{"id":98,"date":"2020-08-03T06:17:25","date_gmt":"2020-08-03T06:17:25","guid":{"rendered":"http:\/\/ktm.resham.info.np\/?p=98"},"modified":"2020-08-04T13:39:38","modified_gmt":"2020-08-04T07:54:38","slug":"the-shock-of-the-epidemic-is-temporary-the-long-term-prospects-for-chinas-economy-remain-outstanding","status":"publish","type":"post","link":"https:\/\/english.kathmandupati.com\/?p=98","title":{"rendered":"The shock of the epidemic is temporary; the long-term prospects for China\u2019s economy remain outstanding"},"content":{"rendered":"

Hou Yanqi, Chinese Ambassador to Nepal<\/strong><\/p>\n

Since the outbreak of the new coronavirus pneumonia, acting with a high sense of responsibility to the health of the Chinese people and the people around the world, the Chinese government has taken the most comprehensive and rigorous control measures, including extending the Spring Festival holidays, postponing the re-opening time of companies, cancelling the international group tours, implementing traffic control, encouraging people to refrain from going out and gathering together.\u00a0 Those prevention and control measures are now yielding positive changes.\u00a0 There is a worry that those quarantine measures will have repercussions on consumption and some forces even take this opportunity to smear and bad-mouth the prospect of China\u2019s economy.\u00a0 It is true that the prevention and control measures will inevitably have severe impacts on those industries, and bring certain negative influences on the short-term economy of China.\u00a0 That\u2019s the great sacrifice that China has made for the regional and global public health.<\/p>\n

<\/div>\n

\u00a0\u00a0\u00a0\u00a0 However, while it is the top priority of the Chinese government to contain the epidemic, development of the economy is of equal significance for us.\u00a0 Tight prevention and control measures are the important foundation for steady development of the economy, abundant\u00a0economic\u00a0basis of China is the vital guarantee for winning the fight against the epidemic.\u00a0 At present, the resumption of production in all over China except for Hubei province is underway.\u00a0 According to the statistics of the National Development and Reform Commission,\u00a0a<\/u>bout 94.6% of the country\u2019s major grain production and processing firms have resumed production. \u00a0\u00a0In response to the temporary shock of the epidemic, the Chinese central government has taken a series of specific fiscal and financial policies to support the relevant industries, especially the small and medium-sized enterprises (SMEs) and private companies.\u00a0 The People\u2019s Bank of China has intensified counter-cyclical adjustment, injected a total of 1.7 trillion yuan of liquidity to the market through open market operations, and set up a special loan that has provided relending funds of 300 billion yuan, which will implement preferential interest rates to the SMEs and private enterprises to reduce their financial costs and economic burden.\u00a0 Many local governments and relevant institutions have also introduced polices to cut taxes and rents to help the SMEs and private enterprises overcome the difficulties.\u00a0 After experiencing a short-term fluctuation, the stock and exchange\u00a0r<\/u>ate markets have returned to normal, which fully demonstrated investors\u2019 confidence in the Chinese government\u2019s ability to control the epidemic and China\u2019s future economic growth.<\/p>\n

\u00a0\u00a0\u00a0\u00a0 China\u2019s economy has strong resilience and great potential.\u00a0 The foundation for its long-term and high-quality growth could not be weakened by the outbreak of this epidemic.\u00a0 It\u2019s worthy to note that the demand constrained by this epidemic will not \u00a0disappear, but just be postponed. \u00a0In retrospect, the economic growth in the second quarter of 2003 was affected by SARS, but it rebounded in the third quarter as soon as the pandemic disappeared, and the annual economic development targets were well achieved.<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Now, the foundations of the Chinese economy are more solid than those in 2003, with its GDP totaled more than 14 trillion USD and GDP per capita more than 10,000 USD.\u00a0 China has a domestic market composed of 1.4 billion people, a labor force with more than 900 million people, a middle income group with over 400 million people, and a well-educated and skilled talent team with more than 170 million people.\u00a0 China is the only one country in the world to host all industrial categories of the United Nations industry classification system.\u00a0 These factors that support China\u2019s economic growth will by no means be knocked down by an epidemic.\u00a0 What is more, although the epidemic has caused certain temporary impacts on some traditional industrial sectors, it also further stimulate the development of emerging industries such as online working, distance learning, online entertainment and etc, which will \u00a0produce new growth points for the high-quality development of the Chinese economy.\u00a0 We fully believe that China\u2019s economy will get back to the track of steady development soon and even have a compensatory rebound after the epidemic.\u00a0 China\u2019s role as the leading engine of the global economic growth and its important position in the world economy will not be fundamentally affected.<\/p>\n

\u00a0\u00a0\u00a0\u00a0 In the era of economic globalization, all countries have a shared future.\u00a0 China is the second largest economy in the world and an\u00a0indispensable\u00a0link in the global\u00a0industrial\u00a0chain.\u00a0 If the Chinese economy is severely damaged, there will inevitably be spillover effects on other countries.\u00a0 Politicizing the epidemic and bad-mouthing China\u2019s economy will only exacerbate unnecessary disturbances and negative impacts on the world economy and hurt oneself as well as others.\u00a0 All measures taken by the Chinese government to fight against the epidemic and boost the economy is not just for itself, but for the interests of the whole world.\u00a0 This fully demonstrate China\u2019s leading role as a major country in shouldering responsibility, contrasted sharply with some self-serving countries, which has been highly appreciated by the international community.\u00a0 International Monetary Fund Managing Director Kristalina Georgieva expressed her support to China\u2019s recent fiscal, monetary, and financial actions and her confidence in the resilience of China\u2019s economy.\u00a0 \u00a0The World Bank noted that China\u2019s efforts have effectively reduced the risks the world economy may be exposed to.\u00a0Economist from many countries also agreed that China\u2019s economy will maintain strong\u00a0endogenous growth\u00a0momentum, the basic trend of its long-term steady and sound growth will not be changed.\u00a0 International financial institutions gave their votes of confidence for China\u2019s economy by\u00a0including Chinese A-shares to FTSE Global Equity Index Series on time and increasing buying in China\u2019s capital market.<\/p>\n

\u00a0\u00a0\u00a0\u00a0 A friend in need is a friend indeed. \u00a0Since the outbreak of the epidemic, the Nepali government and friendly people from all walks of life have expressed support for China\u2019s efforts to fight against epidemic by sending letters of sympathy, donating materials and etc. \u00a0These actions have won a warm response from China, and more Chinese people feel moved by the love across the Himalayas. \u00a0Relevant departments of the two countries have maintained close communication and cooperation, strengthened joint prevention and control, and taken practical measures to protect the health of citizens of the two countries. All these fully reflect the multiple dimensions of China-Nepal Strategic Partnership of Cooperation Featuring Ever-lasting Friendship for Development and Prosperity and the profound friendship between the two peoples.<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Due to actions to fight against the epidemic, people exchanges between China and Nepal have been inevitably affected. \u00a0Many people who returned to China to celebrate the Spring Festival found difficulty in coming back to Nepal on time, which has led to the suspension of some cooperation projects between the two countries. \u00a0The reduction of Chinese outbound travel tour may also make it more difficult for Nepal to meet its target of receiving Chinese tourists in the Visit Nepal 2020. \u00a0But these temporary measures also help protect Nepal from the spread of novel coronavirus pneumonia and create a safe environment for more tourists from other countries to visit Nepal. \u00a0We believe that when the fight against epidemics is arriving at the positive turning point and the ultimate victory will be achieved, these projects will gradually resume work and production in an orderly manner, and the number of tourists coming to Nepal will steadily recover and grow. \u00a0The pace of China-Nepal friendly cooperation will not be delayed by the epidemic.\u00a0 The experience of jointly fighting the epidemic will further consolidate our friendship and inject new impetus to China-Nepal relation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hou Yanqi, Chinese Ambassador to Nepal Since the outbreak of the new coronavirus pneumonia, acting with a high sense of responsibility to the health of the Chinese people and the people around the world, the Chinese government has taken the most comprehensive and rigorous control measures, including extending the Spring Festival holidays, postponing the re-opening […]<\/p>\n","protected":false},"author":2,"featured_media":136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-98","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion"],"acf":[],"yoast_head":"\nThe shock of the epidemic is temporary; the long-term prospects for China\u2019s economy remain outstanding - KathmanduPati<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/english.kathmandupati.com\/?p=98\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The shock of the epidemic is temporary; 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