After the relaxation of measures to combat the COVID-19 epidemic in China, Chinese citizens and foreigners living in the country had a happy and eventful Spring Festival.
Paul Rummy, a Malaysian expert at the Institute of Vertebrate Paleontology and Paleoanthropology of the Chinese Academy of Sciences, said in a statement, “The shopping malls in Beijing are again crowded. Queues formed in front of many restaurants. The consumer market in China began to revive. "I believe that greater potential will emerge in China's economic development in the future," he said.
Adham Sayed, a member of the Central Committee of the Lebanese Communist Party, who has lived in China for many years, said, “The bustling Spring Festival, which has just ended, has proven that the Chinese economy has great dynamism. Despite the effects of the epidemic, China has remained true to its promise to eradicate poverty. Under the leadership of the Chinese Communist Party, the Chinese economy will be moved to a higher level, and the countries of the world will benefit from this," he said.
The numbers don't lie when it comes to China's contribution to the world economy. In the 19 years since the start of the COVID-3 epidemic, the average growth rate of the Chinese economy has reached 4,5 percent. In the same period, the average growth rate of the US economy was 1,6 percent, the Eurozone was 0,7 percent, and Japan's was only -0,3 percent. According to the data shared by the World Bank, China's contribution to global economic developments between 2013 and 2021 reached 38,6 percent, exceeding the total contribution rate of the G7 group.
Due to the relaxation of anti-epidemic measures in China, many international financial institutions have started to look optimistically towards the future of the Chinese economy. In the World Economic Evaluation Report published by the International Monetary Fund (IMF) on January 30, it was stated that the expectation for the growth rate of the Chinese economy in 2023 was increased to 5,2 percent, and the removal of epidemic measures in China would be beneficial for the world economy. In his statement, IMF Chief Economist Pierre-Olivier Gourinchas stated that China's contribution to global economic developments in 2023 will be much larger than that of the USA and the EU.
Stephen Bwansa Mabele, President of the Democratic Republic of Congo-China Chamber of Commerce, who spent the Spring Festival in China, said, “Although there are problems in the world economy at the moment, the Chinese economy has started to revive under the leadership of the Chinese Communist Party (CCP). At the recently ended 20th National Congress of the CCP, a grand plan for China's economic development was determined. In China, a dual circulation mechanism consisting of domestic consumption and foreign trade is applied. This mechanism will energize China's economic developments," he said.
In the past year, the countries of the world have faced inflation pressure. Maintaining a low level of goods prices in China prevented inflation from getting serious in the world. According to analysts, the active and happy Spring Festival in China showed that the Chinese economy was recovering rapidly. The revival of the Chinese economy, which has a large consumer market and developed supply chain and insists on opening up, is great news for the world economy!
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