China’s economic growth contributes to global recovery

AS the Golden Week holiday further perked up China’s economy, observers expect China to make greater contributions to global economic recovery and development.

The World Bank projected in a report published on its website in June that China’s economy is expected to grow 1.6 percent in 2020 - the only major economy projected to achieve positive growth - while the global economy as a whole will contract 5.2 percent.

The Golden Week holiday has given the country’s economic recovery a leg up. Tourist attractions across China received a total of 637 million visits during the holiday. The figure is equal to 79 percent of visits during the holiday last year, according to the Chinese Ministry of Culture and Tourism.

Meanwhile, tourism revenue nationwide hit 466.56 billion yuan ( US$ 69.7 billion), 69.9 percent of that in the same period in 2019, according to the ministry.

“Half a billion trips show China’s economy moving past Covid- 19,” Bloomberg reported Friday.

Oxford Economics, a British research and advisory group, indicated that China’s share of global GDP will increase by about a percentage point this year, and China’s economy has benefited from its vital role in global supply chains.

Even in the face of tense US- China relations, “many U. S. multinationals remain keen to engage with China,” said Louis Kuijs, chief Asia economist at Oxford Economics.

He added that China’s moves to facilitate foreign investment in its financial sector is also likely to encourage US companies.

US financial services firms BlackRock, Vanguard and JPMorgan have all increased their presence in China recently.

A recent survey of US companies with major operations in China found that just 4 percent were relocating their production back to the United States. - Xinhua