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Office towers in the Lujiazui financial district of Shanghai, China, on Oct. 17.ALY SONG/Reuters

China will seize the time window to implement policy measures to support the economy, aiming for an improvement in growth in early 2023, state media on Wednesday quoted the cabinet as saying.

The government in recent months has rolled out a flurry of policy measures to support growth, focusing on infrastructure spending and limited support for consumers, while loosening financing curbs to rescue the property sector.

“There is still room for these policies and measures to release their effects,” state media quoted the cabinet as saying after a regular meeting.

“Making good efforts will also help stabilize growth next year. We should seize the time window and pay close attention to the implementation of policies.”

Last week, Chinese leaders pledged to step up policy adjustment to support the slowing economy, to cushion the impact on businesses and consumers of a surge in COVID-19 infections at a time when a weakening global economy is hurting exports.

The World Bank has cut its China growth outlook for this year and next, citing the impact of the abrupt loosening of strict COVID-19 containment measures and persistent property sector weakness.

China will better balance its COVID-prevention measures and efforts to promote economic and social development, seeking to lay a good foundation for growth in 2023, the cabinet was quoted as saying.

The government will “keep the economic operation within a reasonable range, promote further stability and improvement of the economy, and achieve a good start for next year,” the cabinet said.

China will speed up construction of major investment projects and equipment upgrading, the cabinet said, adding that China will meet people’s demand for COVID-prevention materials and drugs and reasonably import urgently needed goods.