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ECONOMY

Wed 15 Mar 2023 8:27 pm - Jerusalem Time

The resilient Chinese economy is injecting more positive energy into the global recovery

PHNOM PENH (Xinhua) -- Cambodian experts said China's resilient economy is injecting more positive energy into the global economic recovery in the post-COVID-19 era.


The Chinese economy maintained its recovery trend in July, with major economic indicators recording steady growth despite the occurrence of COVID-19 outbreaks and local heat waves.


China's value-added industrial output rose 3.8 percent year on year in July and 0.38 percent in June, data released by China's National Bureau of Statistics revealed Monday.


Official data showed that retail sales of consumer goods in China rose 2.7 percent year on year last month, with sales of consumer goods such as jewelry and home appliances expanding rapidly.


Ken Viya, Director General of the Institute of International Relations at the Royal Cambodian Academy, said that China's economy remains resilient despite the effects of the COVID-19 pandemic and high global inflation, thanks to its effective measures to combat the pandemic and its economic policies and measures that support growth.


"With the implementation of a series of economic stimulus measures, I expect the Chinese economy will continue to rebound strongly in the second half of this year, supported by continuous increases in industrial production and consumption as well as innovation," he told Xinhua.


"The resilience of the Chinese economy is not only a great blessing for China itself, but also for the rest of the world because China has become a stabilizing factor for global supply chains since the beginning of the COVID-19 pandemic," he added.


Fella said the sustained and stable recovery of the Chinese economy gives impetus to the recovery of the global economy.


"China has been a locomotive of global growth for decades, and there is no doubt that the world's second largest economy will remain an important engine of global growth in the coming decades," he said.


Official data showed that China's gross domestic product expanded by 2.5 percent in the first half of this year, and the country's foreign trade of goods jumped 10.4 percent year on year to reach 23.6 trillion yuan (about 3.5 trillion U.S. dollars) from January to January. July this year.


Joseph Matthews, a senior professor at Bielti International University in Phnom Penh, said China's strong trade growth clearly reflects the recovery of global trade and economy.


"This growth also proves that China has opened its market wider to the world and actively participated in international trade even during the pandemic," he told Xinhua.


Matthews added that China contributes significantly to global economic development through the Belt and Road Initiative, Digital Silk Road, Green Economy, and Blue Economy, among others.


He pointed out that "the only way to return the global economy to the pre-pandemic level is to work together as one global economy and one global market."


Thong Mingdavid, a research fellow at the Phnom Penh-based Institute of Asian Vision, said the strong growth of Chinese exports resulted from the rapid recovery of Chinese industries.


"The strong growth of Chinese exports has not only benefited China itself, but also contributed to the promotion of global development and prosperity," he told Xinhua.

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The resilient Chinese economy is injecting more positive energy into the global recovery

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