BUSINESS Chinese economy to log faster recovery in uncertain 2021: expert

BUSINESS

Chinese economy to log faster recovery in uncertain 2021: expert

Xinhua

18:03, February 01, 2021

The view of Lujiazui area at the Bund in Shanghai, Aug 2, 2019. (Photo: agencies)

BEIJING -- China's economy is expected to see a faster recovery and mild transitions in macro-policies in 2021, a year of multiple challenges at home and abroad, an expert has said.

"Facing many risks, challenges and uncertainties, the general trend of China's sustained economic growth will remain unchanged," said Zhang Yuxian, an expert with the State Information Center.

Zhang cited uncertainties in the global COVID-19 spread, the world economy, the international financial market, and the game between major powers.

A rising strain in employment for key groups, difficulties in forestalling and defusing risks, and local governments' debt issues will be among the major domestic challenges, Zhang added.

Still, China has a high-quality supply in terms of its workforce, capital, technology and other production factors, and it has a complete industrial system and the world's most developed infrastructure network, as well as broad development space and room for maneuver in both urban and rural areas, the expert said.

With active efforts to coordinate COVID-19 control with economic and social development in 2021, China will see a faster economic recovery that features a stronger rebound in the first and second quarters, Zhang said.

The country has vowed to avoid a "policy cliff" in 2021 as it aims to keep its macro policies consistent, stable and sustainable to support a steady economic recovery.

"This means policy will moderately return to normality, without taking any sharp turns," Zhang said, adding that some temporary and extraordinary policies should be phased out, with the sentiments of micro-entities taken into full consideration.

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