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Original title: Foreign media: China’s strong economic recovery has become a major engine for global growth
Source: China Daily
China Daily, October 20. Recently, foreign media continues to pay close attention to China’s bright third-quarter economic data, believing that signs of China’s economic recovery have expanded from industrial prosperity to the consumer sector. The Financial Times reported on the 19th that China’s GDP in the third quarter grew by 4.9% year-on-year, much more than the 3.2% increase in the second quarter. This marked a strong rebound in China’s economy from the historic decline earlier this year. Signs that the recovery fueled by the supported industrial boom has extended to the consumer sector.
Zhu Chaoping, global market strategist at JPMorgan Chase Asset Management, said domestic economic activity is expected to normalize further in the coming quarters. When consumer confidence rises, consumption can replace investment and become the main contributor to domestic demand.
Eswal Prasad, an expert on Chinese financial affairs at Cornell University, believes China may become the world’s only major economy to achieve positive growth this year. Short-term growth appears to be no problem. The challenge now is to rebuild the trust of businesses and consumers. Reactivate private investment and maintain strong growth in household consumption.
Qu Hongbin, co-director of Asian Economic Research at HSBC, believes that global demand is still shrinking under the influence of the epidemic, but Chinese exports appear to have performed well and may even be grabbing market share from other countries. Furthermore, private consumption is gradually recovering. “According to the report, China’s strong economic performance has helped boost international demand for its assets. The RMB exchange rate rose 3.8% this year and the exchange rate for China’s onshore transactions with The US dollar fell slightly to 6.7011 yuan per US dollar, but was still close at an 18-month high.
Furthermore, foreign media believe that the third quarter data further confirms China’s relatively strong economy. The Associated Press, The New York Times and the British Broadcasting Corporation (BBC) reported on the 19th that China’s GDP in the third quarter grew by 4.9% year-on-year, indicating that China’s economy has returned to the path of growth before the epidemic six months ago after being hit hard by the epidemic. . The above data is close to the economic growth of 5.5% to 6% expected in early 2020.
Growth data in the third quarter further confirmed the relatively strong momentum of the Chinese economy and brought the annual growth rate of the Chinese economy in the first nine months of this year to 0.7%, entering a positive range. Other economic indicators provide more signs of strengthening. In September, the national urban survey unemployment rate, which is the main indicator of China’s unemployment rate, fell to 5.4% from 5.6% in August, which was below the target of 6% set. by the Chinese government.
If the second quarter represents the recovery of China’s industrial sector, then the third quarter will mark the recovery of China’s consumer sector. With the new corona epidemic in China almost eradicated, the relevant departments are encouraging consumers to leave their homes and open their wallets.
At the same time, foreign media believe that the Chinese economy is a major growth engine in the world. Bloomberg reported on the 19th that figures released by China convinced the market that China’s recovery is on the right track. China’s aggressive containment measures in the early stages of the new corona epidemic have allowed its economy to recover faster than any other country. For the global economy, this remains rare good news. The world economy is still trying to shake off its worst decline since the Great Depression. Analysts believe that China’s economic recovery is encouraging and hopeful information for the rest of the world, showing that as long as the epidemic is contained, the economy can recover.
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