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China Economy: Experts see another year of positive growth despite pandemic

China’s National Bureau of Statistics will release the key economic data for November on Wednesday. It comes on the heels of top leadership’s economic planning meeting for 2022. As 2021 draws to a close, experts tell CGTN’s GUO TIANQI how they expect the country’s GDP to fare this year, and what near-term steps it needs to take to ensure sustainable growth.

GUO TIANQI Beijing “Prioritizing stability while pursuing progress is the tone set for 2022 by the just concluded 2021 Economic Work Conference. Amid COVID-19 and the volatile international situation, how has China’s economy been performing this year?”

Experts like Chen Fengying of the China Institutes of Contemporary International Relations are optimistic China will post its second year of positive growth even as the coronavirus pandemic rages.

CHEN FENGYING Former Director, Institute of World Economy China Institutes of Contemporary International Relations “Economic growth this year has exceeded expectations. It was expected to grow by around six percent, but now it should reach 8 percent. China’s industrial upgrading and technological development are growing at double-digit rates. With China experiencing the short-term pain of internal transition and disruption of international supply chains due to COVID-19, stability is required these next two years.”

The internal transition is driven by China’s shift to moving away from low-added value to high-quality, core technologies in its vast manufacturing industry. There was also the lack of regulation in internet-based finance that triggered some turmoil in the finance sector. Chen said the finance sector had to innovate and ensure it serves the real economy.

The call for macroeconomic stability was also echoed by Xue Yi of the University of International Business and Economics. She noted the due importance given by government to supporting millions of small and medium-sized enterprises in China next year.

XUE YI Director, Department of Academic Research University of International Business and Economics “Strengthening anti-monopoly and preventing disorderly expansion of capital will help to create broad development space for all types of market entities and better protect the rights and interests of consumers. The social stability and economic growth are inseparable from SMEs. The two-way improvement of the number and quality of firms is conducive to the continuous improvement of China’s economic fundamentals.”

The experts said government’s focus next year on tax cuts for SMEs and anti-monopoly measures would significantly safeguard people’s livelihoods. GUO TIANQI, CGTN, Beijing.
Source: CGTN

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