Xinhua Headlines: Steady Chinese economy making difference in rapidly changing world

Source: Xinhua| 2019-12-27 21:16:51|Editor: huaxia
Video PlayerClose


China has been a major growth engine for the world economy and its economic health has global significance. China's growth rate, though slowing, is still within the target range. A closer relationship would mean more opportunities and benefits for China and the rest of the world.

by Xinhua writers Zheng Xin, Xu Xiaoqing and Hu Wenjia

SHANGHAI, Dec. 27 (Xinhua) -- The world is undergoing profound changes unseen in a century, with people lamenting the uncertainties and the difficulty to fathom what the future has in store.

The Chinese leadership, having incorporated the concept of "unseen changes" into its decision-making, is sober-minded about the undercurrents: the global economy continues to slow down, the world is still undergoing in-depth adjustments due to the global financial crisis, profound changes are accelerating, and sources of turbulence have substantially increased.

The year-end tone-setting Central Economic Conference painted a clear picture of the challenges, prioritized economic stability, and pledged a stronger policy repertoire toward finishing the building of a moderately prosperous society in all respects in 2020 and beyond.

Experts said they believe it would be a mistake to ignore the profound changes, which are important for the Communist Party of China's approaches to so many issues and understanding the opportunities the Party sees for the country.

Aerial photo taken on Oct. 16, 2019 shows the automated wharf of the fourth phase of the Yangshan Deep Water Port of east China's Shanghai. (Xinhua/Ding Ting)

LULL IN THE CHINA BOOM?

Some profound changes have been felt globally in the sphere of economic activities. The International Monetary Fund (IMF) has repeatedly downgraded its global growth forecast for 2020, citing a sharp deterioration in manufacturing activity and global trade, with higher tariffs and prolonged trade policy uncertainty damaging investment and demand for capital goods.

As the growth outlook became gloomier, emerging and developing economies are less well-positioned today to withstand a deeper global downturn, should it occur, than they were before the 2009 global recession, according to a new World Bank Group study.

Since the financial crisis a decade ago, emerging and developing economies have become "more vulnerable" to external shocks in an environment of "mounting debt and weakening long-term growth prospects," the study found.

Rodrigo Zeidan, an associate professor of business and finance at New York University Shanghai, said one aspect of the profound changes is the process of de-globalization fueled by exacerbated nationalism and protectionist trade policies.

"This has profound implications for how China manages its economic relationships with the rest of the world," he told Xinhua in an interview, noting that the profound changes could also make avoiding the middle-income trap to achieve high-income fully-developed status more challenging for China.

China is seeing a slower growth rate as it steps up economic restructuring. The country is transforming from high-speed growth to high-quality growth, no longer driven by manufacturing but by consumption and the service sector, with more investment into innovation and technology.

People watch welding robots operating at the equipment exhibition area during the second China International Import Expo (CIIE) in Shanghai, east China, Nov. 6, 2019. (Xinhua/Fang Zhe)

"It's crucial for China's economy to move up in the technological chain and in the value chain, so we are focusing on economic restructuring, and China's growth rate has slowed down in the process," said Zhang Weiwei, director of the China Institute of Fudan University in Shanghai.

"Given the sheer size of China's economy, a dip in growth rate is no cause for heightened worries over the stable economic trajectory," Zhang said, adding that doomsayers targeting China's economy should pay more attention to the quality of growth and how the nation stands at the forefront of the new round of technological revolution.

Voicing her confidence in China's future growth amid low global economic growth, IMF Managing Director Kristalina Georgieva said the measures that the Chinese government had taken to prop up the economy, including tax and fee cuts, small trims in interest rates and supply-side structural reforms would be good for growth today and also competitiveness in the future.

Kristalina Georgieva, chief of the International Monetary Fund (IMF), delivers a speech in Washington D.C., the United States, Oct. 8, 2019. (Xinhua/Liu Jie)

SOURCE OF CERTAINTY

"The profound changes include positive changes, negative changes, and changes with uncertain prospects and uncertainties," said Long Yongtu, China's former chief negotiator for entry into the World Trade Organization. "The most positive change, in my view, is the rise of China."

Commenting on how China will cope with the challenges ahead, Long said: "Facing the turbulent situation, our government and enterprises need to maintain their resolve, especially when it comes to opening up."

He noted that the Chinese government remains committed to further opening up amid de-globalization, with the annual China International Import Expo and joint building of the Belt and Road Initiative enhancing the engagement between China and the world.

Zhu Xian, vice president of the New Development Bank, said: "China's reform and opening-up have catapulted the country to a highly competitive manufacturing base in the global industrial chain, and further reform and opening-up will enable China to achieve long-term stable and sustainable development."

China has been a major growth engine for the world economy and its economic health has global significance. China's growth rate, though slowing, is still within the target range. A closer relationship would mean more opportunities and benefits for China and the rest of the world.

Aerial photo taken on Oct. 16, 2019 shows the Yangshan Deep Water Port of east China's Shanghai. (Xinhua/Ding Ting)

According to a research report by McKinsey Global Institute, China has achieved a global scale in many sectors, and a great deal of value could be at stake depending on whether there is more or less engagement.

China's rapidly expanding consumer market -- confident, increasingly rich and sophisticated, and willing to experiment -- offers a strong link between China and the world. It is not only the prime engine for economic growth but is a huge opportunity for international businesses, according to the report.

"More engagement could see China importing more from the rest of the world, greater two-way flows of technology, and a more competitive Chinese services sector," the report said, adding that better integration will also increase the possibility of reaching a consensus in addressing key global issues.

The year ahead will see China implement a slew of new measures to bolster opening up. The reduction of import tariffs on more than 850 products is set to take effect from Jan. 1, 2020, and the foreign investment law will take effect on the same day to provide a more business-friendly environment.

"We believe that economic globalization is irreversible. The more you keep opening up and embrace this trend, the better," said Zhang Weiwei. ■

(Video reporters: Di Chun, Hu Wenjia; Video editor: Chen Sihong)

KEY WORDS:
EXPLORE XINHUANET
010020070750000000000000011102121386619901
凤凰彩票 大发app 凤凰彩票app 乐发iv游戏平台 凤凰彩票大厅 乐发彩票 乐发彩票app下载 大发彩票 乐发v官网 乐发lll 乐发lv入口 乐发iv首页 乐发ll登录 凤凰彩票大厅 乐发官网 乐发ii下载入口 乐发ll 乐发v平台 乐发v官网 乐发lll 乐发lv入口 乐发iv首页 乐发ll登录 乐发lv 乐发lll安装 乐发lv 乐发登录入口 乐发iv游戏平台 凤凰彩票登录 网信彩票 彩神 彩神彩票官方网站 彩神彩票官网首页 彩神官方app下载安卓版 凤凰彩票登录 彩神v3 凤凰彩票app下载 彩神官方app下载安卓版 网信快三 一分快3 快三彩票购彩平台 凤凰彩票官方 快3官网 网信彩票 快3app 网信彩票平台 百姓彩票平台 网信平台官网 快3app下载 百姓彩票 每日彩票 快3app 百姓彩票 每日彩票 快3app 百姓彩票平台 幸运5分彩快3 快3彩票app下载 百姓彩票网站网址 大发10分PK10 快3下载 网信彩票平台 网信平台官网 快3彩票官网app 凤凰彩票官方 彩神彩票 大发10分PK10 彩神v3 大发彩票app下载 百姓彩票网站网址 彩神购彩平台 每日彩票 官方正规快三彩票平台 彩神彩票购彩平台 百姓彩票 凤凰彩票购彩平台 凤凰彩票app下载 彩神官方app下载安卓版 网信快三 一分快3 快三彩票购彩平台 凤凰彩票官方 彩神彩票 大发10分PK10 彩神v3 凤凰彩票登录 乐发lv 乐发∨Il 百姓彩票网站网址 乐发彩票 乐发彩票官方网站 乐发lll安装 百姓彩票网站网址 凤凰彩票app下载 大发10分PK10 乐发2 乐发app 凤凰彩票 大发彩票app 乐发登录入口 乐发ll登录 乐发v官网 乐发官网 大发彩票app下载 凤凰彩票购彩平台 彩神彩票 官方正规快三彩票平台 一分快3 百姓彩票网站网址 凤凰彩票app下载 大发10分PK10 乐发2 乐发app 凤凰彩票 大发彩票app 乐发登录入口 乐发ll登录 乐发v官网 乐发官网 大发彩票app下载 凤凰彩票购彩平台 彩神彩票 官方正规快三彩票平台 1分快三平台 百姓彩票平台 凤凰彩票登录 幸运5分彩快3 彩神 乐发彩票 乐发 大发彩票 乐发iv游戏平台 乐发lv 乐发lll 乐发ii下载入口 乐发彩票官方网站 凤凰彩票官方网站 凤凰快3 彩神彩票官网首页 1分快三平台 百姓彩票平台 凤凰彩票登录 幸运5分彩快3 彩神 乐发彩票 乐发 大发彩票 乐发iv游戏平台 乐发lv 凤凰彩票app 乐发app 网信彩票平台 网信彩票平台 乐发iv游戏平台 凤凰彩票app 乐发lv 乐发彩票app下载 凤凰彩票app 网信彩票平台 乐发彩票app下载 乐发lv 乐发app 大发彩票安卓下载 大发彩票安卓下载 大发彩票 乐发彩票app下载 网信彩票平台 乐发iv游戏平台 彩神彩票 乐发彩票中心 极速快3彩票平台 人人快三凤凰 大发彩票app 大发彩票大全 乐发彩票 彩神彩票官方网站 乐发app 酷天堂彩票平台 凤凰彩票app下载 凤凰彩票大厅 凤凰彩票app 极速快3彩票平台 凤凰彩票 凤凰快3 乐发ll官网 乐发彩票中心 正规快三送彩金平台 凤凰彩票官方 乐发ll 乐发 网信彩票 彩神彩票 彩神彩票官方网站 大发彩票app 网信彩票用户 百姓快三 百姓彩票平台 乐发lv 乐发彩票app下载 彩信平台 网信彩票 乐发彩票官方网站 乐发∨Il 人人快三凤凰 凤凰彩票 凤凰快3 乐发ll官网 乐发彩票中心 正规快三送彩金平台 凤凰彩票官方 乐发ll 乐发 网信彩票 彩神彩票 彩神彩票官方网站 人人快三凤凰 乐发彩票 彩神彩票 乐发iv游戏平台 乐发彩票 大发彩票中心 凤凰彩票登录 凤凰彩票app 彩神彩票 大发彩票 乐发ll 大发彩票app 凤凰快3 凤凰彩票 彩神彩票 乐发ll 凤凰彩票 乐发lll 凤凰彩票大厅 网信彩票 彩神彩票 乐发lv 快盈彩票 乐发彩票官方网站 盈彩网投资平台 大发官网 一分时时彩 乐发lv 快3平台 凤凰快3 乐发ll 全民彩票 乐发彩票官方网站 百姓彩票 乐发彩票 大发彩票 极速快3 乐发app 大发官网 乐发lll 快3平台 凤凰快3 乐发ll 全民彩票 乐发彩票官方网站 百姓彩票 乐发彩票 大发彩票 极速快3 乐发app 彩神iv 大发彩票app 大小单双平台 一分pk10 乐发lv 快盈彩票 乐发官网 快彩彩票 百姓彩票 凤凰彩票大厅 网信彩票 乐发彩票中心 网信快3 乐发 彩神xl 三分快3 大发彩票 大发官网 乐发lll 快3平台 凤凰快3 乐发ll 全民彩票 乐发彩票官方网站 百姓彩票 乐发彩票 乐发彩票官方网站 大发彩票 乐发 分分快3 彩神vl 55世纪 55世纪 凤凰快3 乐发彩票 乐发lv welcome凤凰彩票 乐发ll 1分快3 彩神 彩神ll 1分快3官网 1分快3的平台 welcome凤凰彩票 三分快3 彩神x 彩神vl 凤凰彩票 彩神xl 大发彩票 凤凰彩票大厅 乐发官网 乐发ll 乐发lll 乐发lv 大发彩票app 大发彩票 乐发 乐发彩票 乐发彩票中心 凤凰快3 乐发彩票 彩神xl 腾讯快3 大发彩票 彩神xl 大发彩票 乐发彩票 大发彩票app 快3平台 乐发 1分快3 乐发彩票 彩神x 凤凰快3 彩神xl 彩吧助手 大发彩票app 快3平台 大发排列3 彩神iv 彩神vl 乐发IV 彩神x 一分pk10 大发排列3 乐发lv 快3彩票 乐发app下载 三分快3 快三平台助手 乐发彩票ll 彩神iv 乐发lll下载 盈彩网投资平台 乐发Ⅲ 一分pk10 凤凰彩票 乐发Vll 大发官网 乐发ll 大发彩票 乐发1 凤凰快3 彩神vl 乐发lx 百姓彩票 乐发VI 彩神x 乐发IV 极速快3 乐发 凤凰快3 网信快3 乐发lv 快3彩票 乐发app下载 三分快3 快三平台助手 乐发彩票ll 彩神iv 乐发lll下载 盈彩网投资平台 乐发Ⅲ 凤凰彩票大厅 乐发lv 乐发lv 乐发lv 凤凰彩票 大发彩票 大发彩票 凤凰彩票 乐发lv 凤凰彩票 凤凰彩票 乐发lv 乐发ll 凤凰彩票app下载 凤凰彩票 凤凰彩票 乐发lv 乐发ll 凤凰彩票app下载 凤凰彩票 凤凰彩票 乐发lv 彩神x 乐发 乐发ll 极速快3 乐发lv 乐发彩票中心 快3彩票 凤凰彩票大厅 彩神x 凤凰彩票app 分分快3 网信彩票 网盟彩票 凤凰彩票 百姓彩票 乐发 快彩彩票 乐发彩票 快3平台 百姓彩票 大小单双平台 凤凰快3 彩神xl 一分pk10 乐发lv 三分快3 大发彩票 乐发彩票 快3平台 百姓彩票 大小单双平台 凤凰快3 彩神xl 一分pk10 乐发lv 三分快3 大发彩票 极速快3 乐发ll 网信彩票 乐发lv 全民彩票 凤凰彩票app下载 快盈彩票 大发彩票app 大发官网 凤凰彩票 彩神iv 大发彩票 网信快3 凤凰彩票 百姓彩票