed. Ferrosilicon, silicon manganese, and calcium metal prices continue to fall, and again low hover. On the one hand, domestic steel mills are shut down, and on the other hand, international customers are watching. They lack confidence in the recovery of China’s economy.
Famous for ferroalloys production, Qugou gathered a variety of ferroalloy manufacturers. Customers can buy all the kinds of ferroalloys they want, such as ferrosilicon, ferrochrome, ferromanganese, nitrided ferroalloys, calcium silicon, alloy cored wire, etc.
Since the outbreak of the novel coronavirus in late 2019, the country has imposed strict controls on foreign inbound customers. Inbound customers will be quarantined for 14 days or longer in case of negative nucleic acid results, which greatly dampens the enthusiasm of foreign customers to visit. This has affected international trade.
2023 Policy Focused on Solid Recovery
Reviving the COVID-19-battered economy will be a key policy priority for China next year as the top leadership has sent a strong signal to push for overall improvement of economic activity and substantially expand domestic demand, economists said on Thursday.
Top policymakers in Beijing have called for better coordination between pandemic containment and economic development while emphasizing the need to stabilize growth, employment, and prices to boost the economy. They also pledged to comprehensively deepen reform and opening up and to strongly spur market confidence.
“We can be more optimistic about China’s economy in 2023 after the key Party meeting placed much attention and emphasis on optimizing policies, boosting growth, and stimulating business vitality,” said Xu Gao, chief economist at BOC International.
Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said that China’s economy will stage a rebound as COVID-induced damage to economic activity will be gradually alleviated. He expects the government to aim for a GDP growth of around 5 percent next year and China’s real growth rate for 2023 could exceed 5 percent.
More supportive policies including greater fiscal spending and monetary easing will likely be rolled out next year as Chinese policymakers are determined to bring the growth rate back to a reasonable range and effectively drive up investment and consumption, economists said.
This is reflected in the top leadership’s statement at Tuesday’s meeting that proactive fiscal policy measures need to be reinforced to improve efficiency, and prudent monetary policy measures need to be precise and forceful. The policymakers also said that efforts should be made to expand domestic demand by fully leveraging the “fundamental role of consumption” and “the key role of investment”.
To achieve the goals, most economists expect that China may raise its fiscal budget deficit ratio to 3 percent or higher in 2023.