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China's sustained economic recovery
Statistics from the National Bureau of Statistics show that China's economic growth rate reached 4.9% in the third quarter and turned positive to 0.7% in the first nine months. In addition, the consumption growth rate in China has also started to turn positive, the investment in fixed assets is also improving, and the income of residents is gradually increasing. In this regard, economic expert Yu Ze said that there were two main reasons why China's economy turned positive in the first three quarters: on the one hand, China's scientific handling of the epidemic successfully got rid of its impact on the economy. On the other hand, China's economic resilience is very strong, which is mainly due to the perfection of China's production system and the largest market, and the timely regulation of the government, which makes the production and consumption cycle in China develop healthily and steadily. He also said that in the process of China's economic development from negative to positive, China's economic market environment remained in a good state, and the PMI data was above the threshold for seven consecutive months. In addition, foreign investors are optimistic about the China market and have increased their investment in China. In addition, since August, the development momentum of small enterprises in China has gradually improved, driving China's economy to pick up in an all-round way. In fact, China's economic recovery policy has been adjusted. Before May, China's economy mainly relied on the government's support for enterprises and the adjustment of monetary policy to stimulate the economy. After May, domestic industries recovered, the internal economic cycle began, and the domestic market began to recover. Although the economy has gradually improved, the cyclical and structural problems of the economy have not changed.
Consumption in China has been greatly reduced under the epidemic situation.
Last year, there was a great downward pressure on China's economy, mainly due to a large reduction in consumption and manufacturing investment. In 20 19, China's GDP driven by consumption was only 3.53%, down 1.47% from the previous year. At that time, China's economic growth was mainly in real estate and infrastructure, but with the impact of the epidemic, these two aspects were also seriously affected. However, consumption is rising rapidly at present. Because migrant workers can't go out to work during the epidemic, their income drops and their consumption decreases. After August, migrant workers began to go out to work, and with a stable income, their consumption began to increase rapidly. Moreover, under the influence of the epidemic, the consumption of middle-income groups has also declined seriously, and their spending power has also improved.
Although China's economy continues to recover, it has not got rid of cyclical and structural problems. Therefore, China needs to constantly adjust its development model in the process of economic recovery, upgrade its economic model under the leadership of the government, and develop into a high-tech industry.