China confident to maintain economic recovery

China has the confidence that it will sustain economic recovery and achieve stable development, according to an official with the country’s top economic planner.

A worker is seen at a factory of the First Automotive Works (FAW) Group Co., Ltd. in Changchun, capital of northeast China’s Jilin Province, Sept. 1, 2020. (Xinhua/Zhang Nan)

The Chinese economy has demonstrated a strong capability to refuse risks, exhibit resilience against pressure and maintain vitality for development, said Ning Jizhe, deputy head of the National Development and Reform Commission and head of the National Bureau of Statistics.

China’s economic growth in 2020 is projected at about 2 percent, and its GDP is expected to exceed 100 trillion yuan ($15.4 trillion) in 2020, with per capita GDP reaching $10,000 in two consecutive years, Ning said.

A total of 11 million new urban jobs were created in the first 11 months of 2020, with the number of market entities reaching 130 million.

In December 2020, the purchasing managers’ index (PMI) for China’s manufacturing sector came in at 51.9 percent, with the PMI for China’s non-manufacturing sector at 55.7 percent, and the comprehensive PMI output index at 55.1 percent. All figures were at a high level compared with other periods in the year.

In 2021, the country will strive to improve the quality of the supply side, Ning said.

The country will vigorously push forward the construction of comprehensive national science centers in Beijing’s Huairou district, Zhangjiang of Shanghai and Hefei.

It will support Beijing, Shanghai, and the Greater Bay Area to build international science and technology innovation centers, establish an independent and safe industrial supply chain, and achieve breakthroughs in core technologies.

China will strengthen management of the supply side, continue deepening reform and opening-up, push for green development, and carry out projects to solve issues related to people’s livelihood.

China will also keep its macro-policies consistent, stable and sustainable in 2021, according to Ning.

The country will make efforts to ensure stability in areas including: employment, financial operations, foreign trade, foreign investment, domestic investment, and expectations, as well ensure security in job, basic living needs, operations of market entities, food and energy security, stable industrial and supply chains, and the normal functioning of primary-level governments.

To ensure the security of market entities, China will continue with the policy which allows small and micro-sized businesses to postpone principal and interest repayments on inclusive loans, along with the credit loan support program.

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