China’s Economy to be Back on Track: Official
China’s economy will return to normal operations soon thanks to effective epidemic control and a raft of policies, an official said.
The economy is now facing strong headwinds due to unexpected impacts from recent COVID-19 resurgences and the volatile global situation, Meng Wei, spokesperson for the National Development and Reform Commission (NDRC), said.
However, it should be noted that in 2020 when the sudden COVID-19 outbreak dealt an unprecedented blow, China managed to swiftly reverse the downturns of some economic indicators through solid epidemic control and work resumption, and saw steady recovery quarter by quarter, said Meng.
Despite the raging pandemic and complex and severe external situation, China has the ability and confidence to maintain stable prices, Meng said.
Addressing concerns over business operations and prospects of foreign firms in China, Meng said
China remains a strong magnet for foreign investment with its advantages of complete industrial system, infrastructure and super large market.
Official data showed that foreign direct investment into the Chinese mainland, in actual use, expanded 26.1 percent year on year to 74.47 billion U.S. dollars in the first four months, on the high base of 38.6-percent growth in the same period last year.