China needs a new playbook with resolute actions and clear signals to stem the downward spiral and reverse pessimism within the private sector, top economists said. Beijing needs to “immediately” stop China’s economy from going into a downward spiral by implementing stronger measures that prop up “effective demand”, said Yin Yanlin, deputy director of the economic affairs committee of China’s national political advisory body. “The key is to prop up overall demand,” Yin said.

On June 17, 2023, the 45th Tsinghua University Forum on China and the World Economy was held inside the Weilun Building’s main lecture hall on campus at Tsinghua University’s School of Economics and Management. The biannual event was hosted by Tsinghua University’s Academic Center for Chinese Economic Practice and Thinking (ACCEPT) under the theme of “2023 Mid-Year Economic Outlook.”

The following is a summary of Yin Yanlin's keynote address to attendees at the 45th Tsinghua University Forum on China and the World Economy held at Tsinghua University, Beijing, on June 17, 2023. Yin is the Vice Chairman of the Economic Committee for the 14th National Committee of the Chinese People's Political Consultative Conference and former Deputy Director of the Office of the Central Financial and Economic Affairs Commission.

​The following is a summary of Zhang Bin's comments during a roundtable discussion at the 45th Tsinghua University Forum on China and the World Economy held at Tsinghua University, Beijing, on June 17, 2023. Zhang is the Deputy Director of the Institute of World Economics and Politics (IWEP) at the Chinese Academy of Social Sciences.

The following is a summary of Zhang Ming's comments during a roundtable discussion at the 45th Tsinghua University Forum on China and the World Economy held at Tsinghua University, Beijing, on June 17, 2023. Zhang is the Deputy Director of the Institute of Finance and Banking (IFB) at the Chinese Academy of Social Sciences.

The following is a summary of Francis T. Lui's comments during a roundtable discussion at the 45th Tsinghua University Forum on China and the World Economy held at Tsinghua University, Beijing, on June 17, 2023. Lui is Professor Emeritus and Adjunct Professor at the Hong Kong University of Science and Technology’s Department of Economics.

The following is a summary of Lu Zhengwei's comments during a roundtable discussion at the 45th Tsinghua University Forum on China and the World Economy held at Tsinghua University, Beijing, on June 17, 2023. Lu is the Chief Economist of Industrial Bank.