China’s economic rebound wins strong global confidence

Published: February 04,2023

Global respondents have strong confidence in Chinese economic recovery, according to recent surveys by CGTN Think Tank.

One survey shows that 86.8 percent of global respondents recognize China’s efforts to coordinate COVID-19 prevention and control with economic and social development, while only 9.03 percent of them believe that developed economies performed better in dealing with the pandemic.

China’s economy has shown strong signs of recovery, based on consumption data during the Spring Festival holiday. Its domestic tourism revenue reached 375.84 billion yuan (about $55.96 billion), up by 30 percent year on year. The box office during the holiday collected 6.76 billion yuan.

The International Monetary Fund (IMF) raised the estimate for China’s growth to 5.2 percent in its latest World Economic Outlook report. However, it predicts that growth in advanced economies, including the United States, the Euro area and the United Kingdom, will fall to 1.2 percent in 2023.

Looking back, China was the only major economy in the world that achieved positive growth in 2020, and its GDP exceeded 120 trillion yuan last year, making important contribution to global economic recovery.

According to the National Bureau of Statistics, prices in China have remained stable over the past three years, with the consumer price index rising at an average rate of 1.8 percent, much lower than in the U.S., the Euro zone and other developed economies.

Based on the data released by the World Bank, the economic growth rate of the U.S. and the Euro zone economies in 2020 was -2.8 percent and -6.1 percent respectively. Aggressive stimulus measures were introduced for these economies over the past two years. 

In 2022, the consumer price index of the U.S. hit a 40-year high, pushing up people’s living costs.

In a survey, nearly half of the respondents in major developed economies have experienced significant price increases, while 48.7 percent of them admitted that their daily expenses have increased over the past three years. But only 23.24 percent of them saw their income increase in the same period.

Among them, 46.77 percent predict a recession in major developed economies this year.

To protect the lives and health of its people, China effectively coped with the impact of the five global waves and several domestic clusters of COVID-19 over the past three years.

The CGTN think tank’s survey shows that 88.1 percent of respondents recognized China’s achievements in COVID-19 prevention and control over the past three years. The country’s scientific and dynamic adjustment of epidemic prevention policies was fully recognized by 71.6 percent of global respondents.

With anti-epidemic policies in line with its national conditions, China is believed to inject more impetus into global economic recovery in the post-COVID-19 era.

cgtn.com