Reviving the World

Beijing Youth Daily May 17

The United Nation released a document titled the World Economic Situation and Prospects as of Mid-2020 on May 13, stating that against the backdrop of a raging and devastating pandemic, the world economy is projected to shrink by 3.2 percent this year.

However, the resilience and potential of China’s economy can be further stimulated as the country gradually resumes normal activity with the easing of the pandemic situation. The prevention and control of the novel coronavirus in China has created a sound environment for the recovery of exports and foreign direct investment.

According to a recent report on Asia’s economic prospects and integration process in 2020 released by the Boao Forum for Asia, the continent’s economic aggregate is expected to surpass 50.2 percent of the world’s total. This indicates that Asia’s role in the global economy is increasing, which is inseparable from China’s strength as the largest regional economy.

Global economic recovery needs long-term efforts. Therefore China, which has achieved initial progress in controlling the pandemic, should continue to find a balance between disease containment and economic development to help other countries tide over these difficult times.

It can also promote further economic integration of Asia to cope with the possible restructuring of global value chains after the pandemic. Thus, existing cooperation mechanisms and organization such as the Belt and Road Initiative, Asian Infrastructure Investment Bank and the Regional Comprehensive Economic Partnership should be further developed to boost economic growth.