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China's economic bounce good news for global recovery

Updated: Jul 17,2020 17:12    Xinhua

BEIJING — China has become the first major economy to grow since the start of COVID-19. The bounce-back smashes predictions by naysayers of China's economy and provides hope to other countries looking to recover from a crisis that has caused a global recession.

The 3.2 percent year-on-year growth in the second quarter of the year, versus a 6.8 percent contraction in the first quarter, demonstrated that the world's second-largest economy has a solid base for further expansion.

Ever since the outbreak of COVID-19, China adopted comprehensive, strict and precise measures for prevention and control despite misunderstanding and smearing from some Western countries. The government has rolled out a raft of measures, including more fiscal spending, tax relief and supportive employment policies, to revive the economy.

Chinese economy has shifted from slowing down to rising, strong evidence that the adverse impact of the epidemic can be overcome with resolve, courage and correct actions.

The world's confidence in the prospects of China's development is well-founded. The country's economic recovery will continue in the second half of the year, powered by the rapidly growing new industries and business models, as well as the strong support from macro policies.

China, now in a better position to handle any contingencies in the future, remains an important engine for global growth. Its market is still huge, inclusive and open where wise foreign enterprises have every reason to stay rooted and seek further development.

The dark moment is passing, but the full recovery could take time. China needs to deepen reforms, expand opening-up and improve its business environment to achieve high-quality development.

The government will make further efforts to expand domestic demand, as China is still facing constraints in consumption recovery, with retail sales of consumer goods declining 11.4 percent in the first half of the year. Policies and measures to ensure employment, people's livelihoods and development of market entities will be comprehensively implemented, which will provide new opportunities for Chinese and foreign enterprises.

In today's world, the interests of all countries are highly integrated. Win-win cooperation is the trend of the times. China will be unswervingly committed to pursuing the path of peaceful development, promoting the building of an open world economy and supporting international solidarity against the coronavirus until victory is won for all.

The year 2020 is a difficult time for the world facing waves of virus cases, rising protectionism and other uncertainties. During these trying times, no matter how the domestic and international economic situation evolves, China will always stand on the right side of history.