It's Obvious To All! This 100 Trillion Yuan Report Card Attracts Worldwide Attention

- Jan 23, 2021-

        Recently, the National Bureau of Statistics released data. According to preliminary calculations, in 2020, my country's gross domestic product (GDP) exceeded 100 trillion yuan for the first time, reaching 101,5986 billion yuan, an increase of 2.3% over the previous year at comparable prices.


   Under the impact of the new crown pneumonia epidemic, the world economy has fallen into a severe recession. The report card of China's economy in 2020 is precious, and foreign media and economists have made positive comments on this achievement.


  Foreign media: China is the only major economy to achieve positive growth in 2020


   The British Broadcasting Corporation believes that China's economy has bucked the trend, and strict epidemic prevention and control measures and the government's emergency rescue of enterprises have helped the economic recovery.


   CNN reported that the epidemic has plunged the world economy into recession, and China’s economic growth rate is among the highest in the world, and this growth rate has also exceeded expectations. The International Monetary Fund predicts that China is the only major economy that has achieved positive growth.


   The Wall Street Journal stated that as the epidemic hits the global economy, the Chinese economy is still growing. Last year, China's GDP grew by 2.3%, making it the only country in the world's major economies that achieved positive growth. The report quoted the opinion of Homi Haras, a senior fellow at the Brookings Institution in the United States, saying that without China’s contribution, the world economy would shrink by 5.7% last year, and the World Bank’s current estimate of the shrinkage is about 4.3%.


   2020 China's economy shows strong resilience and development vitality


  In the past year, China's economy has continued to progress and develop, and foreign media have been paying attention to the changes in China's economy.


   In July 2020, China’s second quarter national economic data was released. Compared with the first quarter’s GDP decline of 6.8% year-on-year, the second quarter’s GDP reversed and reached a 3.2% growth. Many foreign media reported on China's economic achievements under the title "China is the first economy to achieve growth after the epidemic." CNN reported that China’s economic growth in the second quarter meant that China’s economy would stop its downward trend, which is also widely expected. The early recovery of China's economic growth may be good news for the rest of the world.


   In August 2020, China's total retail sales of consumer goods, commercial housing sales, and the cumulative growth rate of industrial value added above designated size achieved positive growth for the first time in the year. Foreign media noticed the contribution of consumption growth to China's economic recovery, and lamented that China's economy has bucked the trend. The Wall Street Journal stated that the pace of China's economic recovery accelerated in August. The positive growth in the total retail sales of consumer goods has benefited from the gradual relaxation of epidemic prevention and control measures across the country.


   In the first three quarters of 2020, China’s GDP grew by 0.7% year-on-year, successfully turning from negative to positive. CNN bluntly stated that China’s economy "makes the envy of the world." The Associated Press commented that as consumption heats up, China's economic recovery is increasing. China is the only major economy that is expected to achieve growth this year.


  From movie box office to national debt "being rich" 2020 China's economy is blooming everywhere


   In addition to the bright economic data, all aspects of China's economy and society have also received widespread attention from foreign media.


   In July 2020, Chinese cinemas will reopen one after another. The US Consumer News and Business Channel has noticed the recovery of China's movie box office and believes that the success of China's movie box office is largely due to China's response to the new crown epidemic.


   In September 2020, the FTSE Russell Company, a major global bond index supplier, announced that China’s government bonds will be included in the FTSE World Treasury Index (WGBI) from October 2021. Pan Gongsheng, deputy governor of the People's Bank of China, said that this fully reflects the confidence of international investors in the long-term healthy development of China's economy and the continuous expansion of the financial sector. Ben Powell, chief investment strategist for the Asia-Pacific region of BlackRock Investment Group, also believes that this is "another important milestone in the internationalization of China's domestic financial market."


   Looking forward to 2021, many institutions have raised their expectations for China’s economic growth, and economists and business leaders have also expressed optimism about China’s economy. 2021 is the first year of China's 14th Five-Year Plan. It is believed that the Chinese economy will continue to contribute to the recovery of the world economy.