China鈥檚 economy resilient amid challenges
Print Edition
The year 2021 saw almost all economies at a crossroads amid headwinds from COVID-19 to energy shortages and inflation.
Yet China 鈥 the only major economy to grow last year 鈥 again demonstrated the power of resilience.
Despite multiple challenges, China鈥檚 economy has seen a largely steady recovery this year and is set to achieve major annual targets, Chinese Premier Li Keqiang said while presiding over a recent symposium on the economy.
Recent economic data backs the premier鈥檚 remarks. From foreign trade and industrial strength to vibrant consumption and inbound investment, the Chinese economy provides abundant evidence of its tenacity.
China鈥檚 imports and exports of goods expanded to 31.67 trillion yuan (US$4.95 trillion) in the first 10 months of 2021, 130 billion yuan higher than the pre-pandemic goods trade level for the whole year of 2019, official data showed.
鈥淕lobal exports are mainly supported by prices. However, volumes have made a greater contribution to China鈥檚 exports than prices in 2021, suggesting China鈥檚 exports are indeed resilient,鈥 said a report by China International Capital Corporation Limited.
Bai Ming, a researcher with the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, attributed the stable foreign trade to strong external demand as China鈥檚 complete industrial system continued to play a key role in stabilizing the global industrial chain.
Industrial activities are holding up well against rising producer prices, sporadic resurgence of the epidemic and energy strain, as the government鈥檚 epidemic control proved effective and efforts at ensuring stable prices and energy supply paid off.
In October, China鈥檚 industrial production beat market expectations by reporting a 3.5 percent year-on-year rise, up 0.4 percentage points from September.
China鈥檚 vibrant consumption and its lure for foreign investors also stood out, as the country鈥檚 October retail sales rose above forecasts and foreign direct investment in 2021 is expected to post double-digit growth.
While worries run high over spillover effects of major developed economies鈥 monetary policy adjustment on emerging markets, China鈥檚 central bank said the adjustment will have 鈥渓imited鈥 impact on the country.
This resilience could be attributed to China鈥檚 huge economic size, normal monetary policies, progress in market-oriented reform of the exchange rates of the Chinese currency as well as increasing attractiveness of yuan-denominated assets, the People鈥檚 Bank of China said in its latest quarterly report on monetary policy implementation.
A key to sustaining China鈥檚 economic vitality is the government鈥檚 determined focus on reforms needed for long-term development, while sound economic fundamentals in return give China leeway to pursue more sustainable growth.
After accomplishing its 鈥渇irst centenary goal鈥 of building a moderately prosperous society in all respects, China鈥檚 leadership has put common prosperity in a more prominent position, aiming at affluence shared by everyone, both in material and cultural terms.
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