China’s economy gets a big boost at the 20th Party Congress, stabilizing the global economy in the long run

Beijing, September 9, 2022 /PRNewswire/ — The global economy is at the confluence of crises, from energy shortages to hyper-inflation to recessionary pressures in major economies.20th National Congress following the Communist Party China (CPC) is due in mid-October and is expected to light the way for the world’s second largest economy for years and even decades to come.

The Chinese economy is currently facing multiple downward pressures, including the COVID-19 outbreak and weakening external demand, as evidenced by the significant slowdown in exports in August.we. but, Chinese Economic fundamentals remain solid, in contrast to the dire situation in other major economies, and there are ample bright spots and policy actions to ensure steady growth heading into such a crucial year. said the economist.

in the long run, China The 20th National Congress of the Communist Party of China will continue to be a major growth engine of the global economy, as it will inject confidence and lead the country to embark on the pursuit of its second centenary goal of building. China It has evolved into a modern socialist force with all the institutional advantages that have ensured its success over the past decades, economists stressed.

resilience pressure

The slowdown in trade growth can be attributed to a drop in orders following the broader decline in the external economy. Huo JianguoThe deputy director of the China World Trade Organization Institute told the Global Times on Thursday.

competitive devaluation of Japan, Koreaamid a strong U.S. dollar, faced downward pressure among other countries Chinese Export, Huo said.

The Chinese yuan has fallen more than 9% against the US dollar so far this year, but remains much stronger than the Japanese yen and South Korean won., He went on to add that sporadic domestic Omicron outbreaks have had a certain impact on export promotion logistics capacity.

Customs data on Wednesday showed August exports were up 7.1% year-on-year in dollar terms, while August exports were up 0.3% year-on-year. This compares with July’s export growth up 18.0% and imports he up 2.3%.

Losing confidence in China’s export capabilities should never be justified, Huo opined. Chinese Export Juggernaut.

Chinese US dollar-denominated mobile phone exports grew 3.9% in the first eight months, accelerating from a 2.1% increase in the first seven months, according to customs statistics.

This recovery helped drive an overall slowdown in exports of the country’s machinery and electrical goods, which accounted for more than half of all exports, in July and August.

More notably, the country’s brisk export of new energy products sets it apart from other major economies..

In a new sign, Tesla’s Gigafactory Shanghai delivered 399,939 vehicles in its first eight months, just 80,000 short of full-year 2021 deliveries, the U.S. electric car maker said on Thursday. said in a statement sent to The Times.

The first half Chinese According to statistics from the China Automobile Manufacturers Association, exports of new energy vehicles increased 1.3 times to reach 202,000 units, accounting for 16.6% of total automobile

factorization Chinese With the technological and manufacturing capabilities of the entire new energy industry chain, and the EU’s push for a new energy policy framework known as REPowerEU, which aims to make the EU’s energy supply safer, the export of energy products is becoming an export. It’s likely to be a bright spot in the environment, says Chang. said in a research report sent to the Global Times.

The structural strength of the trade pillar, which effectively reflects the rebalancing of the economy as a whole, has put the economy in an advantageous position amid growing concerns about global growth, experts stressed. is expected to maintain its strength in the coming months.

Although the pace may slow against global pessimism, the export juggernaut is still at work and commitments to infrastructure projects remain strong, so the Chinese economy as a whole will outperform other major economies. Expected to work again. Huo believed that the Chinese consumer market would still take time to recover.

source of optimism

In a new attempt to revitalize the economy, the State Council executives’ meeting presided over by Premier Li Keqiang on Wednesday said: 500 billion yuan ($71.92 billionFrom 2019 onwards, local governments will issue special bonds from unused quotas by the end of October, the state broadcaster reported Thursday.

The bond issue will prioritize funding projects under construction, according to the report. Wednesday’s meeting also urged greater policy support for employment and entrepreneurship to foster new growth momentum.

New conference readouts, along with additional announcements for Monday 300 billion yuan Providing funding through policy bank loan agreements aimed at infrastructure is believed to reassure the market of the Chinese economy’s ability to weather temporary challenges.

“We are aware that the measures taken by China And the Chinese authorities will lead to a resurgence of growth,” Xinhua said in an article earlier this year, citing the chairman of the World Economic Forum (WEF). Borge Blende.

express his optimism about Chinese Regarding medium- to long-term economic development, Mr. Brende said:Chinese Its role in securing the growth of the world has been incredible… China It has a huge economic impact on the rest of the world and will continue to do so as it is the second largest economy in the world. “

bright future

With all eyes on the 20th National Congress of the Communist Party of China, due to be held in mid-October, the economy will get a big boost amid a monumental rally that will usher in economic and social trends. , thereby anchoring the global economy towards more robust growth. , Cao HepingAn economist at Peking University told the Global Times on Thursday.

China’s leadership has announced that it has achieved its first centenary goal of building a moderately prosperous society in all respects, marking the 100th anniversary of the founding of the Communist Party of China. July 1, 2021.

The upcoming conference should be an important event that cements China’s belief in China’s unwavering demands for higher levels of opening up and continuous reform efforts, especially in the areas of business environment and fair competition. Institutional strength China As an indomitable global growth driver.

Betting that the important meeting would be a cohesive, enlightening, and winning meeting, Cao Cao was confident the tone-setting meeting would instill confidence in the global business community. of globalization regardless of the various uncertainties.

source global times

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