China takes global lead in economic recovery, boosting national pride
The Chinese economy ended what has been a year of unprecedented challenges for mankind brought about by a deadly virus on an astonishingly high note, with growth in the final quarter of 2020 returning to pre-pandemic level, lifting the country to several milestones of national pride. China became the only major economy to record growth last year with a 2.3 percent growth, and its GDP climbed over the 100 trillion yuan mark for the first time ever, official data showed on Monday.
The remarkable comeback offered the most comprehensive testament to the resilience of the world’s second-largest economy and the effectiveness of the Chinese system in containing the virus and stabilizing the economy – in stark contrast to chaotic scenes seen in the US and other Western nations. It also provided a boost to China’s confidence in the face of lingering challenges ahead, while dealing a direct blow to certain Western forces that have spared no efforts in their attempt to smear China and contain China’s rise.
However, the impressive figures did not erase the massive economic loss the deadly virus has caused to the Chinese economy, whose growth was the slowest in over four decades, and the extreme hardship it brought to small businesses that struggled or even closed permanently, as well as consumers, who have been forced to cut back on their spending.
As China marks several crucial moments in 2021, which is the start of the next five-year plan and the next centennial goal of building a modern socialist power, addressing those challenges and an array of other risks – from sporadic outbreaks of the COVID-19 and a deep domestic economic transition, to worsening global economic conditions and geopolitical tensions – would be front and center in policymaking this year, analysts said.