Chinese economy shows strength and vigor

Jin Ding / China Daily

During a special virtual dialogue of global entrepreneurs hosted by the World Economic Forum, the resilience and vitality of the Chinese economy drew a lot of attention from all participants.

The strong performance of the Chinese economy amid the hardships caused by the COVID-19 pandemic has injected confidence and vitality into the global economy.

Having largely contained the novel coronavirus, China has demonstrated its systemic strengths. And after improving his governance abilities, he is able to act quickly and decisively to prevent the virus from gaining a foothold when it reappears.

With the virus under control, the Chinese economy was able to show its vitality. China has a large population which both provides large human resources for production and forms a huge consumer market. The spirit of hard work of the Chinese people and their pursuit of a better life is a solid foundation for the development of the Chinese economy. The total number of domestic market entities has already grown to 150 million, as the country’s urbanization rate exceeds 60 percent and its middle-income group has grown to 400 million people and continues to expand.

It should be noted that the Chinese economy has shown its ability to cope with difficult situations. Since the start of 2021, both the global pandemic and the economic situation have become more complicated, but the Chinese economy has maintained stable growth. In the first three quarters, China’s GDP grew 9.8 percent from last year, well above the target set earlier in the year, and added 10.45 million new jobs were created, or 95% of the target for the year, while foreign direct investment in the first eight months was close to the total amount for all of last year.

The ship of the “Chinese economy” sails well in good weather as well as in bad weather. But for the ship to sail better, more smoothly, it is necessary to advance the new development paradigm, inject vitality into the market and release more domestic demand.


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