China leads global economic development, pandemic fight – Xinhua

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Aerial photo taken on Dec. 5, 2021 shows Yangpu International Container Port in Yangpu Economic Development Zone, south China’s Hainan Province. (Xinhua/Pu Xiaoxu)

BEIJING, Jan. 9 (Xinhua) — China has reached a milestone in 2021 with major achievements in foreign trade, technological breakthroughs and industrial chain resilience, according to a senior official.

“China has taken a leading position in both economic development and the fight against the pandemic in the world in 2021,” Han Wenxiu, an official with the Central Committee for Financial and Economic Affairs, said in a recent article. highlighting the country’s progress in coordinating the fight against the pandemic and the fight against the pandemic. development.

According to World Bank projections, China’s real gross domestic product (GDP) growth will reach 8% in 2021, and its “momentum is expected to pick up, helped by a more supportive fiscal stance”.

Experts have also predicted that China’s GDP per capita will exceed US$12,000, close to the measure of a high-income country according to the World Bank’s classification.

RESILIENCE AGAINST HEADWINDS

The world’s second largest economy has recorded an impressive rebound from the crisis caused by the pandemic. The growth rate of major economic indicators has remained within a reasonable range over the past year, as the growth of the consumer price index and the observed urban unemployment rate have remained at relatively low levels, and more than 12 million new urban jobs have been created.

Han said China’s foreign trade has seen strong momentum over the past year as the world’s largest exporter posted a record share of global trade, underscoring the strong resilience of the country’s economy. .

The latest data from the Ministry of Commerce showed that China’s total merchandise imports and exports are expected to reach $6 trillion in 2021, with an annual growth of about $1.3 trillion.

As a pillar of the global supply chain, China-Europe freight trains have emerged as another strong point given their crucial role in improving global supply chains, stabilizing consumer prices and helping countries fight COVID-19 outbreaks.

China’s strict pandemic control measures have also laid a solid foundation for protecting people’s lives while ensuring the normal functioning of economic activities. By strictly limiting imported cases and preventing any resurgence of local cases, China has managed to control the pandemic, according to Han.

Thanks to efforts to promote widespread vaccination, nearly 2.89 billion doses of the COVID-19 vaccine were administered on the Chinese mainland and more than 1.21 billion people were fully vaccinated as of Friday, according to data from the country’s health authority.

RECOVERY AMID UNCERTAINTIES

However, in a volatile domestic and international environment, China’s economy still faces uncertainties such as weakening investment, slowing consumption growth, supply chain congestion and shortage of factors. of key production.

During the turmoil of 2021, the country’s economy suffered from a decline in auto production caused by shortages of semiconductors, growing cost pressures from small businesses, lower expectations and hidden risks in the financial sector, Han said.

“We should face difficulties head-on while remaining confident,” Han said, noting that China’s economy is expected to take full advantage of its characteristics of strong resilience, huge potential and favorable conditions for economic growth. to overcome obstacles.

Han urged governments to actively introduce policies conducive to economic stability and to remain cautious of policies that have a contractionary effect.

Stability will be a top priority for the Chinese economy in 2022. At the central economic work conference held last month, Chinese leaders repeatedly stressed that “stability” is the top priority of the Chinese economy. country’s economic policies.

“China’s sustained economic recovery remains unchanged and the fundamentals will remain strong over the long term,” Han said. “China is fully capable of maintaining stable, healthy and sustained economic development.”

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