Beijing, 19 Oct (Xinhua) -- According to the third quarterly report on China's economy released on the 18th, the year-on-year growth rate of China's economy in the first three quarters reached 9.8 percent. Under the background of the weakening momentum of global economic recovery and the intensification of differentiation, China's economic growth rate slowed down in the third quarter, but the recovery trend continued unchanged, becoming an important stabilizing force for the global economy. Risks and challenges have increased, policy trade-offs have become more complex, the strategic determination of China's economy has not changed, the pursuit of high-quality development has not changed, and it is full of "stable" confidence and "living" motivation.
Foreign media noted that due to the increase in the base number in the same period last year and the multiple impacts of the epidemic and flood conditions, the growth rate of China's economy in the third quarter has declined, while acknowledging that this also reflects the return of China's economy from rapid recovery after the epidemic to normalized growth.
On June 3, at the Qingzhou Container Terminal in Fuzhou, China (Fujian) Pilot Free Trade Zone, large machinery hoisted containers. (Photo by Xinhua reporter Song Weiwei)
Under the challenge of multiple risks, China's economy is still prominent. Consumption has picked up, the proportion of manufacturing has increased, high-tech manufacturing has grown rapidly, and the contribution rate of service industry growth to economic growth has continued to increase... Under the background of repeated global epidemics and global supply chain obstructions, China's foreign trade has shown strong resilience. In the first three quarters, the import and export of goods trade increased by 22.7% year-on-year, and China's imports and exports to the European Union, the United States, Japan and South Korea all maintained double-digit growth, and the world could not do without the "Chinese market" and the "Chinese factory". Reuters analyzed that the normalization of epidemic prevention and control is effective and the industrial system is complete, forming a strong support for China's exports. The New York Times pointed out that China's exports have continued to grow at a high rate, and economists who believe that China's rapid economic growth is unsustainable are "misjudged."
At present, the world economy is in a period of bottom-building fluctuations in post-epidemic recovery, and uncertainty has increased significantly. As the pandemic spreads, multiple factors such as rising commodity prices, tight international shipping, labor shortages, and supply chain disruptions have led to rising risks to the global economy. In this context, the steady recovery in the first three quarters proves that China's ability to control the complex situation of China's economic governance has once again withstood the test.
Taking into account cyclical factors and structural problems, China gives precise policy support to weak links in economic recovery and development, while avoiding "flood irrigation" and continuously optimizing the economic structure; paying attention to domestic and international co-ordination, China has greatly relaxed market access, optimized the business environment, and actively carried out multilateral economic and trade cooperation to promote high-level opening up to the outside world to create new advantages in international cooperation and competition; short-term economic recovery and long-term growth momentum are equally important, China promotes reform in key areas through institutional innovation, and improves the level of modernization of the industrial chain. Continue to make efforts to promote digitalization and green transformation. Overall, China's "ten fingers playing the piano" has striven to achieve a balance and unity of "wide" and "tight", "internal" and "external", "short" and "long" national economic governance under complex situations.
This is a drone photo taken at the Shanghai Ocean Hill Port Container Terminal (drone photo) taken on March 18, 2020. (Photo by Ding Ting, Xinhua News Agency)
Most economists expect China's economy to grow by 8 percent or more this year, but Chinese policymakers have set a relatively modest full-year growth target that leaves more room for dealing with long-term problems in the economy. Wang Yan, president of Qiaoshui (China) Investment Management Co., Ltd., summarized the current Chinese economy with four "unchanged": the determination to promote reform, opening up and develop the market economy has not changed; the trend of integration into the world has not changed; the willingness to promote financial opening up has not changed; and the unique resource endowments and development advantages have not changed. He believes that the macro-control means, tools, experience and governance wisdom of China's decision-making level are enough to ensure the steady operation and upgrading of China's market economy.
From exports to consumption, from traditional economy to digital economy, China's economic endogenous momentum has increased, and industrial development has made steady progress. The 130th China Import and Export Fair (Canton Fair) attracted nearly 8,000 enterprises to participate in the exhibition offline, setting up nearly 20,000 booths with an exhibition area of 400,000 square meters. Pierre Petit DeMange, purchasing manager of auchan, a French multinational retail group, lamented: "The Chinese market has never disappointed. "The number of the world's top 500 and leading enterprises in the industry that will be signed to participate in the fourth CIIE that will be held in early November exceeds that of the previous session, and the "return rate" exceeds 80%.
Real gold is not afraid of fire. The British Economist's resident correspondent in China recently wrote an article expressing optimism about China's economy: from the high-tech innovators in Hangzhou, exporters in Wuxi, entrepreneurs in Wenzhou and other people, we can see that the vitality and motivation of China's economy are still full. From the stability of economic recovery and the quality of economic development to the policy space and industrial transformation opportunities, the comparative advantages of China's economy are still prominent. China's determination and practice of vigorously promoting reform and opening up, as well as the wisdom of cross-cycle adjustment of macro policies, are injecting new momentum and bringing new opportunities to the world.