GDP in the first three quarters increased by 9.8% year-on-year, China injected certainty into the world economy

　　China injects certainty into the world economy

　　In the first three quarters, facing the complex and severe domestic and foreign environment, China's national economy continued to recover and develop, and the main macro indicators were generally within a reasonable range, fully demonstrating the resilience and vitality of China's economy, and laying a solid foundation for achieving the annual economic and social development goals.

The brilliant report card of China's economy has once again injected valuable certainty into the current world economy full of uncertainties.

　　Achieve the annual economic growth target

　　On October 18, the Information Office of the State Council of China held a press conference. Fu Linghui, spokesperson of the National Bureau of Statistics and Director of the Department of Comprehensive Statistics of the National Economy, introduced the overall situation of the national economy in the first three quarters of 2021.

According to preliminary calculations, the gross domestic product in the first three quarters was 8,23131 billion yuan, a year-on-year increase of 9.8% at comparable prices, and an average growth of 5.2% over the two years.

In terms of quarters, the third quarter increased by 4.9% year-on-year, and the two-year average growth rate was 4.9%.

　　The sustained growth of China's economy is undoubtedly eye-catching.

However, the focus of some Western media is that China’s GDP grew by 4.9% year-on-year in the third quarter.

　　In response to the bad faith of some Western media, the Russian Satellite News Agency pointed out in a review article, “Whenever there is a slight negative incident in the Chinese economy, Western politicians and the Western media following them will start to be happy. Talking about the coming crisis, or about the collapse of China’s economic miracle.” But, as the American economist and Nobel laureate Paul Krugman said, China’s collapse has been predicted for decades. .

But for some reason, none of this happened.

　　Of course, Western media also have to admit that China still has the ability to achieve the set goals.

In its report, CNN reported extensively on a series of challenges facing China's economy, but believed that China is still expected to achieve an annual economic growth target of more than 6%.

"The Wall Street Journal" Chinese website also reported that despite the slowdown in growth in the third quarter, economists generally believe that China's economy can achieve a growth target of more than 6%.

According to the report, “Last year when the epidemic caused a global economic slowdown, China’s economy grew by 2.3%, making it the only major economy that achieved economic growth. It is expected that China’s economy will grow by 8% or more this year. Chinese policymakers have formulated a relatively moderate GDP target for the whole year. This leaves more room for dealing with long-term problems in the economy."

　　Consumption and exports are the two big boosts

　　The Wall Street Journal noted that Fu Linghui, spokesperson for the National Bureau of Statistics of China, said at a press conference held by the State Council Information Office that in general, the national economy in the first three quarters has maintained a recovery trend, and structural adjustments have been steadily advancing. New progress has been made in high-quality development.

　　US "New York Times" analysis stated that at present, China's economic growth has two major contributors: one is the growth of retail sales.

In September, as China once again successfully contained sporadic outbreaks, families, especially wealthy families, resumed spending on restaurants and other services.

Compared with the same period last year, the total retail sales of consumer goods in September increased by 4.4%.

The second is strong exports.

China's exports have maintained strong growth in the third quarter, and exports in September increased by 28.1% year-on-year.

In fact, since China's effective control of the epidemic last spring, it has maintained a strong export momentum.

　　Agence France-Presse has also noticed some bright spots in China's economy, such as the total retail sales of consumer goods increased by 4.4% in September, and the urban unemployment rate has declined.

　　Deutsche News Agency noticed that China's export growth rate in September was higher than that in August, and the growth rate of 25.6% in August has exceeded experts' expectations.

The British Broadcasting Corporation reported that other major economies in the world are facing the continuing impact of the epidemic, which has caused a large number of international orders to be transferred to China, and China's foreign trade exports have continuously achieved double-digit growth.

The Bloomberg News website reported that China’s export volume hit a new monthly high in September due to strong demand before the end of the holiday and rising prices that surpassed the impact of power shortages across the country.

According to the report, exports have been the driving force behind the rebound of the Chinese economy from the epidemic, helping to offset weakness in domestic consumption.

Before the National Day holiday in early October, overseas demand for Chinese products remained strong, and buyers increased their orders before the traditional year-end shopping season.

Chang Jian, chief China economist at Barclays Bank of the United Kingdom, said that the trade data reflects "the continued strong global demand for Chinese goods."

External demand is providing support for the Chinese economy.

　　As the "Philippine Star" columnist Li Tianrong said, when the world faces economic difficulties due to the challenge of the epidemic, the Chinese economy still maintains a momentum of growth.

The economic data for the first three quarters of this year shows that China's economic fundamentals are healthy, economic restructuring has been fruitful, and economic development is full of resilience and vitality.

　　Generally optimistic about China's economic prospects

　　The latest "World Economic Outlook Report" published by the International Monetary Fund (IMF) predicts that China's economy is expected to grow by 8% in 2021.

This rate is not only higher than the global average growth rate, but also higher than the growth rate of major economies. It reflects the international community's optimistic view of China's economic growth prospects, and also shows that the Chinese economy has strong resilience and huge potential.

　　The Russian Satellite News Agency article emphasized that the absolute growth rate is no longer the top priority of the Chinese government, but more importantly the quality of life, which includes the effectiveness of social security, environmental and ecological conditions, and unemployment.

"Overall, consumption, exports, and infrastructure construction will become the main driving forces for growth, and no major fluctuations are expected.

　　Bambang Suryono, chairman of the Indonesian Asian Innovation Research Center, said that one of the highlights of China's economy in the first three quarters was the rapid growth of investment in high-tech industries.

A sound innovation foundation, government policy support, advanced infrastructure, high production efficiency and a complete industrial chain have provided China with good conditions for investment and development of innovative enterprises.

In the long run, this also constitutes the source of China's economic growth.

Fidelity International’s head of Asian securities affairs, Victoria Miau, also believes that the purchasing power of China’s middle-income groups continues to increase, and China’s economy is expected to maintain steady growth in the next ten years.

　　CNN recently reported that BlackRock, Goldman Sachs, Fidelity International and other well-known financial institutions are recommending customers to continue to "buy China."

Bloomberg believes that, including stocks and bond markets, global investment funds continue to flow into the Chinese market, highlighting China's "market gravity" and global investors' confidence in China's economic development.

According to estimates in the latest issue of the Global Financial Stability Report released by the IMF, China has attracted approximately US$180 billion in international capital inflows since 2020.

　　As the Associated Press reported, China remains one of the strongest growth countries in the world.

Zhang Hong