Commentary: China's COVID policy optimization to propel global economic growth
A medical worker injects COVID-19 vaccine for a senior citizen in Dongcheng District of Beijing, capital of China, April 18, 2022. (Xinhua/Ju Huanzong)
BEIJING, Dec. 14 (Xinhua) -- By ensuring a smooth transition of the COVID-19 response phases, China is projected to steadily resume economic growth and infuse new vigor into the global economic recovery.
The country recently rolled out fine-tuned epidemic response measures seamlessly. Given that China is the second-largest economy in the world and a major link in the global supply chain, these measures are conducive to maintaining unimpeded logistical channels as well as facilitating international exchanges of goods and the flow of people.
It is worth noting that China's latest epidemic policy adjustments, proactive rather than passive, are not arbitrary decisions but grounded on epidemic prevention and control practices and scientific research. They are aimed at protecting people's lives and health to the utmost while minimizing the impact of COVID-19 on economic and social development.
China has introduced a series of stimulus packages intended to help enterprises affected by the epidemic gradually offset negative impacts, improve consumer expectations, and boost the confidence of global investors, as the pathogenicity of the current Omicron strains weaken, the vaccination rate nationwide rises, and the country continues to accumulate experience in containing the epidemic.
Condition-based optimization is conducive to boosting economic circulation, both domestically and internationally. Lately, entrepreneurs from Zhejiang, Guangdong, and other foreign trade powerhouses in China have started overseas trips to seek business opportunities in various parts of the globe. Meanwhile, with the gradual reopening of Shanghai Disneyland, ski resorts in north China, and various other recreational venues across China, people can enjoy leisurely pleasure.
Representatives of enterprises from China's Zhejiang Province hold business talks with merchants in Dubai, United Arab Emirates, Dec. 8, 2022. (Xinhua)
"Recovering private consumption" is a driver for China's economic growth next year, noted Robin Xing, chief China economist with Morgan Stanley. The investment bank has called for investments in Chinese stocks, upgrading the country's equities from "equal-weight," a position they had held since January 2021, to the buoyant position of "overweight."
In the next 15 years, the world's most populous country will see its middle-income population increase to more than 800 million, whose strong consumption power constitutes a super-large market, creating enormous opportunities for foreign businesses.
Amid short-term setbacks and the headwind of complicated domestic and international situation, China's economic fundamentals that will sustain long-term growth remain unchanged.
China cannot develop in isolation from the world, nor can the rest of the world develop without China. From 2013 to 2021, China's economy grew at an average annual rate of 6.6 percent, with its contribution to global economic growth averaging 38.6 percent. Global investors cannot afford to ignore the Chinese economy, as pointed out by a recent opinion article in the South China Morning Post, citing a Federal Reserve discussion paper that describes China as a "driver of global business activity."
The 2022 Shenzhen Global Investment Promotion Conference is held in Shenzhen, south China's Guangdong Province, Dec. 9, 2022. (Xinhua/Liang Xu)
China adheres unwaveringly to its fundamental state policy of opening up and its firm resolve to enhance cooperation with the international community. It is committed to attracting and safeguarding foreign investment.
Major global institutions, including the International Monetary Fund and the World Trade Organization, have hailed China's firm commitment to deepening reform and opening up and recalibrating its COVID-19 response.
The larger the obstacle, the greater the necessity for concerted actions. As the world economy is facing unprecedented multiple challenges, China's role in addressing the predicament is indispensable.
Related articles
The unstoppable duo of Emma Stone and Yorgos Lanthimos
CANNES, France (AP) — Before a journalist has even lobbed a question, Emma Stone and Yorgos Lanthimo2024-05-21Xavier University cancels UN ambassador’s commencement speech after student outcry
NEW ORLEANS (AP) — Xavier University of Louisiana has reversed course and canceled Saturday’s planne2024-05-21Inside Instagram 'bully' Katherine Asplundh's extravagant wedding to billionaire husband
Take a look inside Katherine Asplundh's lavish Florida wedding to billionaire heir Cabot Asplundh -2024-05-21Doctor Who star Ncuti Gatwa poses with sidekick Millie Gibson at US premiere for new season
Doctor Who's Ncuti Gatwa joined sidekick Millie Gibson on the red carpet at the US premiere of the B2024-05-21- Tom Holland enjoyed a post-show cup of tea and proudly waved to fans as he left the Duke of York's T2024-05-21
New Biden administration rule aims to speed up asylum screening for limited group of migrants
WASHINGTON (AP) — A new Biden administration rule announced Thursday aims to speed up asylum process2024-05-21
atest comment