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Other CategoriesSince the beginning of this year, the epidemic has spread globally, and the economies of all countries in the world have been affected to varying degrees. In the past, economic recessions were generally local and regional. The impact of this epidemic is global, and developed countries, emerging markets, developing countries, and least developed countries are all involved. The latest report issued by the International Monetary Fund in October predicts that the global economy will decline by 4.4% in 2020. Recently, the epidemic situation in many overseas countries has rebounded, and the post-epidemic changes are still unclear. There is great uncertainty about the impact of the epidemic on the global economy.
The positive growth that China's economy took the lead to recover has provided a "booster" for the development of the world economy, demonstrating the strong resilience, rapid recovery capability and vigorous vitality of China's economy. Statistics from the National Bureau of Statistics of China show that China's GDP grew by 0.7% in the first three quarters, and the cumulative growth rate has changed from negative to positive. In addition, the International Monetary Fund’s report predicts that China’s economy will grow by 1.9% in 2020, making it the only major economy in the world to achieve positive growth; the World Bank’s report predicts that China’s economic growth will reach 2% in 2020 and China’s economic growth will reach 2% in 2021. The economic growth rate will be as high as 7.9%. It can be seen that in the context of a sharp decline in world economic growth and a general downturn in major economies, the Chinese economy will become the main support for the recovery of the world economy.
China is the world's most potential big market——
According to the new development of the domestic and international situation, China adheres to the strategic basis of expanding domestic demand, bases itself on the domestic cycle, exerts its comparative advantages, coordinately promotes the construction of a strong domestic market and a strong trading country, uses the domestic cycle to attract global resource elements, and makes full use of both domestic and international The two resources of the market make the domestic market the main source of final demand. In other words, the volume of the Chinese market and the scale of demand will become larger and larger, which lays the foundation for the further sharing of the "Chinese market" by countries around the world. From a realistic point of view, China has a population of 1.4 billion and a middle-income group of more than 400 million. It is the world's most potential big market. Since the "13th Five-Year Plan", the average contribution rate of China's consumption to economic growth has been over 60%, becoming the main driving force for economic growth, and the scale of the consumer market ranks among the top in the world. In 2019, China's urbanization rate exceeded 60%, and nearly 850 million people have worked and lived in urban areas. China's huge domestic market potential provides development opportunities for countries around the world.
China’s imports are an important channel for countries around the world to share the Chinese market——
China's economy took the lead in recovering, economic operations continued to recover steadily, and the increase in production capacity and consumption levels created huge export market space for countries around the world. As of 2019, China has been the world's second largest importer for 11 consecutive years and has become the largest trading partner of more than 120 countries and regions. In 2020, facing the raging epidemic, China took the lead in resuming work and production, which led to a rebound in imports. The total value of imports in the third quarter hit a quarterly record high of 3.88 trillion yuan, a year-on-year increase of 4.3%. China continues to expand the scope of imported goods. In the first three quarters of this year, 5,965 foreign registered enterprises were newly approved, and imports of important agricultural products and food such as meat, grain, aquatic products, and fruits were increased. Meat and grain imported 162.65 billion yuan and 2533.6 respectively. 100 million yuan, an increase of 87.3% and 20.7% respectively year-on-year, providing a huge market space for exporters from all over the world. Data released by the World Trade Organization show that from January to July 2020, China’s international market share of imports was 11.3%, an increase of 0.8 percentage points year-on-year and a record high. It is estimated that the cumulative import of goods in the next 10 years is expected to exceed US$22 trillion, and China's service imports are expected to reach US$2.5 trillion in the next five years.
China will unswervingly open the market in an all-round way——
Compared with the past, the characteristics of China’s market opening have evolved from a key opening of factor markets to opening both factor markets and product markets. The gradual increase in the scale of consumer goods imports will be a significant feature. From the perspective of opening-up policy, China will persist in opening wider, wider areas, and deeper levels, relying on the advantages of the big market to promote international cooperation and achieve mutual benefit and win-win results. From the perspective of opening-up measures, China continues to optimize the environment and provide multiple platforms for countries around the world to better share the "Chinese market". China continues to improve the level of trade facilitation, continuously lowers import tariffs on certain commodities, drastically reduces the institutional costs of import links, continues to optimize the business environment, promotes the interconnection of infrastructure in countries along the “Belt and Road”, and accelerates free trade in the pilot free trade zone and Hainan free trade In port construction, we will continue to deepen bilateral, multilateral and regional cooperation, hold the China International Import Expo, and cultivate a number of import trade promotion innovation demonstration zones.
Generally speaking, during the "14th Five-Year Plan" period, China will uphold the beliefs of openness, cooperation, unity, and win-win, unswervingly expand opening up in an all-round way, and more efficiently realize the interconnection of internal and external markets and the sharing of factors and resources, so that the Chinese market Become the world's market, shared market, and everyone's market, inject more positive energy into the international community, and contribute "Chinese power" to the recovery and development of the world economy.
(The author is a professor at the School of Economics and Business Administration, Beijing Normal University)
