Chinese economy will undoubtedly reward optimists handsomely: Global Times editorial
Published: Jul 25, 2023 11:47 PM Updated: Jul 25, 2023 11:43 PM
Stock market Illustration: VCG

Illustration: VCG

The Political Bureau of the CPC Central Committee convened a meeting on Monday to set the tone for the economic work in the second half of the year. China and overseas markets responded positively and promptly to the significant signals it released. On Tuesday, the CSI 300 Index surged by 2.89 percent, and the Hang Seng Index rose by 4.1 percent. Notably, the real estate and technology stocks performed impressively. At the same time, Chinese concept stocks listed in the US soared with the Nasdaq Golden Dragon China Index climbing 4.3 percent, achieving the largest increase in five months. The offshore yuan to US dollar exchange rate continued to rebound, and Asian stock markets also rose significantly. These developments are a direct and preliminary reflection of market confidence. We also believe that as relevant policies continue to be implemented, confidence will continue to rise, leading to significant reverberations in the Chinese society and the world.

The meeting on Monday provided direction for the current economic work at the highest level. The general perception from this meeting was that it had a lot of substantial content. The conference did not shy away from addressing the "new challenges" faced in the current economic operations, explicitly pointing out issues such as insufficient domestic demand and operational difficulties for some enterprises. It outlined specific policy directions, including "vitalizing the capital market to boost investors' confidence," "expanding consumption by increasing residents' income," and "adjusting and improving the related policies in China's real estate market in a timely manner."

It must be said that the meeting comprehensively, timely, and profoundly addressed the major concerns of society in its top-level design. By adhering to the principles of seeking truth from facts and problem orientation, it keeps the Chinese system full of vitality and dynamism.

The overall judgment of the CPC Central Committee on the current economic situation and the subsequent economic work deployment aligns with the feelings and expectations of the Chinese people. This unity paves a solid foundation for the entire Chinese society to come together and unleash its vigorous creativity in overcoming challenges. People have noticed that this meeting of the Political Bureau of the CPC Central Committee specifically encourages practical actions and real results. For example, it encourages enterprises to delve into new areas, make investments and shoulder risks. It also calls for outstanding Party members with a strong sense of responsibility and ability to deal with tough challenges to emerge and make more contributions.

This is not only a call, but also a new opportunity of the times. In the new wave of development, whether it is for businesses or individuals, as long as they dare to strive, take risks, and bear responsibilities, they will eventually reap generous rewards. Such a situation is not unfamiliar to Chinese society.

After the stable transition of epidemic prevention and control, the recovery of the Chinese economy has shown a wave-like development process with twists and turns. This has led to some Western public opinion believing they have "found an opportunity" and concentrated their efforts on belittling the Chinese economy. We shouldn't concern ourselves with what they think, because there are always individuals who are unwilling to see China's development and progress from the bottom of their hearts. Objectively speaking, in the context of global economic downturn, it is widely expected that China can successfully achieve a growth target of around 5 percent this year, which will be a very outstanding performance among major economies, whether developed or emerging. However, we should not make excuses for ourselves just because others are performing poorly. Instead, we should constantly innovate, identify problems, and correct our course. A China that insists on development for the people and constantly benefits the people will never lie flat.

It is worth mentioning that the meeting of the Political Bureau of the CPC Central Committee on Monday is consistent with a series of policy guidelines previously issued, which can be seen that China's policy thinking is not to "treat the head when it hurts and treat the foot when it hurts" in a flood-like "emergency rescue" manner, but to always insist on starting with optimizing the economic structure and enhancing the internal driving force of society. The process may take some time to take effect, but it will definitely be transformed into tangible development dividends that the people can see and touch. China has always been committed to fulfilling its promises.

It should be noted that the future path isn't always going to be smooth, especially in the context of the overall decline of the world economy. It is imaginable how difficult it is for China to promote high-quality development and bring more opportunities, income, and security to all the people. However, as long as we have the courage to face problems, are bold enough to take responsibility, and always maintain a positive and enterprising attitude, we have confidence to overcome obstacles and challenges. Time will prove that those enterprises and individuals who maintain optimism and take positive actions toward the Chinese economy will seize the initiative and win the future in the tide of the times.