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Chinese economy shows its strength and vigor

China Daily | Updated: 2021-11-22 07:22

Jin Ding/China Daily

At a special virtual dialogue of global entrepreneurs held by the World Economic Forum, the resilience and vitality of the Chinese economy attracted a lot of attention from all participants.

The good performance of the Chinese economy amid the difficulties caused by the COVID-19 pandemic has injected confidence and vitality into the world economy.

Having largely brought the novel coronavirus under control, China has demonstrated its systemic strengths. And having enhanced its governance capabilities, it is able to act quickly and decisively to stop the virus from gaining any foothold when it reappears.

With the virus kept in check, the Chinese economy has been able to show its vitality. China has a large population that provides both ample human resources for production and forms a huge consumption market. The Chinese people's hardworking spirit and pursuit of better lives establish a solid basis for the development of the Chinese economy. The total number of domestic market entities has already grown to 150 million, while the country's urbanization rate exceeds 60 percent and its middle-income group has swelled to 400 million people and is still expanding.

It is worth pointing out that the Chinese economy has shown its ability to cope with difficult situations. Since the beginning of 2021, the global pandemic and economic situations have both become more complicated, yet the Chinese economy has maintained stable growth. In the first three quarters, China's GDP grew by 9.8 percent compared with that of last year, much higher than the goal set at the beginning of the year, and 10.45 million new jobs have been created, 95 percent of the target for the year, while foreign direct investment in the first eight months was near the total amount for the whole of last year.

The ship of the "Chinese economy" is sailing well in both good and bad weather. But in order for the ship to sail better, more smoothly, it is necessary to advance the new development paradigm, inject vitality into the market and release more domestic demand.


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