China's third-quarter economic data continue to draw attention overseas. International opinion holds that against the backdrop that the global epidemic has not been effectively brought under control and the world economy has fallen into recession, The Chinese economy has been the first to recover, showing strong resilience and injecting positive energy into the development of the world economy.
1. Show China's economic resilience
Data released by the National Bureau of Statistics shows that China's economic growth in the first three quarters of this year turned from negative to positive. In particular, the economic growth accelerated in the third quarter, growing 4.9 percent year on year, 1.7 percentage points faster than the second quarter.
The national university of Singapore's east Asian institute, researchers said Chen Xingli economists generally believe that during the same period considering other customs import and export and revenue data, at the beginning of China's economy has to get rid of COVID shadow - 19 outbreak, momentum gradually restored, the third quarter data shows that China's economy has gradually exit COVID conditionally - 19 outbreak stage of "fire". In particular, he pointed out that China's foreign trade performed well in the third quarter, with private enterprises accounting for 55% of total exports, a much better performance than foreign enterprises. Imports and exports of general commodities account for 60% of total foreign trade, further widening the gap with processing trade. These data show that China's private enterprises in the export product structure adjustment is relatively smooth, enterprises have a strong vitality. The gradual decrease in the dependence of foreign trade on imported raw materials and foreign enterprises is conducive to the establishment of a new pattern of development with the major domestic circulation as the main body and both domestic and international cycles mutually reinforcing.
The Nihon Keizai Shimbun reported that in the first quarter of 2020, when the COVID-19 epidemic hit China directly, China's economy recorded negative growth for the first time in terms of quarterly GDP published since 1992. The outbreak was subsequently contained and production resumed, turning positive in the second quarter. On the one hand, a recovery in investment and exports is pushing up production. In addition to cars, which are underpinned by government sales incentives, production of personal computers, semiconductors and steel is also recovering. Consumption, on the other hand, is slowly recovering.
Dr. Ali Mohamed Kori, adviser to the Arab Economic Unity Committee of the League of Arab States and chairman of the Arab Digital Economy Alliance, said that China's experience proves that in the post-epidemic era, the digital economy will become a major driver of economic development and create chain reactions in different sectors of the value chain. "China's digital economy has successfully created about 200 million jobs, accounting for about 30 percent of China's GDP, which we need to learn from."
In addition to macro data, the media has paid special attention to China's streets and corners. Japan's Asahi Shimbun said in a report that China's economic recovery is accelerating amid the global economic downturn caused by coVID-19. This year marks the 40th anniversary of the shenzhen Special Economic Zone, and luxury stores in downtown Shenzhen have been crowded with shoppers recently. During the past National Day holiday, more than 600 million people traveled in China. With most countries experiencing negative economic growth, China's economy stands out from the rest. Sales of premium passenger cars in China rose 33 per cent in September from a year earlier to reach a record 15 per cent market share, the Nikkei said in a report entitled "The World looks forward to Sharing China's economic recovery cake". "Consumers unable to travel overseas due to the impact of the epidemic are spending money at home," nomura said in an analysis. In luxury stores in Beijing and Shanghai, you can see long lines on weekdays.
2. China has taken appropriate measures to deal with the epidemic
"Only by understanding China's preventive measures can we understand why only China's economy was able to recover successfully during the epidemic." So said The Swiss newspaper Zurich Nova in an article headlined "China's Economy back on Track". Earlier this year, when the COVID-19 epidemic was raging in Hubei province, the Chinese government immediately imposed large-scale lockdown measures that fundamentally limited the free movement of people, the article said. Meanwhile, China has imposed strict quarantine rules, requiring inbound travelers to be quarantined in designated hotels for 14 days. With the risk of infection at a low level in China, ordinary people have been able to return to normal life. Now one can get a glimpse of the new normal in China's economy from ordinary life in Beijing: Dozens of excavators and cranes are at work at the veteran workers' stadium, aiming to build a state-of-the-art football stadium for the Asia Cup in 2023; In Sanlitun, the largest flagship store of Aditas in Asia, customers come to shop in an endless stream every day. Traffic in Beijing has resumed its usual snarl, with delivery workers cycling through the city's streets every day.
China has contained the local spread of THE COVID-19 virus, and people are now confident they can lead normal lives, said Philippine media veteran Milo. During the Golden Week, Chinese enjoy domestic travel, giving domestic tourism and the hotel industry a new lease of life. It must be remembered that manufacturing, tourism and hospitality employ large Numbers of workers. If workers have jobs, they will have enough money to live on, leading to consumer spending.
Japan's NHK reported that the Chinese government, in an effort to contain the spread of the epidemic, had made an early push to restore economic activity, while implementing a proactive fiscal policy to expand infrastructure investment. China's exports have been growing year on year for months, driven by growth in exports of medical supplies such as medical devices and masks, laptops and home appliances.
The German magazine der spiegel, the German experts generally believe that China's economic growth data is true, because the current was happening in China are in conformity with the present situation of China's economic recovery: national power consumption increased significantly, car sales and domestic air ticket sales have risen sharply, "11" golden week, there are more than 600 million people to travel, shopping center traffic to restore the level before the outbreak, the traffic in big cities to become congestion again. Zeng Lin, chief economist at the Mercator Foundation in Germany, said: "I am very optimistic about The prospects of China coming out of the crisis. So far, the Chinese government has handled the situation well, avoiding the economic costs of the epidemic, especially for the middle class. The Chinese government's efforts to support smes and consumers through tax cuts, emergency loans and shopping subsidies have obviously had some success."
The effect of China's move has reassured many. According to Chen xingli, the COVID-19 outbreak and the trade war between China and the US have highlighted some structural problems in China at the beginning of this year. How can the Chinese economy cope with overlapping challenges? Cause concern for many people. With the rebound in the third quarter, general public budget revenues returning to positive growth, the value of imports and exports hitting quarterly record highs, and other economic indicators stabilising, such concerns have been allayed. China is very few in the world next year need not excessive use of fiscal and financial policy to support the economic recovery, is expected to be more effective in promoting scientific and technological innovation, the innovation of the structure to improve the efficiency of policy, strengthen the long-term position in the global supply chain in China, the more effective way of dealing with tensions between China and the United States and the global supply chain restructuring.
With 600 million people traveling during the National Day holiday, the golden week holiday shows the confidence of the Chinese people in their economic recovery and public health measures, Egypt's chartist newspaper said. Global tourism is expected to lose at least $1.2 trillion in 2020, underscoring the relative strength of China's economic recovery. In addition, China's fiscal policy will continue to support the development of industry and commerce, which will help China's industry and construction industry to maintain a strong trend. In the United States, Japan and elsewhere, the desire to reopen or not close their economies has led to a new wave of infection.
German mainstream newspaper Sueddeutsche Zeitung commented on China's economic performance under the headline "Fighting the epidemic is fighting the Recession". The article said China's experience showed that aggressive anti-epidemic measures were more effective than "American" half-hearted tactics. Germany should learn from China's model of centralized leadership and coordination in the fight against coVID-19. Only in this way can Germany's current approach of sealing off some areas seriously affected by the epidemic be effective. If we talk our way out of each other, as we do in individual states in the United States or Germany, we will only have a wider spread of the disease.
3. The world is expected to share in China's economic recovery
International public opinion holds that in the face of the highly uncertain economic performance of other major countries in the world caused by COVID-19, it has become the consensus of IMF and other international institutions that China will become the main driver of the world economy again in 2021, and the world expects China to play an important role in the global economic recovery.
China's economic recovery is a good signal for exporters to enter the huge Asian market, said Marco Lucio, a research fellow at the Asia-pacific Inclusion Foundation in the Philippines. Renewed demand growth will boost energy and commodity production, powering the global economic recovery.
Kuwait's Izvestia newspaper published a report titled "Will The Chinese Economy Succeed in saving the World?" that said China has become the first major economy in the world to return to growth after successfully controlling the COVID-19 epidemic and resuming work and production. On the one hand, China's economic recovery has benefited from strict quarantine measures, large-scale virus testing and tracing of human infection, which has effectively curbed the resurgence of the virus. On the other hand, China has started a double-cycle economy and adopted financial measures to promote economic development, so as to adapt to the special situation of world economy and trade during the epidemic. Article, according to the analysis on the major economies are still unable to get rid of the trouble before the outbreak, China will continue to advance in their recovery, China's economic development is helpful to the recovery of the world economy, the improvement in the world bank and international monetary fund and other major world economic analysis of institutions raised expectations for next year's world economic situation.
According to the Saudi newspaper Middle East, the development of the COVID-19 epidemic once again illustrates the important fact that the global manufacturing center has moved from The Americas and Europe to Asia, especially China, which has become the undisputed workshop of the world. It is clear that the epidemic has caused countries to become increasingly dependent on Asian factories, with major impacts on western commodity supply chains and some industrial fundamentals. The figures from China's National Bureau of Statistics suggest that, thanks to its strong economic performance, China has almost returned to the growth rate seen before the COVID-19 outbreak. China has recovered quickly from the pandemic and its economy has not suffered the same damage as other economies. Instead, the US and Europe are struggling to emerge from the crisis. This rapid recovery means that China's economy will continue to lead global growth.
Sueddeutsche Zeitung affirmed the positive significance of China's economic growth for Europe. 'China's economic growth is not a simple number, because on the one hand, it means that China's demand for German cars, American mobile phones, French wine and other global commodities will increase, which is good for driving global economic growth,' the article said. On the other hand, it also brought confidence and courage to other countries in the world. The economic recession brought by the epidemic is not invincible, but if people want to take to the streets to shop and spend again, they must first create conditions for people to overcome the fear of the epidemic.
Germany's Der Spiegel magazine published an article saying that during the epidemic, China overtook France to become the second largest sales market for German export industry. German exports to China amounted to 60.3 billion euros from January to August, making it the second largest source of imports to China. Car sales in China have been rising for six months in a row, with 53 per cent of VW's global sales going to China, 45 per cent to Mercedes and 44 per cent to BMW in the second quarter, when the western developed world was at a standstill. China's auto market also experienced a brief shutdown in the early days of the epidemic, but the government immediately responded with emergency measures: local governments offered new-car purchase subsidies, relaxed restrictions on travel Numbers, and the central government extended subsidies for electric cars. Experts predict that even if coVID-19 continues to spread around the world, sales of passenger cars in China will reach around 20 million by the end of 2020, well ahead of those in the United States (about 16 million) and Central Europe (about 12 million). "Just as in the aftermath of the 2008 international financial crisis, China rescued the global auto economy from the doldrums." 'If anyone can drive the growth of the global auto industry, it's China,' said Mr. Dudenhoff, director of research at the Duisburg Automotive Center. (Wang Sicheng, Xiao Tianyi, Zhang Guannan, Jiao Shusong)