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Confidence will give fresh momentum to China

By Shakeel Ahmad Ramay | China Daily Global | Updated: 2022-02-17 08:01
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The financial district of Pudong New Area. [Photo by Gao Erqiang/China Daily]

China concluded the year 2021 with strong economic growth-its GDP rose 8.1 percent-and good future prospects. This was remarkable on many accounts and in the context of the challenges China was and is facing.

The performance of the manufacturing and industrial sector helped to offset the impacts of a slump in domestic demand and poor performance in the real estate sector. Domestic demand did not meet perceived objectives or goals due to different reasons early last year, but it picked up as the country put COVID-19 under control.

In addition, the nation's shipping industry performed tremendously, having transported goods worth a record $3.36 trillion.

The performance of China in these areas points to new dynamics and realities in the global economy, supply chains and the manufacturing sector.

First, China is fast moving to update its manufacturing power with new technology. The nation aims to make big strides in advanced manufacturing, and it is a good sign that the manufacturing sector keeps showing tremendous progress despite global pressures.

Second, the performance of logistics companies, especially in shipping, has strengthened confidence among the Chinese leadership and people. It is a sign of trust in Chinese companies, especially in the context of COVID-19 pandemic.

It shows that the global business community believes Chinese companies are safe and trustworthy and can deliver efficient and reliable services, even in the most difficult times.

China has invested heavily in its three-dimensional transportation network plan. Implementation of the plan will revolutionize the supply chain and related businesses.

Under the plan, China aims to shape a "1-2-3 circle"-meaning it will push for delivery of goods within one day in the domestic market, two-day delivery to neighboring countries and delivery within three days to selected destinations around the world. With the completion of this plan, China will further consolidate its position in the global supply chain, and shipping and airfreight companies will no doubt benefit as well.

Third, the world cannot decouple from China. For example, despite Sino-US trade tensions, China's exports to the US continued to grow, reaching $755.6 billion in 2021, an increase of 28.7 percent. India also cannot afford to decouple from China, as its trade with China reached a record $125.6 billion. (India imported $97.5 billion worth of goods from China and exported $28.1 billion worth.) Due to these factors, China believes that it can face challenges in the economic field with confidence and from a point of strength.

It is hoped that Chinese companies will continue to contribute to enhancing the trust of the world business community. With China seen as a trustworthy and capable partner for economic growth and development, it will be able to foster cooperation under the Belt and Road Initiative, the Global Development Initiative and the community of shared health for mankind.

The economic success will give China confidence that it is moving on the right path to achieve the goals of the Chinese dream of national rejuvenation and becoming a fully modernized country in all aspects. This confidence will push China to work harder to continue moving on the ladder of growth and development to achieve its goals.

China will have to be mindful of challenges and its weaknesses. Such an awareness will be helpful for the country to stay on the right course of action to reach its goals.

The author is CEO of Pakistan's Asian Institute of Eco-civilization Research and Development.

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