Italian media, experts applaud China’s economic recovery

ROME, Nov. 19 (Xinhua) — The latest economic data from the world’s second-largest economy has attracted wide attention in Italy, with local media praising China’s economic growth and experts highly valuing the Chinese market.

According to data released by China’s National Bureau of Statistics on Monday, China’s value-added industrial output went up 6.9 percent year on year in October, keeping the same pace as that of September. And retail sales of consumer goods, the main gauge of China’s consumption, climbed 4.3 percent year on year.

China, according to an International Monetary Fund estimate released in October, is expected to record a 1.9 percent economic growth in 2020, emerging as the only major economy in the world that can inch back into positive territory this year.

“The Chinese economy is showing resilience beyond expectations,” online daily Affari Italiani said, adding that China’s strong economic performance “is in absolute contrast with the western economies.”

“The spotlight is increasingly on China and its growth ambitions,” said financial news website Money, adding that amid economic uncertainties and the ravaging COVID-19 pandemic, especially in Europe and the United States, Asia is once again a “protagonist of the global scene.”

“China has started running again,” said all-news TV channel Sky TG24. “The Chinese economy resumed the pace of growth we are accustomed to seeing.”

ANSA news agency said “the coronavirus emergency has been tamed” in China.

Given the close economic ties between China and Italy, the first European country and Group of Seven nation to join the Belt and Road Initiative, Italian markets have responded positively to China’s economic recovery.

The Italian Stock Exchange in Milan finished 0.6 percent higher on Tuesday, the first trading day after China released its economic data, outperforming other major European markets. On Wednesday, the Milan bourse opened another 1 percent higher.

Experts and business insiders also attach great importance to the Chinese market.

“China is an essential trading partner of strategic importance to the government,” think tank Competere said Tuesday.

“Every Italian company should have a chapter of its 2030 strategy dedicated to China,” Josef Nierling, managing director of Porsche Consulting, said in an article published by Affari Italiani.

“To be successful in an increasingly sophisticated market that focuses on domestic consumption, it is necessary to have a ‘local for local’ approach, developing and offering our most innovative products in China.” Nierling added.

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