It is an indisputable fact that the Chinese economy has made extraordinary achievements in an extremely extraordinary year.
According to the official data on the economic performance in 2020 released by the National Bureau of Statistics on January 18, the overall growth for the year was 2.3 percent, making China the only major economy to notch up growth in a year of global pandemic, while the GDP crossed 100 trillion yuan ($15.41 trillion) for the first time.
The economy grew 3.2 percent year on year in the second quarter, an unimaginable leap from the 6.8-percent contraction in the first quarter due to the novel coronavirus disease (COVID-19).
These achievements come against a backdrop of global recession and a turbulent external environment. The global economy was hit by unilateralism, trade protectionism and a pandemic as well as the trade war started by the United States. Despite the complex situation, the Chinese economy's fast recovery and better-than-expected growth demonstrate the institutional strength of socialism with Chinese characteristics.
The Chinese economy now accounts for a larger share of the global economy, and will help boost the recovery of others.
However, now is not the time for complacency. Though the largest developing country in the world, China is still below the world average in terms of per-capita GDP and its economic development still remains unbalanced and inadequate, with the gap in development between urban and rural areas still large, and the domestic innovation capacity still unable to meet the demand of high-quality development.
In addition, despite a vaccination drive, COVID-19 has still not been eradicated. Geopolitical tensions remain and there are still uncertainties about future foreign relationships.
To achieve the long-term goal of economic and social development at home and lend a hand to the partners struggling abroad, the hard work has to continue—for a long time to come.
