BUSINESS China leads post-pandemic global economic recovery, says Ecuadorian expert

BUSINESS

China leads post-pandemic global economic recovery, says Ecuadorian expert

Xinhua

18:55, August 04, 2020

A view of Guangzhou's CBD area, Oct 20, 2019. [Photo/Sipa]

QUITO - As the COVID-19 pandemic continues to wreak havoc around the globe, China is leading the post-pandemic economic recovery thanks to its sound policies, said Ecuador's international observer Milton Reyes.

"Worldwide, one can see that China is leading several processes of economic recovery. This is due to clear public policies and the efficiency and leadership of the Chinese government in tackling economic challenges," Reyes told Xinhua.

For example, the Chinese government strove to compensate for losses caused by the pandemic, and supported small and medium-sized companies that operate in essential supply chains with credits and loans to maintain employment, said the expert.

China "adopted policies to maintain domestic consumption" and support production resumption, said Reyes.

As a result, "e-commerce has rebounded, which sustains the economy. In the context of a pandemic, that is spectacular," he said.

China's gross domestic product (GDP) expanded 3.2 percent year-on-year in the second quarter of 2020, data from the Chinese National Bureau of Statistics showed.

Reyes, who also serves as a coordinator of the Center for Chinese Studies at the Institute of Higher National Studies, highlighted Chinese government's policies that aim to "generate a strong internal market" and support entrepreneurs in the country.

He added that China has also been working to reduce poverty and generate greater capacity for domestic consumption.

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