What is the significance of the second largest economy in the world steadily recovering and setting no specific economic growth target for 2020?

For the first time since 1990 when China began publishing gross domestic product (GDP) goals, the Chinese government has not named a target of the year. In the Government Work Report at the opening of this year’s third session of the 13th National People’s Congress (NPC) in Beijing, Premier Li Keqiang pointed out that “we have not set a specific target for economic growth this year.” Instead, the government would has made “proper adjustments to the targets” and “give priority to stabilizing employment and ensuring living standards”.

Amidst on-going spreading global epidemic and the resulting economic woes, with China itself confronting still daunting domestic and external difficulties, the Chinese government’s adjustment of economic targets for year 2020 is a wise, pragmatic, realistic and humble decision. This is a bold break with past tradition and a positive example for other countries.

Hopefully, China’s Belt and Road Initiative shall still resume and continue steadily, in order to help modernize infrastructures, upgrade communication, boost global trade and promote international cooperation

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This choice manifests the Chinese leaders’ admirable top priority is not gross domestic product growth, but more on safeguarding social welfare, public health, employment, national unity and stability.

Now that the global economy is in perilous slowdown due to the pandemic and other negative geopolitical factors, the fate of the world’s second largest economy and also the biggest population nation China has become all the more crucial for the future of mankind.

If the resilient Chinese people and the pragmatic leaders can overcome tough domestic and external difficulties to uphold economic development, social stability and strong unity, China would again be a great catalyst for world economic recovery similar to what happened in 2008.

As the world’s biggest trading nation doing robust commerce with over 120 countries and regions, as the largest consumer market with 1.4 billion people and as a global leader in technology innovations and applications, the continued stability of the Chinese economy and of its foreign trade shall have far-reaching positive benefits for all countries and all companies.

Every breakthrough in China’s valiant and steady climb out of economic difficulties is welcome news. China is now a source of hope and looked upon as a strong catalyst for global recovery. 

Hopefully, China’s Belt and Road Initiative shall still resume and continue steadily, in order to help modernize infrastructures, upgrade communication, boost global trade and promote international cooperation. In this period of global crisis and the rise of ugly protectionist politics in some unstable societies, a recovering and stable China can promote more trade and multi-lateral cooperation. 

Whether in the United Nations (UN), World Trade Organization (WTO), World Health Organization (WHO) or other organizations, a recovering and stable China can pro-actively contribute to global dialogue and consensus.

In another important and often neglected aspect, a recovering and stable China has profound global impact due to its crucial linkages with the world’s still largest economy, the United States of America.

Despite some mistaken notions by certain American politicians unfairly defaming and irresponsibly demonizing China for narrow, partisan purposes in this election year, China as the largest foreign holder of US Treasury securities has for years actually helped finance the record-high American federal government debt and helped in keeping US interest rates low.

China is US’s biggest merchandise trading partner---the biggest source of American imports which have kept US consumer prices low and third largest US export market ranging from agriculture to commercial jetliners---so China’s economic stability and recovery shall also have positive impact on the US economy as Washington struggles with worrisome divisive politics, a public health crisis and worsening recession.

In terms of containing the pandemic worldwide, a recovering Chinese economy shall have more capabilities and resources to help other countries in fighting COVID-19 whether as supplier or donor. China has become the world’s top exporter of crucial medical supplies like its exports of over 21 billion face masks since March, plus its exports of PPEs, ventilators, etc.

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For example in the Philippines, as chairman of Anvil Business Club (association of young Filipino Chinese entrepreneurs) I was recently able to arrange for two shipments of medical supplies donations from Shenyang City government led by Mayor Jiang Youwei for Quezon City led by Mayor Joy Belmonte and the Huamin Foundation led by philanthropist Dr. Dezhi Lu for 15 major hospitals in Metro Manila.

In this period of global pandemic, China should also increase its exports of traditional Chinese medicine (TCM)---with its thousands of years of recorded history and heritage---to benefit public health worldwide.

The author is analyst and columnist of English-language Philippine Star, winner of a record 15 Catholic Mass Media Awards and three Palanca literary awards