4.9% GDP growth in Q3 reflects China’s confidence: Global Times editorial

Source: Global Times Published: 2020/10/19 21:33:40

China's GDP Data of Q1 2019 - Q3 2020 Infographic: GT

China's GDP grew 4.9 percent in the third quarter, bringing the growth in the first three quarters to 0.7 percent compared with a year ago. This is the first positive cumulative GDP growth since the outbreak of the novel coronavirus. Although the 4.9 percent is lower than the previously anticipated figure of 5.2 percent, forecasted by some institutions, it is widely regarded as an outstanding achievement. China's economy is steadily developing while casting off the impact of the epidemic. 

It is the inevitable result of China's achievements in its fight against COVID-19. China's pace in its coronavirus battle and economic recovery mirrors the country's capabilities. Our evaluation of the process comes, to a large extent, from a comparison with the outside world. 

A few tenths of 1 percent more or less growth does not play a significant role in Chinese people's mind. However, what's important is that there was frustration in the Chinese society in the initial stage of the epidemic, but we realized later that the country has actually done quite well. Some of our goals, which seemed very difficult to reach, have been achieved. 

China is a country which does not buckle under pressure and can fulfill its promises. 

The smooth achievement of the 4.9 percent growth and the 0.7 percent growth gave a strong boost to the confidence of the Chinese society again. There are still many unresolved problems in China's economy; however, the public is getting used to looking at things in China both vertically and in comparison with the rest of the world. This is a new dimension of thinking that has been formed in the Chinese society since the epidemic. There used to be very few people willing to think that way. Now it's becoming more of a mainstream thinking.

This probably means a lot to the Chinese society because it reflects that the maturity of our society is supported by a tremendous breadth of experience. Our previous evaluation standards were severely constrained by the West. But now it is obvious that China has the ability to do everything well. Some major and unprecedented comparability has emerged since the beginning of this year. It has helped the Chinese do a critical cleanup and shaped the coordinated work and evaluation systems.

Many Chinese were quite nervous when the US launched a trade war against China. However, the actual impact of the trade war is much smaller than we initially worried. The pressure of the US' decoupling has reached the peak so far. 

But increasingly, Chinese concerns have returned to the tactical level, and our strategic confidence has been refreshed. The new cold war initiated by the US against China would be troublesome, but few would find it scary any more.

The epidemic has brought losses to China but it has not caused internal injuries to us. Instead of aggravating a certain problem in China or tearing up the Chinese society, the epidemic has prompted us to find out problems and helped us achieve further growth by eliminating and alleviating these problems. Not a single problem has hindered us. From fighting the COVID-19 to restoring the economy, we have won every battle. The Chinese society has undoubtedly become more rational and united.

Indeed, many challenges still lie ahead. The achievements in the COVID-19 fight did not make the Chinese society blindly optimistic and proud. On the contrary, we have learned to remain vigilant to consolidate these achievements, find our shortcomings and make things better. These are the foundation for China to keep making progress during and after the COVID-19.

The economic growth of China, an economic large power, will benefit the global economy. The World Bank said in its latest report that China's economy is expected to grow by 2 percent in 2020, and the IMF has forecasted a 2020 global GDP contraction of 4.4 percent. If this is the case, it means that China will positively pull the global economy by more than 1 percent. We believe this will definitely have a positive impact on the international community's perception of China. All lies are vulnerable in the face of facts, including lies that smear China's role in the COVID-19 fight.

Posted in: EDITORIAL

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