China's rapid GDP recovery a buffer against COVID-19 fallout: FM
Published: Feb 08, 2021 05:23 PM

Chinese Foreign Ministry spokesperson Wang Wenbin. Photo: VCG

China's fast economic recovery of 2.3 percent GDP growth in 2020 provided the global economy with a buffer against the fallout from the COVID-19 pandemic and economic recession, China's Foreign Ministry said on Monday. 

The country's economic growth is expected to reach 8.1 percent this year, said the International Monetary Fund (IMF).

Wang Wenbin, a spokesperson for the Foreign Ministry, stated that China has always been and will continue to be an important engine driving the world economic recovery. China has a population of 1.4 billion, a workforce size of 900 million and 120 million market entities; it is also a hub of investment for companies across the world.

China was ranked No.1 with an FDI of $163 billion in 2020, according to the UN's latest report on global investment last month, eclipsing the US, attracting $134 billion investment, set against the backdrop of 42 percent yearly slump of cross-border investments in 2020 from the previous year. 

The confidence of foreign companies in the Chinese market has maintained stable. According to the German Chamber of Commerce in China, 77 percent of surveyed German companies believe that their operations in China will be significantly better than in any other market in 2021. 

In another report, around 82 percent of US companies also say that they will not shift their production out of China in the next three years.

"China's economy is deeply integrated into the world economy, and the connection will become even closer during China's new stage of development," Wang said on Monday, adding that China will always be a supporter of free trade and economic globalization, and will continue with the opening-up drive. 

 "China will continue to make trade and investment easier, while also improving the domestic business environment," Wang added.

Global Times