Epidemic won't restrain China's economic growth: CPPCC members

Zhang Zhanbin

Maintaining the safety of the industrial chain is important, as the global chain has been hit by the COVID-19 epidemic, said Zhang Zhanbin, a senior researcher at the Chinese Academy of Governance, and a member of the CPPCC National Committee.

The epidemic is likely to have a new impact on globalization, but will not reverse the basic direction of the world economy and globalization development, Zhang said.

China has the capacity to stabilize the global industrial chain. As the world's largest manufacturing powerhouse, it is now the only country in the world that ticks all the industrial category boxes under the United Nations' International Standard Industrial Classification. Manufacturing is the core of China's industrial chain that deeply integrates with the global industrial chain, and occupies an important position among the global industrial and supply chains.

The country has a huge consumer market and its economies of scale can lower costs, which can support its important position in the global industrial and supply chains and will not be shaken by the short-term impact of the epidemic, Zhang added.