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May 3, 2021

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Call for balanced recovery

Source: Xinhua | 00:00 UTC+8 May 3, 2021 | Print Edition

Moving on from a strong economic rebound, China鈥檚 top leadership has called for cool heads over the impressive growth to put more focus on deepening structural reform for balanced recovery in the long term.

Though China鈥檚 economy has got off to a good start this year, the central leadership stressed that the country鈥檚 first-quarter data should be viewed dialectically.

鈥淭he current economic recovery is still unbalanced and the foundation not solid,鈥 the meeting of the Political Bureau of the Communist Party of China Central Committee noted on Friday.

China鈥檚 economy grew 18.3 percent year on year in the first quarter, as strong domestic and foreign demands powered recovery from a low base in early 2020 when COVID-19 stalled the world鈥檚 second-largest economy.

Aware that the double-digit growth was fueled by base effect, policy-makers underscored more efforts to deepen supply-side structural reform and remove the impediments to domestic and international circulations as China faced 鈥渁 window of opportunities鈥 at a time when there is less pressure to maintain steady growth.

While most sectors have emerged from the epidemic impact faster and stronger than expected, some are still feeling the pinch.

Official data showed China鈥檚 first-quarter manufacturing investment of 2020 and 2021 was down 2 percent on average from the 2019 level. Recovery of consumption, an important pillar of economic growth, also needs further consolidation.

Other challenges include pushing industrial upgrading, and keeping stability in the property market.

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