COVID-19 pandemic will not change upward trend of Chinese economy: official

EYEAFRICA TV: Beijing, China: The impact of COVID-19 pandemic will not change the upward trend of China’s economy, a senior official said Monday.

At a press conference in Beijing, Xin Guobin, Vice Minister of China’s Ministry of Industry and Information Technology, said that the impact of the pandemic on China’s industrial economy is temporary and controllable, adding that China has already seen progress in production resumption.

“As of March 28, the rates of major industrial enterprises resuming production and their employees returning to work have reached 98.6 and 89.9 percent respectively, up 15.5 percent and 38 percent respectively from February 23, and 3.6 percent and 22 percent respectively from the data on March 1. Nearly all industrial enterprises in major industrial provinces, including Guangdong, Jiangsu, Zhejiang, Shandong and Fujian, have resumed productions. With major enterprises taking the lead, a large number of small, medium and micro enterprises have accelerated the resumption of production. At present, the operating rate of small and medium enterprises has exceeded 70 percent,” Xin told reporters.

Xin said that efforts will be made to support sectors that are crucial to global industrial chains, so as to contribute the stability of the global economy.

“China will enhance the stability of the global industrial chains and supply chains by strengthening key industries such as automobile and electronics. We will also make greater effort to supply the international market with bulk drugs and other products that will have an impact on the market, so as to further stabilize the global industrial chains and supply chains, as well as the global economy,” said Xin.

The vice minister believes that China’s economy will not lose its growing momentum due to the pandemic.

“In general, China has a large industrial scale, a complete industrial system, a huge domestic market, a sufficient policy space and significant institutional advantages. In the face of the pandemic, China’s economy has shown strong resilience and vitality to cope with the complex and severe situations. On the whole, the impact of the pandemic on China’s industrial economy is temporary and controllable, and will not change the basic trend of China’s continuous development,” said Xin.

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