China’s economy attracts global attention

By He Yin


The Chinese economy has come under international spotlight at the beginning of 2020. “China will outperform expectations in 2020.” “Economists are optimistic on China’s growth prospects.” “Eye-catching figures indicate China’s economic achievements.” It is commonly acknowledged by the international society that pressured by rising domestic and external risks and challenges, China’s economy demonstrates bright prospects.


It’s universally recognized that the momentum of steady growth for China’s economy has never changed and will be an underlying trend going forward. The recent Global Economic Prospects released by the World Bank indicated that China’s economy maintained resilient under the support of the robust growth of disposal income, and the economic growth was one of the fastest in the world.


Against the backdrop of a sluggish world economy, China will still be the leading engine of global economic growth, Russia’s Sputnik news agency reported. U.S. media pointed out that strong survey data indicated that China’s economic growth is better than expected, which has given hope to other export-oriented economies in the region.


China’s economic stability and progress remain unchanged, which could be attributed to the solid foundation laid by long-term development. The total retail sales of consumer goods in China in 2019 is expected to exceed 40 trillion yuan for the first time, and consumption will contribute more than 60 percent to economic growth, becoming the first driving force for economic growth for six consecutive years.


The purchasing managers’ index for China’s manufacturing sector has firmed up, with manufacturing confidence continuing to rise. In 2019, China’s GDP is expected to hit 100 trillion yuan.


It has been generally noted that this means that China’s per capita GDP will reach $10,000. The huge volume serves as the basis for China’s economic development and the high-quality development shows the resilience of the Chinese economy. Foreign media praised that the Chinese economy is picking up in the headwind.


Reform and opening-up has been further advanced, so that China’s economy is full of new vitality. China’s economy faces challenges, but these challenges can be overcome. As observed by the outside world, China faces up to the problem of imbalanced and inadequate development, thoroughly implements the new development concept, and constantly translates external pressure into the powerful motivation for deepening reform and expanding opening up. As a result, its economic structure has become more effective, sustainable and innovative.


In the face of the uncertainty brought by protectionism, China continues to improve the business environment, continuously reduces the overall level of tariffs, and demonstrates its determination to share the huge dividends of its market with nearly 1.4 billion people with the world.


“From the investment perspective, China has always been the most attractive place.” The words by heads of transnational corporations manifested their confidence in the Chinese economy. Stephen Perry, chairman of the 48 Group Club in the UK, believes that opening-up has done wonders for China and will create even greater wonders.


From being optimistic about to relying more heavily on the Chinese economy, the world is under stronger influence of China’s economy. A recent poll conducted by the Pew Research Center in the U.S. showed that people in many countries around the world have a positive view of China’s economic growth.


British scholar Martin Jacques pointed out that the main source of global economic growth in the past decade has been China. China has created the most unusual economic development story in human history and it will continue to do so in the next decade.


Japanese media have observed that more and more graduates from the country consider China’s rapid growth attractive and set their sights on job hunting in China. The positive energy injected into world development by China has attracted much attention, seen both from global macro-economic analysis and individual feelings of foreigners.


2020 is a year in which China will win the battle against extreme poverty, build a moderately prosperous society in all respects, and achieve its first centenary goal. It is a landmark year in the history of China and the world.


From whichever direction the winds leap, China remains strong. Faced with instability and uncertainty in the external environment, the Chinese economy has withstood the test and sharpened its strength and resilience.


In 2020, China is a force that the world can rely on, said a scholar of international politics based in Berlin, Germany, expressing the world’s confidence in and expectations for China’s development. It is believed that the giant ship of the Chinese economy that sails along the tide of economic globalization is indestructible. Combining its own development in the great cause of global common development, China conforms to the trend of the times.