The world’s biggest manufacturing hub and second-largest economy, China, is slowly but steadily recovering from the impact of coronavirus pandemic. Experts, however, say the Communist nation’s policymakers have a big task at hand to consistently take the nation forward in the years to come if it wants to become a high-income country.
“The basic characteristics of China’s economy with sufficient potential, great resilience, strong vitality, large space for manoeuvre and many policy instruments have not changed,” Xinhua news agency quoted Chinese President Xi Jinping as saying at a meeting on the country’s 14th five-year plan (2021-2025) on Saturday.
Acknowledging growing global hostility and subsequent risks, Jinping spoke of China’s efficient manufacturing capacity, a large domestic market and huge investment potentials while reaffirming a “dual circulation” strategy that would help steer the economy towards greater self-reliance.
China still has the edge in its development, although the pandemic has brought new global challenges with economic slowdown, unilateralism and protectionism on the rise, the President said.
“Our economy remains resilient and there are ample policy tools at Beijing’s disposal despite rising external risks,” the President said.
Jinping also warned of greater unstability and uncertainty. “We must seek our development in a more unstable and uncertain world,” he said. He urged people to remain calm in the midst of rising difficulties. “The great rejuvenation of the Chinese nation can never be achieved easily with the beating of gongs and drums,” he concluded.