Restorative for Global Growth

来源 :Beijing Review | 被引量 : 0次 | 上传用户:CT1978
下载到本地 , 更方便阅读
声明 : 本文档内容版权归属内容提供方 , 如果您对本文有版权争议 , 可与客服联系进行内容授权或下架
论文部分内容阅读
  China’s economic recovery is stronger than expected, predicted to grow by 1.9 percent in 2020, according to the latest World Economic Outlook report released by the International Monetary Fund(IMF) on October 13.
  Compared with the earlier IMF report in June, this forecast on China’s economic performance is up by 0.9 percentage point, indicating accelerating recovery and a growth rate for the entire year might be higher than the IMF prediction.
  The IMF has also assessed that the world economy is showing a positive tendency, and revised the recession rate from its earlier 4.9-percent estimate to 4.4 percent. But according to its projection, most developed and emerging economies will still be in recession, with China the only major economy to register growth.

Policy priorities

The key to the Chinese economy taking the lead in recovery and maintaining its upward trend is taking the right policy priorities at the different stages of the novel coronavirus disease (COVID-19).
  Since the virus hit in January, the government spent three months on epidemic control and prevention with the most stringent measures. They included implementing strict quarantine rules countrywide, temporarily suspending economic operations, and shutting down Wuhan, capital city of the central province of Hubei where infections were first reported in China.
  In March, when the situation began to be brought under control, work and production resumed in monitored phases with areas where the epidemic was less serious taking the lead.
  In May, the disease was mainly under control across the country. The following months have been devoted to fostering economic growth. The government overcame the pressure of economic stagnation during the epidemic control period and made every effort to facilitate production resumption.
  Despite the suddenness and seriousness of the epidemic, the Chinese economy suffered less than two months of shock. Some regions maintained growth even in that period. Wuhan lifted the shutdown on April 8, which means its economy was in suspension for less than three months.
  Earthquakes, floods and epidemics are exogenous shocks to the economic system and normally do not cause a structural shock if they are not prolonged. The economy will rebound to normal rapidly after a disaster; sometimes it bounces back even more rapidly.
  China’s GDP neared 100 trillion yuan($14.54 trillion) in 2019. It boasts a strong production capacity and a market with high potential thanks to its 1.4-billion population whose purchasing power is growing. Considering its economic vitality and resilience, the impact of COVID-19 will be mild from a long-term view.
其他文献
As China will soon become a moderately prosperous society, what does it plan to do beyond that? The question was addressed at the Fifth Plenary Session of the 19th Central Committee of the Communist P
期刊
For years, spring was known as the sandstorm season in Beijing, when dust and sand whipped up from the Gobi desert in the north by high winds enveloped the city, blotting out sunlight and forcing peop
期刊
The county of Zuoquan in Shanxi Province in north China has gone through two transformations in the recent century. Originally called Liaoxian, its name was changed to Zuoquan in 1942 to commemorate G
期刊
期刊
On November 8, the U.S. mainstream media announced that Joe Biden, the Democratic Party presidential candidate, had won the 270 electoral votes needed to win and would become the 46th president of the
期刊
This year, Kiki (online name) gained more happiness from purchasing experiences during the annual online shopping festival than earlier. The 20-something bought 26 items including clothes and cosmetic
期刊
PROFESSOR MAKES BREAKTHROUGH IN MATHS  Chen Xiuxiong, a professor at the University of Science and Technology of China, has solved two problems that confounded mathematicians for over two decades. He
期刊
Tapestry, the U.S. luxury fashion company famous for its brands including Coach and Stuart Weitzman, received much attention at the First China International Consumer Products Expo (Hainan Expo) in Ha
期刊
The United States’ October 21 announcement of three arms sale deals with Taiwan, together worth over $1.8 billion, has stirred up strong sentiments in China. While expressing its objection to the deal
期刊
The assembly line of Chengdu Huachuan Electric Parts Co. in Chengdu, Sichuan Province in southwest China, presents a busy sight with robotic arms and intelligent devices operating in tandem with human
期刊