China remains an engine for global economic growth

The 2.5 percent growth of China's GDP in the first half of this year against the backdrop of an increasingly complex international environment, repeated COVID-19 outbreaks at home and a combination of unexpected factors, is enough to demonstrate the strong resilience of China's economy.

China responded effectively to the challenges by coordinating pandemic prevention and control measures with economic and social development. Upholding the principle of putting people and lives first, China has built a solid firewall against the pandemic and protected people's lives and health to the greatest extent.

A long-term approach is needed to observe China's economy. The impact of the epidemic is short-term, while its resilience and the potentials are long-term and intrinsic. Given that China has a solid material foundation and a super-large market, with the recovery of consumption and production, the strengthening of innovation and the implementation of macro policies, China's economy is expected to continue to rebound. The dual circulation development paradigm China is implementing, and high-quality development it has been vigorously promoting are helping it gain new competitive advantages.

The fundamentals of China's long-term sound economic growth have not changed. Neither has its status as an important engine of global growth. In the first five months of this year, China attracted $87.77 billion of foreign investment, up 22.6 percent year-on-year. Also 185 new deals with over $100 million in foreign investment were inked in the first four months, equivalent to the launch of 1.5 foreign-funded projects every day.

At present, as the world economy faces the risk of stagflation, low inflationary pressures in China mean it can focus more clearly on reviving the economy. China will continue to open to the outside world at a higher level. China's imports and exports grew by 9.4 percent year-on-year in the first half of this year, showing that its foreign trade is resilient and there is much space for further development through expanded opening-up.