China’s economy maintains good momentum despite fluctuations – Xinhua

Photo taken on Jan. 14, 2021 shows a night view of Lujiazui in Pudong, east China’s Shanghai Municipality. (Xinhua/Fang Zhe)

BEIJING, May 12 (Xinhua) — Despite growing domestic and external uncertainties, China’s economy continues to grow with good momentum, an official told Xinhua in an interview.

“Although some indicators recorded short-term contractions mainly due to the COVID-19 hit, the fundamentals underpinning the stable development and good momentum of the economy remain unchanged,” said Sheng Laiyun, deputy chief. from the National Bureau of Statistics.

In particular, the country’s general trend towards economic modernization and high-quality development has not changed, he said.

China’s economy got off to a steady start in the first quarter of this year, with GDP growing 4.8 percent year-on-year after rising 4 percent in the fourth quarter of last year.

However, contracting demand, supply shocks and weakening expectations have weighed on the economy since March. Sheng said leveraging multipronged macroeconomic policies is key to minimizing the impact of COVID-19 and ensuring the economy operates within a reasonable range.

The country is committed to unwavering adherence to its dynamic zero-COVID policy to consolidate the hard-won results of prevention and control work, Sheng said.

He also insisted on stepping up pro-growth policies and showcasing efficient investments. “History has shown that expanding infrastructure investment is the most effective and fastest way out of short-term economic difficulties,” he said.

The amount of infrastructure per capita in China is only 20%-30% of that of developed countries, and its railway operating length per capita is less than 30% of that of the United States, showing great potential. infrastructure investment, Sheng said.

He also mentioned measures such as tax and fee reductions, deferment of payment of social security contributions and issuance of inclusive loans to strengthen market entities.

Noting the growing COVID-induced pressure on the labor market, Sheng stressed the importance of comprehensive and thorough implementation of pro-employment policies.

“With policies aimed at coordinating pandemic control with the entry into force of economic and social development, the impact of COVID-19 is expected to gradually ease,” Sheng said, citing positive signals already seen in countries. electricity production and consumption data.

Efforts must also be made to ensure stable supplies and prices, he said.

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