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aws试用账号(www.2km.me)_China GDP likely to hit 6% in 2022

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Its central bank, the People’s Bank of China (PBoC) has lowered various policy rates for corporate lending. In addition, the PBoC has set out a variety of non-interest rate instruments as an extra support for micro and small-sized enterprises.

IN 1978, China began to reform and open up its economy. By 2010, it has overtaken Japan as the second largest economy in the world. The gross domestic product (GDP) growth has averaged more than 8% per annum, lifting over 700 million people out of poverty. China is now an upper middle-income country considering the significant improvements in access to health, education and other services over the last 20 years.

When Covid-19 first hit China, it did not take long for the government to come up with a plan to curb the pandemic. Dubbed the “zero-Covid” policy, severe restrictions were imposed to combat the virus. Targeted lockdowns and mass testing of entire cities were carried out and travel restrictions were imposed. The resumption of economic activity had prioritised low-risk regions and essential sectors.

To complement the containment policy, policymakers also provided targeted financial relief and fiscal support such as repayment moratorium and relending facilities to affected firms and maintained the financial market’s stability using liquidity provision to the banking system. Its central bank, the People’s Bank of China (PBoC) has lowered various policy rates for corporate lending.

In addition, the PBoC has set out a variety of non-interest rate instruments as an extra support for micro and small-sized enterprises.

It is undeniable that we can attribute the country’s success, in mitigating the pandemic effects and getting the economy back to its feet, to all these measures as other countries are suffering from surging cases and the prolonged economic disruption of lockdowns. Regions across the world — from Asia-Pacific, Europe to the Americas— are experiencing a sharp increase in Covid-19 cases at the same time. According to a report by Kearney, by the middle of March 2020, the manufacturing sector was expected to be fully operating at 80% capacity.

According to data, China’s GDP contracted by 6.8% year-on-year during the first quarter of 2020: the first contraction in more than 40 years, and quickly recovered to 3.2% growth during the next quarter. Another country that can mirror the same achievement is Turkey albeit a contraction in the second quarter. On the other hand, most countries failed to replicate those achievements. The US economy faced three consecutive quarters of recession before landing at barely above growth region at 0.3% year-on-year in the first quarter of 2021 while the UK had to live through five declining quarters.

Challenges in 2021

After robust containment efforts, the Chinese vaccination campaign resulted in a majority of the Chinese citizen being fully immunised at 1.1 billion people, according to available data. However, just like in other countries, the Delta variant posed significant threat to the economy.

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