By He Yin<\/p>\n
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China is implementing targeted policies and taking solid actions to minimize the economic impact from the novel coronavirus (COVID-19) epidemic, with a dual approach of ensuring both epidemic prevention and work resumption.<\/p>\n
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China and the world are closely related, so the country will fulfill its responsibility of safeguarding global public health security, and stick to its original intention of contributing to global economic growth through its own development.<\/p>\n
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\u201cAt such a time it is even more important to view China\u2019s development in a comprehensive, dialectical and long-term perspective, and to strengthen and firm up confidence.\u201d The important speech delivered by Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee at a meeting to advance the work on coordinating the prevention and control of the COVID-19 and economic and social development in Beijing has demonstrated China\u2019s confidence to meet its goals for social and economic development.<\/p>\n
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Economy is a dynamic and circulating system that can\u2019t withstand long-term stoppage. The Chinese people are fighting day and night to mitigate the losses caused by the epidemic. The governments have mobilized regions at different levels of risks to take differentiated prevention and control measures, smoothed the flow of labor and logistics, and lifted restriction on transportation of cargos.<\/p>\n
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The enterprises have taken innovative measures to resume production and work, such as chartering airplanes and high-speed trains to take employees back to work. In the meantime, farmers across the country are also busy ploughing and preparing for farm works.<\/p>\n
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The epidemic won\u2019t destroy the Chinese economy. International observers believe that as labor, raw materials, and export of products are guaranteed, China\u2019s economy will certainly go back to normal at an early date.<\/p>\n
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International Monetary Fund (IMF) Managing Director Kristalina Georgieva said that she expects China\u2019s economy to \u201creturn to normal in the second quarter\u201d of 2020. Stephen Roach, a senior fellow at Yale University\u2019s Jackson Institute of Global Affairs, said as the epidemic is gradually controlled, China\u2019s economy may bounce back in the future, adding that \u201cI’m still very optimistic on the prospects for the Chinese economy.\u201d<\/p>\n
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In the era of economic globalization, countries are linked with and dependent on one another, and have emerged as a community with a shared future and common interests. Numerous facts have proved that the world will do well only when China does well.<\/p>\n
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According to a Morgan Stanley analyst, in recent days, investors have been seeking to track China\u2019s resumption of production, which indicates keen attention paid by the international market.<\/p>\n
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China is striving to deepen opening up and international cooperation, and strengthen communication and coordination with its economic and trade partners. The country gives priority to guaranteeing production and supply resumption of leading companies and key links in an effort to maintain stability of the global supply chain, demonstrating a sense of responsibility of a major country for global development.<\/p>\n
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The impact of the epidemic on China\u2019s economy is short-lived, if observed in a comprehensive, dialectical and long-term perspective. China\u2019s economy is resilient; the domestic demand is large; and the industrial foundation is solid, which indicates that the fundamentals sustaining sound economic growth have not changed.<\/p>\n
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China is the world\u2019s second largest economy, largest manufacturing country, and an important hub of the global supply chain. It is also the world\u2019s largest trader of goods, second largest destination of foreign capital inflow and second-largest recipient of foreign direct investment. China\u2019s per capita GDP has reached $10,000, and the number of middle-income earners in the country has exceeded 400 million. It is the world\u2019s fastest-growing consumer market.<\/p>\n
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Recently, multiple foreign manufacturing companies have restarted production and work in China, including Tesla, BMW, Toyota, Samsung, Airbus, and Honeywell, and some foreign-funded companies have signed contracts to enter the Chinese market on the internet.<\/p>\n
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This fully shows that China\u2019s comprehensive competitive advantage in attracting foreign investment has not changed, and foreign investors\u2019 confidence in China and their investment strategies have not changed.<\/p>\n
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Looking at opportunities through challenges, we can better see the potential and prospects of China\u2019s economy.<\/p>\n
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Some international observers noticed that China\u2019s national anti-epidemic fight has boosted the \u201chomebody economy\u201d and \u201ccloud lifestyles\u201d, and nurtured new business models such as intelligent manufacturing, unmanned delivery, online consumption, and health care industries. This has not only met the needs of the people and unleashed emerging consumption potential, but also opened up a new space for high-quality economic development.<\/p>\n
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In addition, to defeat the epidemic, China is increasing support for the research and development of reagents, medicines, and vaccines, and accelerating the development of biomedicine, medical equipment, 5G network, and industrial Internet. It is foreseeable that after the epidemic is defeated, China\u2019s economic development will gain stronger new momentum.<\/p>\n
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China has the ability and confidence to overcome the epidemic, and it is fully confident to turn pressure into impetus and convert crisis into opportunity to achieve economic and social development tasks. The stable development of China\u2019s economy will surely continue to inject confidence and momentum into global growth.<\/p>\n","protected":false},"excerpt":{"rendered":"
By He Yin China is...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,8,16],"tags":[],"class_list":["post-22472","post","type-post","status-publish","format-standard","hentry","category-business","category-china","category-health"],"_links":{"self":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/22472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22472"}],"version-history":[{"count":1,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/22472\/revisions"}],"predecessor-version":[{"id":22473,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/22472\/revisions\/22473"}],"wp:attachment":[{"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}