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China's economic recovery reveals its resilience, dynamism

By Yang Yang | | Updated: 2020-07-03 14:18
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Aerial photo taken on Oct 15, 2019, shows a view of the Lujiazui area in Shanghai. [Photo/Xinhua]

Strong economic recovery momentum reflects resilience and dynamism of the Chinese economy,CRI Online reported on Thursday.

China's factory and service sector activities expanded in June as the economy continued to recover from the shocks generated by the COVID-19 pandemic, data from the National Bureau of Statistics showed on Tuesday, the last day of the first half of the year.

The country's purchasing managers' index for the manufacturing sector stood at 50.9 in June, up from 50.6 in May. The PMI for the non-manufacturing sector came at 54.4 in June, rising from 53.6 in the previous month, according to the NBS.

The data send positive signals and indicated the country's economic recovery continues to gather momentum as supportive and precise government policies have helped the country to resume production smoothly and overcome difficulties amid the COVID-19 pandemic.

Dalian Shipbuilding Industry Group's production and operation have been stable and improved positively since the resumption of production.

The shipbuilding group has not only delivered a 308,000-ton super-large crude oil vessel but also signed two super large crude oil ship construction contracts on the cloud.

This is the ship owner's additional order after signing four super-large crude oil vessels with the group in November last year, Zhu Ping, project manager of the big ship group, said.

"Busy" companies are the epitome of China's economic recovery and a series of data in May indicate that production is continuously improving.

The data include the added value of industries above designated size has been increasing for two consecutive months, the profit growth rate of industrial enterprises has changed from negative to positive, and the production index of service industry has increased from falling to increasing.

The lit-up cities are also a witness of China's economic recovery and more positive factors are seen as resumption of production, business and market with normalized epidemic prevention and control of COVID-19.

The US Consumer News and Business Channel website quoted economists as saying that the Chinese economy is improving and there may be "impressive" growth in China's economic development.

Strong and precise government supports, including tax and fee deduction and employment stabilization, to enterprises especially the small and micro businesses have helped many industrial and commercial households overcome difficulties.

Half of 2020 has passed, the "first half" is extremely difficult, and the "second half" needs to be forged ahead with results of a series of macro-policies to hedge the impact of the epidemic expected.

China's economy has strong resilience and growth potential. The huge domestic market demand and perfect industrial chain will provide a solid foundation for China's economic development; a number of incentive policies are being launched and will help the Chinese economy regain growth momentum, Lothar Herrmann, president and CEO for Greater China, Siemens AG, said.

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