Fundamentals sustaining China’s long-term economic growth remain unchanged

China’s catering industry achieved the first year-on-year positive revenue growth of this year in October, with the revenue rising by 0.8 percent from the same period last year to 437.2 billion yuan (about $66.9 billion), according to data released by the National Bureau of Statistics.

The continuously recovering catering industry and consumption market have revealed the strong resilience and enormous vitality of the Chinese economy and mirrored the basic trend of steady economic growth with a sound momentum in the long term.

As its 13th Five-Year Plan period (2016-2020) is coming to an end and the 14th Five-Year Plan (2021-2025) is about to be launched, China is going to enter a new stage for development.

At the new stage, the economic fundamentals sustaining China’s sound economic development will remain unchanged, which are believed to serve as a solid foundation for the country’s economic transformation and upgrading, as well as high-quality development, and help the country defeat various risks and challenges on its way forward.

One of the greatest advantages of big countries like China is sufficient room for maneuver so as to pull through troubles and dangers.

Chinese economy is faced with impacts of intertwined cyclical and structural factors, short-term and long-term problems, as well as external pressure and the COVID-19 epidemic.

At this very moment, it is more important than ever to view China’s development from a comprehensive, dialectical and long-term perspective.

Chinese economy has withstood the severe test of the pandemic, and become the first major economy to resume growth since the outbreak of the COVID-19.

Whether in terms of virus control or economic recovery, China has led the way in the world, showing its strong ability of recovery and extraordinary vibrancy, as well as its ample potential, strong resilience, large room for maneuver.

China features the world’s largest and most promising market, which serves as a pillar for the country to drive economic growth and prevent external risks.

After over 70 years’ progress, especially its advances since the reform and opening-up, China has become the world’s second largest economy.

It is also the second largest country in terms of consumption of goods and foreign capital inflow, as well as the largest manufacturer and trader in goods. The country also boasts the largest foreign exchange reserves.

The size of China’s economy and its diversified and fully-fledged manufacturing system have determined that external impact will not shake its solid foundation for long-term and steady development easily.

China is still moving along an upward curve and has strong endogenous power for development.

The country is simultaneously boosting new industrialization, informatization, urbanization, and agricultural modernization.

With a market of more than 1.4 billion consumers, China will certainly witness comprehensive, enormous, and long-lasting demands while satisfying people’s ever-growing needs for a better life and tackling problems caused by unbalanced and inadequate development.

Such huge potential for consumption, innovation and entrepreneurship will infuse strong impetus into sustained economic growth.

Looking back through history, it’s clear that China’s economy has always grown stronger after weathering storms and meeting challenges.

As long as China maintains its focus, stores up confidence and forges ahead based on the current favorable conditions, its economy will continue to surge forward with enormous vitality in the new stage of its development.