Five key Chinese economy phrases in 2021
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E-mail Xinhua, January 10, 2021
The Chinese economy showed strong resilience and a robust rebound amid COVID-19. It not only made China the only major economy worldwide with positive growth in 2020 but also injected impetus into the global economic recovery.
The growth momentum should continue into 2021, with increased green development, sci-tech innovation, and an industrial production rebound. It will bring more opportunities for the world, analysts said.
The following are five key phrases that offer a glimpse into the outlook of the Chinese economy in 2021.
STRONG RECOVERY
China's economy is likely to return to its normal growth trajectory this year. It marks a good starting point for economic progress in the country's 14th Five-Year Plan period, analysts said.
A slew of counter-cyclical adjustments on addressing the COVID-19 economic fallout achieved remarkable results in 2020. It led to economic indicator growth, pickups in industrial activities, and resumption in services sectors, according to a blue paper released by the Chinese Academy of Social Sciences (CASS).
China's economy is likely to further stabilize and achieve high-quality growth in 2021 and beyond, given favorable conditions such as a massive domestic market and rising urbanization rate.
It is feasible for China to double the size of its economy or per capita income by 2035, as long as economic growth stays at an appropriate level and the renminbi exchange rate against the U.S. dollar is stable. So said Wang Hongju, a researcher with the CASS.
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