A man walks past the headquarters of the PBOC, the central bank, in Beijing BEIJING: China is expected to lead the global economic recovery next year, with major economic organisations and economists projecting a robust performance by China’s economy and foreign businesses remaining committed to the Chinese market. With the country having adopted effective measures to put the Covid-19 pandemic under control and its economy continuing to bounce back in recent months, the organisations and economists have expressed confidence in a stronger economic performance from China, which will inject key momentum into the global recovery and growth next year.A meeting of the Political Bureau of the Communist Party of China Central Committee, the Party’s core leadership, underlined the need to maintain economic growth within a reasonable range, adhered to the strategy of expanding domestic demand and pursue a higher level of opening-up. “China, which started recovering earlier, is projected to grow strongly, accounting for over one-third of world economic growth in 2021, ” said Laurence Boone, chief economist at the Organisation for Economic Cooperation and Development, at the release of the organisation’s Economic Outlook. “A solid recovery is expected to continue in China, with GDP growth projected to be around 8% in 2021 and 5% in 2022, ” the organisation said in the report. It added that China’s strong recovery will help global GDP return to pre-crisis levels by the end of next year. “The recovery in industrial production in China has also boosted demand for many raw materials in commodity exporting economies, particularly metals.” It said China’s policymakers are now withdrawing its monetary stimulus, which was needed during the outbreak, as the economic recovery has gained momentum in recent months. The National Bureau of Statistics said on Tuesday that China’s growth in industrial value added increased by 7% year-on-year in November, from 6.9% in October. Retail sales, a key gauge of consumption, was up by 5% year-on-year, the fastest level of the year, the bureau said. The inflow of foreign investment to China grew by 6.3% year-on-year to 899.38 billion yuan (US$137.7bil) between January and November, according to the Ministry of Commerce. The OECD projected that China’s fiscal policy will remain supportive, with a number of tax cuts and extensions of social benefits promoting consumption amid weak consumer confidence. However, the organisation said that more ambitious structural reforms in social protection, and a more equitable provision of public services, are needed for consumption to rebound. Lu Ting, chief China economist at Japanese brokerage Nomura Securities, said a rebound of global demand would enable China’s exports to maintain a high rate of growth, underpinning the growth of the economy. “There is a great chance that vaccines will be used on a large scale globally, which will greatly ease the impact of the pandemic. During this process, we believe a global economic recovery is on the horizon, ” he said. Fitch Ratings, a global credit rating agency, forecast in a research document early this month that China’s economic recovery would be increasingly well-balanced in 2021, after successful containment of the coronavirus, and with many activity indicators now at pre-pandemic levels. Louis Kuijs, head of Asia Economics at Oxford Economics, a British think tank, said that he expects spending by China’s private sector to step up in 2021, while policy support retreats as the country’s economic recovery matures. — China Daily/ANN
buyappleacc.com is a professional website selling Apple Developer account for more than 3 years, choose us, provide you with the best Apple Developer account. Don't hassle, just step out.