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'Radio China': Steady recovery of China's economy key to global growth

According to National Statistical Government data, China's economy has overcome the adverse effects of the outbreak of the new coronavirus and the floods in August, Radio China reported.
Key indicators continue to improve, positive changes are intensifying and the national economy is recovering as a whole. This will continue to contribute to accelerating the formation of a new development model, relying on internal and external cycles as a key element and complementarity of local and foreign markets. Statistics at the same time are good news for the recovery of the global economy.

Affected by the severe impact of the outbreak of the new coronavirus, the world economy has fallen into depression and the uncertainty in its development is increasing significantly. A report on the global economic outlook released by the World Bank in June predicted the global economy would fall 5.2 percent in 2020, the worst economic recession since World War II.

China is at the forefront of the world in terms of prevention and control of the epidemic and economic recovery, and the world is putting high hopes on its economy. Recently, Fitch Agency raised China's annual GDP growth forecast from 1.2 per cent to 2.7 per cent. Another prominent rating company Moody's raised its forecast for China's economic growth this year from 1 per cent to 1.9 per cent. China is also the only economy for which Moody's is upward adjusting its 2020 expectations.

What should be noted is that the “internal cycle as a basis” is by no means a development behind closed doors, but by effectively exploiting the potential of domestic demand and consumption in order to better connect domestic and international markets and resources to achieve sustainable development. It is therefore essential to achieve mutual promotion of double circulation in domestic and international markets.

In the future, the recovery of demand, increased investment and the expansion of domestic consumption in China will gradually give a strong boost to the economy. That is why the country has the confidence and courage to cope with the difficulties and has achieved a sustainable and stable recovery, which is also an important stabilising factor for the world economy.