China's economy highly likely to achieve positive growth in 2020, will continue to consolidate global supply chain: Vice Premier
Published: Oct 22, 2020 12:51 AM

Infographic: GT

China's full-year positive economic growth is highly probable given the upward trend of major economic indicators including investment, imports and exports and consumption, Chinese Vice Premier Liu He said on Wednesday in Beijing. 

Due to the impact of the pandemic and other factors, the industrial supply chain has been disrupted, but "bad things are turning into good things," Liu said, noting that the business and the science and technology community have comprehensively improved their technological innovation capabilities, worked hard to resolve the country's technological problems, and promote industrial upgrading.

During the process, China will also continue consolidating the international supply chain, added Liu.

Economic figures have been better-than-expected in recent months: China's imports grew at their fastest pace this year in September, far above expectations, while exports continued to expand.

China's retail sales resumed growth in August for the first time in 2020. The country's official manufacturing PMI rose to 51.5 in September from 51 in August, continuing a seven-month growth trend.

Meanwhile, in the third quarter, China's GDP grew by 4.9 percent, bringing the growth in the first three quarters to 0.7 percent from a year ago.

As China's per capita GDP moves to a higher level, the middle-income groups have huge consumption potential in food, clothing, housing, education, and medical care. Investment is shifting toward these direction, Liu said, adding that a supply system that meets people's basic and high-quality demands is gradually being optimized.

Liu said China's financial system will continue to stick to an opening-up path in all-round way, adhere to market rules, rule of law and international law, and introduce more high-level international competitors in banking, insurance, securities, asset management and other fields to create a fair and competitive market environment.

China will also largely promote the development of clean energy, renewable energy and environmental-friendly industries in the future, according to Liu.