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China's economic recovery to pick up notably in H2, expert

July 22, 2020


Abstract : China's economic recovery process will accelerate notably in the second half of 2020 on weakening impact of the epidemic and positive market expectations lifted by comprehensive macro policies, said Wang Yiming, former deputy director of the Development Research Center of the State Council.

BEIJING, July 22 (Xinhua) -- China's economic recovery process will accelerate notably in the second half of 2020 on weakening impact of the epidemic and positive market expectations lifted by comprehensive macro policies, said Wang Yiming, former deputy director of the Development Research Center of the State Council.

China's economy is showing a strong recovery and targeted policies should be further enhanced to consolidate the momentum of therecovery, said Wang in a recent interview, adding that the focus of macro policies should gradually shift to boosting domestic demand with more measures to boost consumer demandin particular.

China's economic growth fell 1.6 percent year-on-year in the first half of the year, but grew 3.2 percent year-on-year in the second quarter, according to data released by the National Bureau of Statistics.

In this regard, Wang commented that China reversed the economic decline in a relatively short period of time, and the economic operation has improved month by month and steadily picked upsince the second quarter, showing the strong resilience of China's economy.

"However, it should be noted that the economic recovery is still unbalanced. The supply side is recovering faster than the demand side; the manufacturing sector is recovering faster than the service sector; and investment is recovering faster than consumption,”Wang noted.

Confronting multiple challenges at home and abroad, China should make policies more targeted and effective to consolidate the momentum of the steady economic recovery, he added.

He suggested that in the second half of the year,China should take more measures to boost consumer demand, including increasing subsidies and consumption stimulus for low-income families, speeding up the resumption of businessesin service industry such as catering, retailing, culture and tourism and promoting the integration of online and offline consuming.

(Edited by Yang Qi with Xinhua Silk Road, kateqiyang@xinhua.org)

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Keyword: China economy

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