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Published: 01:09, August 05, 2022 | Updated: 09:52, August 05, 2022
China revitalizes world’s confidence in recovering economy
By Liu Guangyuan
Published:01:09, August 05, 2022 Updated:09:52, August 05, 2022 By Liu Guangyuan

Amid the fluid landscape of the world and the resurgence of sporadic COVID-19 cases at home, China’s economy still grew by 2.5 percent in the first half of 2022, and in the second quarter in particular, its GDP bucked downward pressure and remained in positive territory with a steady growth momentum. The hard-won outcomes testify that the Chinese government has sufficient policy tools to meet challenges, and that China will continue to drive the global recovery as the fundamentals of its strong economic resilience, great potential and long-term improvement stay unchanged. 

China is people-centered when developing its economy. “People first” is the fundamental principle of China’s economic policy. In the face of the COVID-19 flare-ups, China has managed well both the virus control and economic development. Under the dynamic zero-COVID policy, the epidemic’s impact on the economy has been diminished while people’s rights to life and development have been protected.

China has eliminated abject poverty and become a moderately prosperous society in all respects with a per capita GNP of more than $10,000. It is focusing on the all-around development of people and seeking common prosperity so as to make the fruits of development reach everyone.

The world economic recovery needs China, and global investors also value China. The negative impact China’s economy is facing is only temporary and limited, and China is fully confident and capable of achieving stable, healthy and sustainable economic development

On the contrary, some countries are obsessed with money politics and finger-pointing in the name of “democracy” and “human rights”, put the value of stocks above people’s lives, and sit idly by as capital chases profits excessively, and the rich-and-poor chasm keeps widening. Such a development model is totally upside down and is not “for the people” at all.

China is innovation-driven when pursuing high-quality development. The 14th Five-Year Plan (2021-25) states that China will seek high-quality economic growth. In recent years, China has been implementing the innovation-driven strategy, accelerating industrial transformation and upgrading, improving the ecosystem, and nurturing new industries and new growth drivers.

China has stepped onto a new stage of high-quality development. In the first half of this year, the added values of high-tech manufacturing and information technology services increased by 9.6 percent and 9.2 percent respectively year-on-year, and electricity generated by clean energy grew by 12.8 percent.

In the future, China will continue to promote technological and institutional innovation, accelerate self-reliance at higher levels, advance the stability and competitiveness of the industrial and supply chains, and contribute to stronger, greener and healthier global development.

Any attempt to restrain China’s technological innovation, to suppress China’s industrial development, and to thwart the Chinese people’s efforts to create a better life will fall flat and backfire.

China pursues win-win cooperation when opening wider to the outside world. Today, in a world faced with combined impacts of the pandemic and major changes both unseen in a century, a few countries insist on building “small yard, high fence” and fishing for self-interests. Economic globalization is therefore facing stronger headwinds, and economic recovery comes under severe challenges.

Standing at a crossroads, China is fostering a new development pattern, deepening opening-up with high standards, building a market-oriented and law-based business environment compatible with global rules, and pursuing mutual benefit.

International investors have cast their “vote of confidence” in China’s economy. In the first six months of the year, the total volume of China’s imports and exports of goods jumped 9.4 percent, and the amount of used foreign capital rose 17.4 percent.

China has also adopted a host of measures to stabilize foreign trade and global investment. For instance, it held the second China International Consumer Products Expo days ago, and is preparing for the fifth China International Import Expo. China will continue to share dividends of China’s opening-up with the world and create a better life for people in all countries.

Facts have proved that protectionism cannot protect oneself. Only when countries work together to build an open world economy can they achieve development and prosperity.

The road to wisdom runs through hardship. Under the strong leadership of the Communist Party of China, China has embarked on a new journey of fully building a modern socialist country, which provides an engine for economic development and a shield against internal and external risks.

The world economic recovery needs China, and global investors also value China. The negative impact China’s economy is facing is only temporary and limited, and China is fully confident and capable of achieving stable, healthy and sustainable economic development.

As many international observers put it, China is writing a “new development story” and will continue to boost world economic growth.

Hong Kong has the strong backing of the motherland and is connected with the world. President Xi Jinping pointed out that Hong Kong’s unique position and advantages must be maintained. Hong Kong, as a city reborn for new glories, needs to seize the opportunities brought about by national development, align itself with national strategies such as the Guangdong-Hong Kong-Macao Greater Bay Area and high-quality Belt and Road cooperation, and give better play to its role as a bridge and window connecting the mainland and the world.

By integrating into the overall national development, Hong Kong can at once achieve its own better development, help the country build a new paradigm of opening-up, and create opportunities for international stakeholders.

What lies ahead for China’s economy is a brighter future. China will work together with all parties to create and share growth opportunities for a world of peace and development.

The author is commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region.

The views do not necessarily reflect those of China Daily. 

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