BUSINESS China contributes significantly to world economy

BUSINESS

China contributes significantly to world economy

Xinhua

12:10, August 23, 2020

A China-Europe freight train with 45 compartments of anti-epidemic supplies leaves the Xinzhu Railway Station in Xi'an, northwest China's Shaanxi Province, on Aug. 12, 2020, to head for Italy's Milan. (Photo: Xinhua)

China's contributions to the world economy have proven significant amid the COVID-19 pandemic, a leading Bangladeshi economist told Xinhua in a recent interview.

Jamal Uddin, general secretary of the Bangladesh Economic Association (BEA), said scientific innovations from China have made the world competitive.

Chinese mobile handsets and electronic devices, including those of Huawei and cashless financial and banking systems, have reduced the cost of doing business, said the leader of BEA, which has more than 4,500 members from academia, government, businesses, civil society and the masses.

Uddin, also a leader of Prime Minister Sheikh Hasina's ruling Bangladesh Awami League party, noted Chinese e-commerce giant Alibaba has invested in Bangladeshi mobile financial service provider Bkash.

This has helped add value to micro-level transactions in the billions, particularly during the COVID-19 pandemic when the Bangladeshi government safety net, salary and wages are paid through this mobile platform, and enabled poorer people to enjoy electronic financial services, said Uddin, also former president of the national professional accountancy body, the Institute of Chartered Accountants of Bangladesh.

Uddin, who obtained his Ph.D. in economics from Cardiff Business School in Britain, spoke highly of China's capacity to manage the economy, calling its model unique and competitive.

The expert noted China's discipline was "most important" in the fight against the COVID-19 pandemic.

China has sufficient resources to overcome COVID-19, such as technology, skilled health professionals, health infrastructure and management capacity, said the economist, adding that with all these necessary logistics, China can win this fight and manage its economy.

China has demonstrated its excellent capability of running the economy smoothly, the expert said, noting that the country has maintained steady gross domestic product growth, transformed its financial management, banking system and capital market, and attracted foreign direct investment from developed countries by establishing itself as a global manufacturing hub.

China's export-led and huge home market-based industrial expansion has created a market for developed and developing countries including Bangladesh, which has now been enjoying a zero-tariff facility on 97 percent of exports to China, said Uddin, also former chairman of Janata Bank Limited, one of the largest state-owned commercial banks in Bangladesh.

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