Chinese economy boasts essential advantages, resilience, vitality

A worker assembles a smart power distribution cabinet at the State Grid Xiaoshan Electric Power Xinmei Electric Company in Hangzhou, East China's Zhejiang Province on October 19. Photo by Long Wei/People's Daily Online

Chinese economy has continued its sound momentum of steady recovery, according to data released by the National Bureau of Statistics on October 19.


China’s economic growth of the first three quarters shifted from negative to positive, with its GDP increasing 0.7 percent year on year.


Meanwhile, the country’s economy expanded 4.9 percent year on year in the third quarter.


Against the backdrop of the global COVID-19 outbreak and world economic downturn, the hard-won economic performance of China seems particularly remarkable.


A series of economic indicators suggest that “shifting from negative to positive” is a common trend in various aspects of the economy.


China’s total retail sales of consumer goods in the third quarter grew by 0.9 percent, standing as the first positive quarterly growth of the field in 2020.


In the first three quarters, fixed-asset investment across the country (excluding rural households) saw this year’s first positive growth of 0.8 percent from the same period last year.


During the period, the total value of imports and exports of goods increased by 0.7 percent year on year, shifting from negative to positive for the first time this year.


These economic data and V-shaped curves indicate that various economic indicators of the Chinese economy are improving rapidly.


China is about to show the world that its economy is pulling further out of the chasm created by the coronavirus, Bloomberg observed.


China will be the only major economy in the world to show positive growth this year, according to the latest World Economic Outlook released by the International Monetary Fund (IMF).


The economic data about the third quarter have shown the essential advantages, resilience and vitality of the Chinese economy and enhanced various parties’ confidence in the economy.


While the aggregate indicators of China’s economy continuously improve, its economic structure has been further optimized, demonstrating potential for growth in the long run.


In the first three quarters, the value added of China’s high-tech manufacturing and equipment manufacturing grew by 5.9 percent and 4.7 percent year on year respectively.


Meanwhile, the country’s output of industrial robots and integrated circuits rose by 18.2 percent and 14.7 percent year on year, respectively.


Service sector in China realized steady recovery, while modern service industries also gathered momentum during the period.


The value added of the modern service industries of information transmission, software and information technology services as well as financial services grew by 15.9 percent and 7.0 percent respectively.


Online sales and digital economy burst with vitality in China. In the first three quarters, the country’s online retail sales registered a year-on-year growth of 9.7 percent, 2.4 percentage points faster than that of the first half of this year.


The epidemic hasn’t changed the overall trend in China’s transformation of growth model, structural improvement, and shift to new growth drivers. Improvement in economic structure can provide sustained support for medium- and long-term economic recovery and high-quality development.


The real quality of a country’s economic development is better demonstrated by the country’s response to major impacts.


The recovery of China’s GDP and the country’s economic structural improvement have both exhibited the economy’s strong resilience and potential for growth in the face of the COVID-19 pandemic.


As the first country in the world to effectively contain the spread of the epidemic, China has not only protected the lives of its people to the greatest extent, but laid a foundation for steady economic recovery.


At the same time, the country has introduced a series of macro policies to help companies, especially small and medium-sized firms, with post-pandemic development.


China has offered targeted structural monetary policies and liquidity support to companies in need on the basis of normal monetary policies.


All these facts have not only proven that the fundamentals of the Chinese economy remain healthy and stable, but that the country’s macro-regulation system and governance capabilities are becoming increasingly mature.


Seeing a rainbow after a storm, the Chinese economy has shown its capacities of sailing a boat against the wind and going uphill in the face of obstacles.


The world has every reason and confidence to expect that China’s economy will continue its steady recovery in the fourth quarter and achieve gratifying results in this special year.

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