China to inject new vitality into global recovery: economist
China is set to drive global economic growth and inject new vitality into global recovery, a leading Bangladeshi economist told Xinhua in an interview on Monday.
“China did well during COVID-19 which may be the example for other nations,” said Md Aynul Islam, general secretary of the Bangladesh Economic Association (BEA), noting that enormous resources and community cooperation have been put to rein in infections with less disruption to life and economy.
He believes that China has adequate policy instruments and conditions “to withstand risks and stabilize the market,” and could unleash greater potential for further development.
Chinese economy has already shown its mettle and gradually accumulated more and more power, said the leader of the BEA, which has more than 4,500 economist members from academia, government, businesses, civil society and other sectors.
Islam, also a professor of economics at Jagannath University in the capital Dhaka, noted that Chinese macroeconomic indicators are providing a good reason to believe that a sustained recovery is in the offing.
With reference to the impact of various other challenges, including uncertainties in the international arena and risks brought by rising protectionism and de-globalization, he said China’s long run growth trajectory is strong and sustainable.
“Its investment policies are effective and prudent. China’s global market share is rising which may confirm its currency power in the future,” said the professor, adding that China has been able to prompt global economic growth.
China, given its remarkable economic resilience and efficient macro-economic policies, will surely get out of the present predicament and will be able to inject more vitality into global recovery, Islam said.
Despite the pandemic’s near-term impact on socio-economic development, he said China in the past overcame the repercussions of COVID-19 by implementing the dynamic zero-COVID policy.
Bangladesh can get a lot of lessons from the Chinese policies of facilitating the development of small and medium enterprises and providing adequate government support.