China’s social and business order has been gradually returning to normal from the coronavirus outbreak. But new challenges have emerged: the pandemic has spread to over 180 countries and regions, triggering uncertainties to the global economy and fears over a possible recession.
The epidemic has a negative influence on China's development, but it should also be noted that China has withstood the impact of the outbreak with a solid material and technology foundation.
As Chinese President Xi Jinping said, "at such a time, it is even more important to view China's development in a comprehensive, dialectical and long-term perspective, and to strengthen and firm up confidence."
The advantages of a super large-scale economy still exist. In the first two months of the year, China’s gross industrial output value totaled 11, 500 billion yuan (about $1,62 billion); total sales of retail consumer goods have exceeded 5.2 trillion yuan and the fixed asset investment has soared above 3.3 trillion yuan.
At the same time, China has maintained the productivity of its basic industry. In particular, the production of emergent supplies, including surgical masks and protective gear, has increased rapidly. The production of life necessities is sufficient, providing for the country’s 1.4 billion population amid the outbreak. All point to one fact: the tenacity of the Chinese economy has remained unchanged.
Some industries and enterprises have even made headway in the face of downward pressure on the Chinese economy: online shopping, fresh produce delivery, online education, remote diagnosis and work-from-home services have all expanded, which indicates that China is capable of turning short-term pressure into an impetus for industrial transformation and upgrading.
The upward trend of the Chinese economy will not be altered by the blow of the coronavirus outbreak. So far, as the only country in the world with full industrial sectors, China’s economic aggregate has approached 100,000 billion yuan, with the middle income group outnumbering other countries and 100 million market entities.
The Chinese economy has undergone heavy blows from the epidemic but remains stable and robust. By unleashing the great potential and the powerful energy of China, the Chinese economy will move by leaps and bounds.
(Compiled by Li Bowen and Ryan Yaoran Yu)