OPINIONS Observer: China’s certainty brings world strong faith in recovery

OPINIONS

Observer: China’s certainty brings world strong faith in recovery

By Bai Yuanqi | People's Daily app

13:49, December 09, 2020

Apart from stepping up efforts to put the pandemic in control and race for a vaccine research development, countries need more confidence than ever amid a patchy economic recovery and up-and-down outbreaks in regions.

A promising outlook lies where whichever nation harnesses the virus and revives the economy.

Nations and international organizations are gaining confidence in China, as it posts a steady growth amid uncertainties elsewhere.

(File photo: CFP)

Chinese exports grew 21% with a trade surplus in November at $75.4 billion, the highest on record. Its economy expanded by 4.9 percent in the third quarter year-on-year, with industrial growth powering a rapid recovery from a historic contraction at the start of the year.

In its China outlook report, Goldman Sachs said: "China will deliver one of the strongest and fastest macro recoveries in 2021 among major economies globally."

Though under the shadow of uncertainties, the world expects to further benefit from China's rapid recovery from the pandemic.

Reports from CNBC and Morgan Stanley show that the international communities are more confident of a buoyant economy in China, as well as of the worldwide recovery in the post-pandemic era.

Their claim that China's decisive battle against the virus will bolster the uptick in the world's economy has three grounds.

First, the international community praised China's anti-virus efforts, a huge strategic result that creates a favorable environment for development.

Among the major economies worldwide, the Chinese government first controlled and prevented the virus, followed by comprehensive and instant measures to avoid the virus' spread.

Foreign firms in China can operate stably amid a healthy economic atmosphere. China's pillar role in the world industrial chain supports trade and exchanges in multiple sectors.

Second, the steady economic recuperation in China remains a powerful engine of helping the world’s economy progress.

The service sector in China posted positive growth in May. Its exports and imports gathered pace in June. During the first three quarters, Chinese economy grew 0.7 percent year-on-year.

The world recovery from the pandemic weighs much on China's economic performance, a 30% contribution as reported.

Third, China's firm stance on expanding opening to the world means that the international community can profit more from China's development.

Worries were mounting, especially about China, as nations closed borders and sliced trade to fend off the virus in the early days. After the prevention and control of the outbreak, China spearheaded to keep itself more open to the world and helped its peers in the fight against the virus. It adopted measures to broaden international companies' access to China's market, swell foreign capital ratio in the financial sector and host numerous such meetings as China International Fair for Trade In Services (CIFTIS) and China International Import Expo(CIIE) to boost global trade.

China's certain and growing economy brings the world a strong faith in recovery, as it determines to widen opening-up to the globe and share benefits with all communities.

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