China’s economy is expected to recover gradually as the country achieves major anti-epidemic results and pro-growth policies take effect, said Fu Linghui, spokesperson for the National Bureau of Statistics.
The country’s economy was hit by the nationwide resurgence of COVID-19 cases in April, but the impacts are “short-lived and external”, Fu said.
“The fundamentals of the Chinese economy remain unchanged. The general trends of economic transformation and upgrading and high-quality development remain unchanged,” he said.
“There are many favorable conditions to stabilize the economy and achieve the expected development goals,” the spokesperson said.
With a very large market, complete industrial and supply chains, and huge domestic demand, the world’s second-largest economy has the resilience to weather all kinds of challenges.
Fu said that despite the impacts of the epidemic, grain and energy production maintained growth in the first four months, laying a solid foundation to fight the epidemic and promote economic recovery. In April, production of raw coal, crude oil and natural gas rose 10.7%, 4% and 4.7% year-on-year, respectively.
The market supply of foodstuffs and basic necessities was sufficient, with prices remaining stable. The consumer price index, the main gauge of inflation, rose just 2.1% year-on-year last month.
High-tech industries showed strong performance, with production of new energy vehicles and solar cells jumping 42.2 percent and 20.8 percent year-on-year in April.
China’s economy is expected to improve in May with the accelerated resumption of work and production in Shanghai and Jilin as well as the implementation of pro-growth measures, he added.
Looking ahead, China will strengthen its macroeconomic policy adjustment and mitigate the impacts of the epidemic to ensure the economy operates within an appropriate range, Fu said.