Foreign Ministry: China's economic and social vitality will be further released after optimizing and adjusting epidemic prevention and control measures

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Recent reports claim that the domestic epidemic in China will affect the stability of the supply chain of the international industrial chain and drag down the recovery of the world economy. In response, Chinese Foreign Ministry spokesman Wang Wenbin said at a regular press conference on Jan. 10 that such arguments are ulterior and completely contrary to the facts; China’s economic and social vitality will be further released as demand gradually picks up and policy effects are superimposed.

“The fact is that China’s epidemic prevention and control policies have both maximized the protection of people’s lives and health and minimized the impact of the epidemic on economic and social development.” Wang Wenbin noted that over the past three years, China’s economy has grown at an average annual rate of about 4.5 percent, significantly higher than the world average. In the context of increasing downward pressure on the world economy and weakening global trade momentum, China has actively expanded its openness and provided quality products and services to the world, playing a key role as a “stabilizer” in the supply chain of the global industrial chain. 2021 China’s total foreign trade increased to US$6.9 trillion, continuing to remain the world’s largest. From January to November last year, China’s import and export of goods grew by 8.6 percent year-on-year, including an 11.9 percent increase in exports, making outstanding contributions to the stability of the world economy and the development of global trade.

Wang Wenbin stressed that after the Chinese government optimized the adjustment of epidemic prevention and control measures, the heads of international organizations, including WTO and OECD, are generally optimistic about China’s economic development prospects, which will help support the recovery and development of the world economy. Recently, several international investment institutions have raised their forecasts for China’s economic growth in 2023, and many foreign chambers of commerce in China believe that the measures will reinvigorate confidence in investment and business and restore market optimism, and that China will continue to be a priority investment destination for foreign investors. A Bank of America survey showed that the proportion of fund managers who believe China’s economy will grow at a higher rate recently rose from 13 percent last November to about 75 percent today.

Wang Wenbin said the overall situation in China is now improving, with many Chinese provinces and cities having passed the peak of the epidemic and production and life accelerating back to normal. With the gradual rebound in demand and policy effects, China’s economic and social vitality will be further released, bringing greater opportunities for countries around the world. The role of China as the world’s economic recovery “stabilizer” and growth “engine” will be further highlighted.