The Chinese Economy Keeps Sailing Steadily Despite the Rough Waters

纵风急浪高，中国经济坚韧如磐

Chinese Ambassador to Belgium Cao Zhongming Published a Signed Article on EU Reporter

驻比利时大使曹忠明在欧洲媒体EU Reporter发表署名文章

2022年10月9日

9 October 2022

Since the beginning of 2022, the international environment has been complex and challenging. The world economy is sailing through rough waters: global growth is losing steam and inflation increase has been unanticipated. In the first half of this year, given both domestic and external challenges, China’s economic growth slowed down, and its economic outlook has drawn extensive attention. The Chinese government, with the confidence and capability to ensure stable overall economic performance, has adopted a package of 33 policy measures, covering the six areas of finance, monetary, investment and consumption, energy and food, industrial chain, and people’s livelihood. China recently released its economic indicators for the first eight months of this year, which is closely followed by the wider world. Generally speaking, the Chinese economy has rebounded amid the challenges and shown great resilience and vitality. China remains the most vibrant major economy in the world.

今年以来，国际形势复杂严峻，世界经济增长放缓态势明显，全球通胀超出预期，可谓风急浪高。上半年，中国经济面临内外复杂困难局面，增速出现放缓，发展态势备受全球瞩目。中国政府有信心、有能力稳住经济发展大局，出台33项扎实稳住经济一揽子政策措施，内容涵盖财政、货币、投资及消费、能源及粮食、产业链、民生等六大领域。最近，中国1——8月份经济指标陆续发布，引发了很多关注。总体来看，中国经济迎难而上，企稳回升，展现出强大韧性与活力，仍是全球最具活力的主要经济体。

I. Major indicators show that the Chinese economy has maintained the momentum of recovery and development and is at a crucial stage of recovery.

一、从主要指标看，中国经济延续恢复发展态势，正处于经济恢复紧要关口。

Regarding production, supply is on the whole stable and making good progress. Thanks to the effective policies to stabilize industrial and supply chains and support production in key sectors, industrial production has rebounded. Regarding demand, with policies to stimulate consumption being implemented, consumption potential in key sectors has been gradually unlocked and market sales continued to expand. In August, the total retail sales of consumer goods grew by 5.4 percent year on year, 2.7 percentage points faster than that of the previous month. Regarding employment, with sustained efforts to help businesses, stabilize jobs and support employment, surveyed urban unemployment rate continued to go down. In August, the surveyed unemployment rate in urban areas was 5.3 percent, 0.1 percentage point lower than the previous month. Regarding price, efforts to ensure supply and stabilize price has paid off and CPI grew mildly. In August, CPI went up by 2.5 percent year on year, falling by 0.2 percentage points compared with the previous month; Core CPI excluding the prices of food and energy went up by 0.8 percent year on year, the same as the previous month. Regarding trade, the host of policies to stabilize foreign trade has helped to realize steady trade growth. In the first eight months, China’s total trade in goods was 27.3 trillion yuan, up by 10.1 percent year on year. Specifically, export was 15.48 trillion yuan, up by 14.2 percent; Import was 11.82 trillion yuan, up by 5.2 percent. Regarding foreign investment, the Chinese market remained attractive to foreign investors and paid-in foreign investment continued to grow. In the first eight months, paid-in investment reached 892.74 billion yuan, up by 16.4 percent year on year.

生产方面，生产供给稳中有升。稳定产业链供应链、支持重点行业生产的政策效果比较明显，工业生产有所回升。需求方面，随着促消费政策持续发力，重点领域的消费潜力在逐步释放，市场销售规模继续扩大。8月份，社会消费品零售总额同比增长5.4%，增速比上月加快2.7个百分点。就业方面，援企稳岗和就业帮扶政策持续发力，城镇调查失业率继续下降。8月份，全国城镇调查失业率为5.3%，比上月下降0.1个百分点。物价方面，市场保供稳价成效明显，居民消费价格保持温和上涨。8月份，居民消费价格（CPI）同比上涨2.5%，涨幅比上月回落0.2个百分点；扣除食品和能源的核心CPI同比上涨0.8%，与上月持平。外贸方面，稳外贸系列政策推动外贸实现稳定增长。1-8月，中国货物贸易进出口总值27.3万亿元人民币，同比增长10.1%。具体来看，出口15.48万亿元人民币，增长14.2%；进口11.82万亿元人民币，增长5.2%。外资方面，中国市场对外资依然保持较强吸引力，实际使用外资继续增长。1-8月，中国实际使用外资金额8927.4亿元人民币，同比增长16.4%。

II. Economic trajectory shows that policies are falling into place and the Chinese economy will continue to recover and grow.

二、从经济走势看，各项政策进一步落地见效，中国经济有望持续恢复向好。

The fundamentals sustaining long-term growth and the factors underpinning high-quality development of the Chinese economy remain unchanged. As the effects of the host of policies and sustained efforts will be felt more quickly, the Chinese economy will continue to recover and grow and stay within a proper range. This conclusion is drawn based on several reasons. First, efforts will continue to be made to effectively coordinate COVID response and economic and social development. This will reduce the negative impact of COVID-19, ensure stable industrial and supply chains and strike a better balance between supply and demand. Second, domestic demand will continue to expand and security and development better safeguarded. As more vigorous investment stabilizing policies will be introduced, consumer spending will gradually pick up. Third, the benefit of reform and opening-up will continue to be unlocked. The reform of government functions will be further deepened, business environment improved, and reform impetus strengthened. All these conducive conditions will better bring out the strengths of China’s complete industrial system and foster new growth drivers.

中国经济长期向好的基本面和支撑高质量发展的要素条件没有改变。一系列稳经济一揽子政策和接续政策措施效能加快释放，中国经济有望恢复向好，运行在合理区间。具体来看，经济持续恢复向好，有多方面支撑。一是高效统筹疫情防控和经济社会发展继续显效。有望降低疫情的不利影响，保持产业链供应链的稳定，促进供需衔接的改善。二是国内需求逐步扩大，安全发展得到保障。稳投资政策持续加力，居民消费有望逐步恢复。三是改革开放的红利继续释放。“放管服”改革持续深化，营商环境不断优化，改革动能不断积聚，有利于发挥中国完备产业体系优势，促进新动能成长。

III. Policy orientation shows that the Chinese economy has deeply integrated into the world economy and China’s door will only open wider.

三、从政策导向看，中国经济深度融入世界，对外开放的大门必将越开越大。

China cannot be separated from the world in achieving development, and the world also needs China for development. China will continue to be committed to a new development paradigm featuring both domestic and international circulations, deepen high-standard opening-up, uphold free trade and fair trade, foster a market-oriented, world-class business environment governed by a sound legal framework, and protect foreign businesses’ equal access to opening-up sectors in accordance with law, in a bid to realize mutual benefits through fair competition. The upcoming 20th National Congress of the Communist Party of China will draw up China’s development blueprint for the next five years or even a longer period to come, thus proving stronger impetus for China’s development.

中国发展离不开世界，世界发展也需要中国。中国坚持实施国内国际双循环战略，深化高水平对外开放，坚持自由贸易、公平贸易，持续打造市场化、法治化、国际化营商环境，保障外企依法平等进入开放领域，在公平竞争中实现互利共赢。即将召开的中国共产党第二十次全国代表大会将为中国描绘今后5年乃至更长时期的发展蓝图，为中国发展提供更强动力。

The steady recovery and development of the Chinese economy and faster progress in building the new development paradigm will better tap the potential of the Chinese market, offering more opportunities for European countries. The Chinese market remains a popular destination for foreign investment. In the first eight months, EU investment in China grew by 123.7 percent year on year, indicating foreign investor’s confidence in the Chinese market. Later this year, China will host the fifth China International Import Expo, the first Global Digital Trade Expo and the 132rd session of the China Import and Export Fair (Canton Fair). These events will help Belgium and other European countries to learn more about China and create more opportunities for economic and trade cooperation with China.

中国经济持续稳定恢复，新发展格局加速构建，中国市场潜力将被充分激发，为欧洲各国提供更多市场机遇。中国市场吸引力依旧，仍是外商投资热土，其中1—8月欧盟对华投资同比增长123.7%，表明外国投资者持续看好中国市场。今年下半年，中国将举办第五届进博会、首届全球数字贸易博览会、第132届广交会等系列经贸展会，将为比利时和其他欧洲国家经贸界提供更多了解中国的窗口以及与中国开展经贸合作的机会。

What is the hidden strength of the Chinese economy? It is the resilience despite the challenges and the great potential through steady efforts. China will continue to actively advance the Global Development Initiative. In this process, we welcome greater mutual openness and cooperation with European countries in trade, investment, industry and other sectors so as to contribute jointly to recovery and development of the world economy.

中国经济隐藏的力量是什么？是风急浪高中始终坚韧如磐，是稳扎稳打中蕴含巨大潜力。中国积极推进全球发展倡议，欢迎欧洲各国通过不断扩大在贸易、投资、产业等各领域的相互开放与合作，助力世界经济复苏与发展。