Epidemic won’t change China’s economic momentum for growth
By Hong
Lefeng
Since
the outbreak of the novel coronavirus pneumonia, China’s governments at various
levels have issued a package of emergency measures, which have guided
expectations of the society and boosted people’s confidence in the Chinese
economy.
To cope
with the epidemic, relevant authorities have unveiled supportive financial policies,
and multiple local departments have promptly issued policies to support finance
and taxation, customs, and social security so as to help small and micro
businesses.
While
inspecting epidemic prevention and control work in Beijing, Chinese President
Xi Jinping demanded resolute efforts from Party committees and governments at
all levels to win the people's war against the epidemic and urged them to
strive to achieve this year's economic and social development goals and tasks.
The
President also required efforts to stabilize employment, the financial market,
foreign trade, foreign investment, domestic investment and expectations.
Epidemic
prevention and control is not only a battle in the field of medicine and
healthcare, but also an all-round battle associated with economic work.
Therefore,
while doing a good job in prevention and control, the country must also
coordinate the work of reform, development, and stability. It must make great
efforts to finish key tasks for securing a decisive victory in building a moderately
prosperous society in all aspects and winning the battle against poverty.
To cope
with complex and severe risks and challenges, the country must not slow down or
hesitate. Only by taking the initiative and making overall planning can it
overcome difficulties and minimize the impact on economic development.
To be
objective, the epidemic outbreak has exerted different degrees of impact on
relevant industries and public consumption. But the influence is temporary and
periodical.
As
relevant supportive policies are gradually taking effect, China is fully
confident in and capable of defeating the epidemic and boosting economy. Compared
with 2003 when it fought against the SARS epidemic, the country's economy has improved
significantly today in terms of size and quality, material basis, emergency
response capabilities, and macro-control system.
This is
the source of the resilience and potential of China's economic development, as
well as the country’s the confidence in winning the battle against the epidemic.
To
stabilize employment, the financial market, foreign trade, foreign investment,
domestic investment and expectations, the most urgent task on the supply side
is to take concrete efforts to maintain normal economic operations and social
order.
The supply
of medical materials on the front line of epidemic prevention and control must
be guaranteed, and urban and rural residents shall be provided with adequate
supplies of daily necessities.
Besides,
sufficient energy supply in urban and rural areas must be ensured so as to
avoid secondary problems caused by anxiety over insufficient supply of living
materials.
In
addition, the country will also help enterprises resume production, as well as recommence
and start projects while guaranteeing safety. It is suggested that the country
properly handle labor-capital relationship, so as to ease corporate burden and
safeguard the legitimate interests of the employees. Only by taking the
interests of all parties into consideration and motivating all sides can
general stability of the industrial chain be maintained.
To
contain the epidemic while promoting development, stable consumption must be
kept at the demand side, which is key to offsetting the impact of the epidemic.
During
the Chinese New Year holiday, huge consumption potential has been accumulated
by people across the country who stayed home to avoid massive infection, such
as the demand for healthcare products and services and online services. Once
this potential is released, a new driving force will be created for industrial
development.
In
addition, new driving forces will also be forged by the accomplishment of the key
tasks in securing a decisive victory in building a moderately prosperous
society in all aspects and winning the battle against poverty.
As a
big consumer market, China has ample room of maneuver in economic development.
The country is seeing an urgent demand of ideas and actions that are able to
stimulate urban and rural consumption and turn crisis into opportunities.
China’s
momentum sustaining sound economic development remains unchanged. Amidst
internal and external challenges and risks, the country must also do a good job
of macroeconomic monitoring and early warning, so as to keep a close eye on
economic operation and the possible impacts of the epidemic on the economy.
To
continue forwarding against headwinds and withstand downward pressure in the
epidemic, China must follow the requirements of the meeting held by the Standing
Committee of the Political Bureau of the Communist Party of China Central
Committee, stabilize employment, the financial market, foreign trade, foreign
investment, domestic investment and expectations, and prepare for all kinds of
complex and difficult situations.
As long
as the country coordinates its efforts nationwide, gives full play to the
institutional advantage of concentrating resources to accomplish large
undertakings, and ensures timely analysis and actions, it can properly handle
the impacts of the epidemic, coordinate and balance epidemic control and
economic development, and promote sound and stable development of its economy.
Source:
People’s Daily
Epidemic won’t change China’s economic momentum for growth
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