China's economic recovery is good for the world (Wanghailou)
On June 15, the latest national economic operation data released by the National Bureau of Statistics sent a positive signal: In May, in the face of the complex and severe international environment and the severe impact of the domestic epidemic, China's epidemic prevention and control situation was generally improving, and production demand was improving. Gradually recovering, employment prices are generally stable, major indicators have improved marginally, and the national economy is showing a recovery momentum.
Specifically, many key indicators have picked up.The decline may be narrowed - the total retail sales of consumer goods in May reached 3,354.7 billion yuan, a decline of 4.4 percentage points from the previous month.Or from a decline to an increase - in May, the added value of industries above designated size increased by 0.7% year-on-year, and in April it fell by 2.9%.Or the growth rate will expand - the total import and export of goods in May was 3.45 trillion yuan, a year-on-year increase of 9.6%, and the growth rate was 9.5 percentage points faster than the previous month.China's economic recovery is improving. Although the foundation still needs to be consolidated, it has undoubtedly injected valuable confidence and strength into the fragile and weak world economy, bringing tangible benefits.
This benefit is extremely precious.At present, the century-old changes and the epidemic of the century are intertwined. Economic globalization has encountered adverse currents, and geopolitical conflicts have intensified, which has caused a serious impact on the already difficult world economic recovery.The International Monetary Fund (IMF) predicted in April that the global economic growth rate will be 3.6% this year and next, which is 0.8 and 0.2 percentage points lower than that in January.The World Bank also lowered its forecast for global economic growth this year to 2.9% in a report released in June.Therefore, the world economy urgently needs an injection of confidence.
This benefit did not come easily.Faced with the severe challenges of repeated epidemics, China has clearly stated that "the epidemic must be prevented, the economy must be stabilized, and development must be safe." While protecting people's lives and health to the greatest extent, the impact of the epidemic on economic and social development must be minimized. .Newly added tax rebates, tax reductions, fee reductions, and tax deferred fees exceeded 2 trillion yuan, and the average interest rate on new loans issued by enterprises was as low as 4.39%, providing guarantees for key foreign trade enterprises in production, logistics, and employment... Since the beginning of this year, a series of efforts to prevent epidemics, The measures to stabilize growth have been implemented one after another, and the effect has gradually emerged.In May, production and supply gradually recovered, domestic demand recovered, foreign trade imports and exports accelerated significantly, prices were generally stable, and the structure was optimized and upgraded. Positive changes in China's economic operation increased.These changes not only reflect the efforts of the Chinese people, but also demonstrate the valuable value of China's experience.
This benefit is significant.China is both a "world's factory" and a "world market", and its contribution to world economic growth has remained around 30% in the past 10 years.Looking at the supply side, China is the only country in the world that has all the industrial categories in the United Nations Industrial Classification. The added value of the manufacturing industry has been ranked first in the world for 12 consecutive years, and the output of more than 220 industrial products ranks first in the world, tied with North America and Europe. Three hubs in the global industrial chain.Looking at the demand side, China has a population of more than 1.4 billion and the largest middle-income group in the world. It imports about 2.5 trillion US dollars of goods and services every year. The huge market demand potential is constantly being released.The importance of China's efficient coordination of epidemic prevention and control and economic and social development to achieve macroeconomic stability is self-evident to the world economy.
Today, China's economy is showing a recovery momentum, adding confidence to the world.The annual business confidence survey released by the Federation of German Overseas Chambers of Commerce shows that in 2021, 60% of German companies in China will achieve business growth, and more than half of them are confident in their future development.Noel Quinn, chief executive of HSBC Group, said that he fully believes that China's economy can achieve steady growth and continue to remain attractive to overseas investors.
Cultivate new opportunities in a crisis, and start a new game in a changing situation.China's economy is resilient, has ample potential, has great room for manoeuvre, and its long-term positive fundamentals will not change. It will provide strong momentum for the stabilization and recovery of the world economy and provide broader market opportunities for other countries.
(The author is a commentator for this newspaper)
【Editor: Wang Yu】
