China’s robust economic resilience boosts global confidence (Wanghai Tower)
In the past two days, China’s “third-quarter economic report” has drawn widespread attention both at home and abroad: “China’s GDP grew by 3.9% year-on-year in the third quarter, significantly higher than the previous figure”; “Industrial production exceeded expectations, with the growth rate of value-added in industrial enterprises above designated size accelerating by 4.1 percentage points compared to the second quarter”; “This signals a strong rebound in China’s economy”... The Chinese economy, which has continued to recover despite mounting pressures, has earned high praise from the international community.
Currently, the global economy is facing numerous challenges: the COVID-19 pandemic continues to linger and recur; geopolitical conflicts are intensifying; food and energy issues have become particularly acute; and the risk of stagflation is steadily rising. Recently, international institutions such as the International Monetary Fund and the World Bank have successively lowered their forecasts for global economic growth, warning that "the global economy is approaching a recession." Against this backdrop, China’s economy has managed to overcome the adverse impacts of multiple unexpected shocks, with its recovery gaining momentum in the third quarter—significantly better than in the second quarter. Positive factors are accumulating steadily, demonstrating strong resilience and boosting confidence and providing new impetus for the world economy, which is struggling to recover.
Resilience stems from robust policies and strong market potential. How did China’s economy achieve a recovery growth that exceeded expectations—from 0.4% in the second quarter to 3.9% in the third quarter? Powerful and effective macroeconomic policies have provided crucial support. From extending the deadline for deferred tax payments and back payments for small, medium, and micro-sized manufacturing enterprises and individual business households to activating more than 500 billion yuan in unused local special bond quotas to stabilize investment—thanks to the continued implementation of the comprehensive package of policies aimed at stabilizing the economy and the timely introduction of follow-up measures, major economic indicators such as industry and services have steadily rebounded. Faced with shocks and unexpected factors, China’s economy has stabilized and rebounded within a relatively short period, underpinned by its enormous market advantages. In the third quarter, final consumption expenditure contributed 52.4% to economic growth, driving GDP growth by 2.1 percentage points. The potential of domestic demand is accelerating its release, further strengthening the momentum for China’s economic recovery and development.
Resilience lies in enhanced economic vitality and strong development momentum. When examining the economies of major countries, it’s crucial not only to pay attention to the “trend” of data changes but also to discern the underlying “capacity” driving growth. In China’s “third-quarter report,” one set of figures stands out: In the first three quarters, the value-added of high-tech manufacturing enterprises above designated size rose by 8.5% year-on-year—4.6 percentage points higher than the growth rate of the overall industrial sector above designated size. Investment in high-tech service industries grew by 13.4%, exceeding the growth rate of total service-sector investment by 9.5 percentage points. Online retail sales of physical goods increased by 6.1%, significantly faster than the growth rate of total retail sales of consumer goods. These figures are closely linked to a series of buzzwords—new technologies, new business models, new approaches, and new demands. The “super virtual factory” has become an invaluable ally for companies seeking to unlock their production potential, while flexible production lines are enabling traditional manufacturers to move toward high-end, customized production. As cutting-edge technologies continue to accelerate their integration with industrial and service-sector applications, the quality of China’s economic development keeps improving steadily.
Resilience helps China seize opportunities and promote common development. “You can always count on China,” Chinese Foreign Ministry spokesperson Hua Chunying recently posted on social media, accompanied by a chart from the World Bank’s World Development Indicators database: From 2013 to 2021, China’s average contribution to global economic growth reached 38.6%, surpassing the combined contribution of the Group of Seven (G7) countries. In response, one netizen commented, “See? That’s exactly China’s contribution.” Practice has amply demonstrated that China’s economic development not only benefits itself but also brings benefits to the world. Judging from the “three-quarter reports,” despite facing multiple difficulties and challenges, China’s economic performance remains relatively strong among major economies, making China an important stabilizer and driving force for global economic growth. China continues to advance high-level opening-up, steadfastly hosting international expos such as the China International Import Expo, the Canton Fair, the China International Fair for Trade in Services, and the China International Consumer Products Expo, proactively sharing its development dividends with the world. Antonio Maiocchi, a professor at the Free University of Social Sciences in Italy, believes that, given the current fragility of the global economic recovery, China’s sustained economic recovery will have a positive impact on the global economy.
The Chinese economy is like a vast ocean. Having weathered countless storms and tempests, it has demonstrated remarkable resilience and enormous potential, emerging even stronger after each trial. As we deepen our study and implementation of the spirit of the 20th National Congress of the Communist Party of China, as the effectiveness of efficiently coordinating epidemic prevention and control with economic and social development continues to shine through, and as the effects of macroeconomic policies are fully unleashed, the resilience of the Chinese economy will undoubtedly grow even stronger, continuously contributing more positive energy to the global economic recovery through China’s new development.
