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Approved Chinese Economy More and More Stable

Approved Chinese Economy More and More Stable

by YCPress

Approved Chinese Economy More and More Stable

Approved Chinese Economy More and More Stable The global economy in deep recession ushered in a “bright color”. The latest data from the National Bureau of Statistics of China on the 19th showed that China’s economic growth rate in the third quarter was 4.9%, driving the overall growth rate in the first three quarters from negative to positive.

Analysts believe that China’s economic recovery is holistic, with stable and sustainable momentum, and China’s economy is steadily advancing from “repair” to “recovery”, and will continue to improve steadily and in the long-term.

“Change from negative to positive” is a high-frequency vocabulary in this data release. Quarterly data such as fixed asset investment (excluding rural households), total import and export of goods, and total retail sales of consumer goods have all turned positive for the first time this year.

“From the perspective of changes in major indicators, China’s epidemic prevention and control and economic recovery are at the forefront of the world, demonstrating the strong resilience and vigorous vitality of China’s economy.” said Liu Aihua, spokesperson for the National Bureau of Statistics and Director of the General Statistics Department of the National Economy.

Compared with the negative growth of many data in the first half of the year, China’s investment, consumption, and imports and exports all turned positive in the third quarter. In the first three quarters, the national fixed asset investment increased by 0.8% year-on-year, and the growth rate turned from negative to positive for the first time during the year.

The construction site of Zhongtian Green Fine Steel Demonstration Factory Project. Photo courtesy of respondents

Tongnzhou Bay

Nantong, Jiangsu, is building a new estuary in Tongzhou Bay. Hundreds of large-scale machinery are running at full capacity to rush day and night for the smooth blast furnace ignition of the Zhongtian Green Fine Steel Project in September next year. This is Nantong’s first major industrial project of 100 billion yuan.

Chinese local governments regard major projects as “ballast stones” for stabilizing economic operations, and respond to the “uncertain challenges” of the external environment with “deterministic placement” of major projects. In the first three quarters of this year, Nantong started 61 new projects over 2 billion yuan, of which 8 were tens of billions.

From the perspective of consumption, China’s domestic demand is showing an obvious recovery. In the first three quarters, the decline in total retail sales of consumer goods narrowed by 4.2 percentage points from the first half of the year, and the growth rate in the third quarter turned positive for the first time this year. In September, the total retail sales of consumer goods increased by 3.3% year-on-year, achieving two consecutive months of growth.

Liu Aihua believes that the continuous recovery and rise of domestic demand contribution will help accelerate the formation of a new development pattern with domestic and international cycles as the main body.

Recently, Guangzhou citizens have been locked in a number of commercial districts after riding a Haro bicycle, and they can receive discounts from well-known food brands nearby. Shared bicycles have become a medium for connecting Guangzhou’s consumption scenes. According to data released by Harbin on the 18th, the amount of night cycling in Guangzhou has been increasing in the past four months. Compared with the average daily night cycling amount in early June, it has increased by 30%. The demand for cycling in the business district is particularly significant.

Beijing Road Pedestrian Street in Guangzhou

The reconstructed and upgraded Beijing Road Pedestrian Street in Guangzhou. Photo by Xinhua News Agency reporter Tian Jianchuan

After renovation, the Beijing Road Pedestrian Street in Guangzhou has a new look to spend the National Day holiday. According to statistics, the passenger flow of Beijing Road Pedestrian Street during the long holiday exceeded 4 million, and the turnover exceeded 600 million yuan, an increase of 160% year-on-year. Wei Min, deputy director of the Guangzhou Municipal Bureau of Commerce, said that the current commodity consumer market continues to thrive, and the foundation of internal circulation is stronger.

Thanks to the effective prevention and control of the epidemic, the resumption of work and production of Chinese companies has maintained a relatively high level globally, and the economic recovery has also driven the growth of import demand. In the first three quarters, China’s imports and exports have steadily recovered, and the trade structure has been continuously optimized, which has played a positive role in driving the global economic recovery.

As the “barometer” and “wind vane” of China’s foreign trade, the 128th Canton Fair was held in the “cloud”. Nearly 26,000 exhibitors at home and abroad, and more than 2.4 million uploaded exhibits u2026u2026 “Many world premieres and Canton Fair first products have appeared in a concentrated manner.” Canton Fair spokesperson Xu Bing said, “This fully demonstrates the high-quality development of foreign trade.”

Employees of Guangzhou Hutou Battery Group Co., Ltd. broadcast live on the Canton Fair. Photo courtesy of respondents

Lithium Battery Factory

The 1.5 volt rechargeable lithium battery is a new product launched by Guangzhou Hutou Battery Group Co., Ltd. at this Canton Fair. This new product can achieve 1.8-hour fast charge, charge cycle more than 1,000 times, and has the advantages of constant voltage discharge and environmental protection. .

The company’s deputy general manager Zhou Songyi introduced that the company’s exports of high-performance alkaline batteries from January to September this year increased by 7.68% against the trend, and it has also successfully expanded into new markets such as South Sudan and Liberia.

Bai Ming, deputy director of the International Market Research Institute of the Ministry of Commerce Research Institute, said that the proportion of general trade increased in the first three quarters, and companies helped the global fight against the epidemic, and also won business opportunities for themselves. Under the new development pattern, it depends on what the car pulls on and how it serves the development of internal circulation.”

As an important export-oriented economy, Kunshan, Jiangsu, which has a dependence on foreign trade of 140%, is also of index significance for how to deal with the complex and volatile international economic situation superimposed by the new crown pneumonia epidemic.

Entering the Kunshan Industrial Park of Sany Heavy Machinery, large trucks transporting materials come and go, and construction vehicles of different models are rolling off the assembly line one after another. “Thanks to the recovery of the global construction machinery industry, our imports increased by 25% in the first half of the year, and the Thai and Indonesian markets also achieved 100% sales growth,” said Chen Jiayuan, deputy general manager of the company.

Benefits from the joint efforts

This benefits from the joint efforts of the government and enterprises. Since the beginning of this year, on the one hand, Kunshan has taken the lead in promoting new measures to reduce costs in processing trade such as “sales before tax” and “centralized taxation”. On the other hand, it actively guides foreign trade companies to meet domestic consumer demand, promote centralized declarations for domestic sales, and innovative commodity barcode declarations. Stimulate the company’s domestic sales momentum.

“Kunshan has a high degree of openness, and under the severe pressure of the international trade situation, it sends a clear signal that the government and enterprises have overcome the difficulties together and the economy is full of resilience.” said Yang Fangming, Commissioner of Kunshan Customs.

Enterprises stabilize their positions and drive steady progress in the economy. In the first three quarters of this year, Kunshan’s total industrial output value increased by 4.3% year-on-year; from January to August, Kunshan actually used US$1.54 billion in foreign investment, an increase of 121.2% year-on-year, achieving a total foreign trade import and export value of 365.2 billion yuan, accounting for 13% of Jiangsu province.

Cheng Shi, chief economist of ICBC International, said that although the negative impact of the overseas epidemic on the global economy is developing in a long-term and structural way, the recovery process of China’s economy is not only steadily progressing in total, but also gradually in structure. improve.

With the gradual recovery of demand, the continuous improvement of the industrial cycle, and the gradual increase of confidence in market entities, Liu Aihua believes that there is a foundationconditions and confidence to maintain the current situation in the fourth quarter of this year and throughout the year.