Citing Zhao Chenxin, Deputy Director at China’s National Development and Reform Commission (NDRC), the 21st Century Business Herald reported on Tuesday, “China's difficulties in 2022 were greater than anticipated but the economy will rebound in 2023.”

Additional takeaways

“The NDRC will support projects linked to local government bonds and will accelerate the release of special loans for equipment renewal and promote growth in manufacturing. “

“Foreign investment should be encouraged, and the catalog of accessible industries should be revised.”

“Private enterprise and investment will be supported and guided to participate in national development strategies.”

Market reaction

Despite the upbeat comments, AUD/USD is losing ground below 0.6800, down 0.29% on the day at 0.6782, at the time of writing.