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China's economic recovery has brought a glimmer of hope
  ·  2020-07-26  ·   Source: NO.31 JULY 30, 2020

The Chinese economy grew 3.2 percent in the second quarter of the year, reversing the 6.8-percent decline in the first quarter and performing the best among all major world economies, according to figures released by the National Bureau of Statistics on July 16. In the middle of the plummeting world economy due to the still uncontrollable novel coronavirus pandemic, China's economic recovery has brought a glimmer of hope.

The economy's shift from contraction to growth in the first half of the year indicates China's epidemic control has been effective. With the coordinated efforts of the government and the people, the virus was contained and production resumed in an orderly way. Besides, a series of policies and measures were taken to facilitate the recovery of the economy. The growth of major economic indices in the second quarter proves the endeavor has been successful.

With its open market and an increasingly improved business environment, China offers a safe haven for international investors. Against the downturn in overall global direct investment so far this year, China has seen an 8.4-percent growth in paid-in capital in the second quarter, demonstrating the attractiveness of its market.

The steady recovery of the Chinese economy will also contribute to the stability of the global industrial and supply chains. In June, China's trade in goods grew by 5.1 percent over a year ago, in which imports increased 6.2 percent. This has effectively boosted world aggregate demand and promoted the development of international trade.

Analysts predict the Chinese economy will maintain recovery in the second half of the year. The International Monetary Fund has said China might be the only major world economy to report positive growth in 2020.

However, China's economic recovery has also triggered some adverse reactions. For instance, William Barr, U.S. Attorney General, said China is engaged in an "economic blitzkrieg" to command the global economy and become the world's preeminent superpower.

Such views are irrational. The world today is a community of shared future, so it is in the interest of every country to pool resources together for an early victory in the global fight against the pandemic and an early restoration of economic and social development. They need to abandon prejudice and arrogance and strengthen cooperation.

China, despite still facing headwinds in economic growth, is willing to coordinate macroeconomic policies with the international community and strengthen cooperation in epidemic control, production resumption and all other means to bolster world economic recovery. It hopes the international community will cooperate to get the world economy out of recession and rebuild it, making it open, harmonious and without prejudice.

(Printed Edition Title: A Healing Sign)

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