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BEIJING. – As the Omicron variant has posed severe challenges to the faltering global economic recovery amid surging infections, China’s dynamic zero-Covid approach has not only quickly cut viral transmission in the shortest time possible but also brought tangible benefits to the whole world.
The country’s economy got off to a steady start in 2022 in the face of global challenges and a resurgence of Covid-19 cases, with its gross domestic product (GDP) growing 4.8 percent year on year to 27,02 trillion yuan (about US$4 trillion) in the first three months, quickening from a 4 percent increase in the fourth quarter last year.
China’s strong economic performance has been a boon for global economic stability and growth, said Cavince Adhere, a Kenya-based international relations scholar.
“By adhering to its dynamic zero-Covid approach, China has spared no efforts in safeguarding people’s lives and well-being, and has minimized the epidemic’s impact on economic and social development. It also plays a vital role in maintaining the stability of the global supply chain,” said Ma Yunjie, head of the factory of the gas springs manufacturer Stabilus’s branch in east China’s Zhejiang Province.
Ma said the factory’s overall capacity utilization rate now stands at around 85 percent, and its orders will gradually return to the pre-epidemic situation in about two weeks.
The factories of Xuzhou Construction Machinery Group, a leading Chinese machinery manufacturer, are busy these days, with international orders from South America and other regions now lining up until November.
“The containment of sporadic COVID-19 resurgences has boosted the construction of overseas infrastructure with undisrupted exports,” said Wang Min, chairman of XCMG. “The products of XCMG are actively facilitating the quick resumption of local production.”
Shenzhen, a tech hub in southern China and one of the country’s major foreign-trade centers, has seen businesses resume work and production.
A worker surnamed Shi from the Shenzhen factory of Foxconn, a major supplier of Apple, attributes the quick resumption to China’s dynamic zero-Covid policy.
“On March 21, operations were basically back to normal after several days of shutdown caused by the epidemic, which will ensure a regular supply of iPhones around the world,” Shi said.
Despite mounting domestic and external uncertainties, China still remains a hotspot for foreign investors seeking predictable market opportunities at a difficult time amid the COVID-19 epidemic, thanks to the country’s unremitting efforts in optimizing its business environment.
Foreign direct investment into the Chinese mainland, in actual use, expanded 25.6 percent year on year to 379,87 billion yuan in the first quarter of the year, according to the Ministry of Commerce.
Customs in Nanjing, capital of east China’s Jiangsu Province, has maintained 24-hour communication with airports, airlines and freight forwarders, to ensure the smooth clearance of commodities. Now, Nanjing has opened two cargo charter flights to Europe and North America, with six flights a week and single cargo throughput of about 100 tonnes.
Meanwhile, China’s outbound investment continues to rise. China’s non-financial outbound direct investment reached 170,95 billion yuan in the first three months of the year, up 6,3 percent year on year, official data shows. In US dollar terms, the non-financial ODI rose 8,5 percent from a year ago. – Xinhua
Online Reporter