China’s economic recovery amid coronavirus pandemic opportunity for West — UK media

LONDON, Nov. 2 (Xinhua) — As the coronavirus pandemic continues to ravage the world, China is expected to see broader economic recovery which will offer opportunities to the West hit hard by the virus, British media have reported.

In an opinion article published Monday on its website, the Financial Times (FT) said the Chinese economy has seen “a vigorous bounce back” despite the impact of coronavirus.

“In the midst of the coronavirus pandemic, China is emerging as the engine of global growth,” it said.

The article noted that China is the only big economy expected to show a positive advance this year, with the International Monetary Fund projecting growth of 1.9 percent.

In an earlier report, Reuters also said China is expected to see further rebound of consumption and broader economic recovery as consumers return to fashion week, cinemas, live performances and restaurants.

The economic recovery of China made the Asian country “a lone bright spot in the retail world” and “a major source of earnings for global consumer brands”, the news agency said in a report from Beijing.

With the easing of restrictions gathering pace in the third quarter, China’s hospitality sector is set to accelerate its recovery, said the report.

“The services industry had been the most affected by COVID. Now, with restrictions being lifted, the industry is gradually emerging from its downturn, which would provide a strong boost to the broad recovery in the consumer market,” Ernan Cui, a consumer analyst at research firm Gavekal Dragonomic, was quoted as saying.

In addition, data released Saturday by the Chinese National Bureau of Statistics (NBS) showed that China’s manufacturing and service sector activities stood above expansion territory for eight straight months as economic recovery continued apace amid the government’s pro-growth measures.

China’s manufacturing purchasing managers’ index (PMI) came in at 51.4 in October, slightly down from 51.5 in September but above market expectation of 51.3, said the NBS.

Commenting on China’s recovery, Julian Evans-Pritchard, senior China economist at the British think-tank Capital Economics, told the London-based newspaper The Times recently that the growth “will continue to pick up in the near term.”

“Fiscal policy is set to remain supportive until at least the start of next year, which should keep activity in industry and construction strong…The recovery in consumption and services activity probably has further to run,” he was quoted as saying.

In an opinion article published on FT’s website, Ray Dalio, the founder, co-chairman and co-chief investment officer of Bridgewater Associates which is a U.S. investment management firm, said the anti-China bias “has blinded too many for too long to opportunities” in a changing world.

“The world order is changing, yet many are missing this because of a persistent anti-China bias,” said Dalio, noting that China is “succeeding in exceptional ways” despite some persistent doubt about the country.

China has achieved some of the world’s lowest COVID-19 case rates, Dalio said, adding that over the past year, China’s economy grew at almost 5 percent, without monetizing debt.

“China’s extraordinary performance isn’t new…it has historically been one of the world’s most powerful countries and cultures,” he said.

Prejudice and bias always blind people to opportunity, Dalio said.

“So, if you have been a China sceptic for reasons that don’t square with what is happening there, I suggest you clear your mind,” he said.

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