China still confident regarding development

Editor’s Note: The COVID-19 has brought an impact and multiple challenges to the Chinese economy, however China will continue to develop. Over the past 40 years of reform and opening up, China has built a solid material and technological foundation. With huge market potential and resilient development, China has an abundance of confidence, capabilities and resources to deal with the impacts. China's economic fundament and long-term positive trends will remain on track despite of the current epidemic.

 

When work on the production line of Shenzhen Fuhuihong Electronic Technology Co Ltd resumed, it commenced operating at full pace. Injection moulding, surface finishing, assembling, testing——everything was running smoothly. On the very first day, 1,500 cleaning robots rolled off the production lines and were delivered to the warehouse, ready to fulfill the orders coming in from domestic and overseas markets.

"Thanks to tracking customer needs, as well as rapid product innovation and iteration, our products are highly popular. So far, we have received more orders as compared to the same period last year," said Wei Tao, the director of operations of the company.

Fuhuihong used to be a contract manufacturer, but now it boasts its own brand. The secret lies in independent research and development. "The next step we will take is to further strengthen our technological innovation and to continue to expand production," Wei confidently stated.

The story of Fuhuihong is the epitome of China's economic resilience and vast potential. China holds its ground and is running its own affairs well, with increasing confidence in its development.

This confidence stems from its solid economic foundation.In 2019, China's GDP reached 99.0865 trillion yuan ($14.4 trillion), with its per capita GDP exceeding US$10,000 and its contribution to global economic growth exceeding 30 percent. As its economy continues to expand, the country is exhibiting ever greater economic resilience and development.

China's confidence comes from its constant transformation and upgrading of the industries The service industry currently contributes 59.4 percent to the country's economic growth. In the equipment manufacturing and high-tech industry, value-added growth is considerable as compared to larger industrial enterprises above designated size. The two industries respectively account for 32.5 percent and 14.4 percent of growth of the larger industrial enterprises sector. The continuing upgrade of industrial structures is another factor that promotes high-quality development.

China's confidence comes from its vast market and the potential of domestic demand.China boasts a market of 1.4 billion people and the world's largest middle class. Domestic demand contributes nearly 90 percent to its economic growth.

China's confidence comes from the limitless dividends of reforms and opening-up. In 2019 China advanced its business environment ranking to the 31^st place in the world. It achieved this by deepening the reforms designed to delegate powers, improve regulation and provide better services. Progress in fiscal and tax reforms reduced taxes and fees by more than 2.3 trillion yuan. The exploration of a range of international markets increased the country's combined volume of imports and exports to 31.5 trillion yuan, meaning that China will likely rank first in the world for a third consecutive year. Through attracting more foreign investment, against the backdrop of the global economic slowdown, China utilised a record high 941.5 billion yuan  of overseas investment, a year-on-year increase of 5.8 percent.

According to Ning Jizhe, head of the National Bureau of Statistics of China, the Chinese economy has broken new ground despite all obstacles and has now arrived at a new starting point. "This year we will continue to advance with high-quality economic development" he said.

 

China still confident regarding development

Editors Note: The COVID-19 has brought an impact and multiple challenges to the Chinese economy, however China will continue to develop. Over the past 40 years of reform and opening up, China has built a solid material and technological foundation. With huge market potential and resilient development, China has an abundance of confidence, capabilities and resources to deal with the impacts. Chinas economic fundament and long-term positive trends will remain on track despite of the current epidemic. When work on the production line of Shenzhen Fuhuihong Electronic Technology Co Ltd resumed, it commenced operating at full pace. Injection moulding, surface finishing, assembling, testingeverything was running smoothly. On the very first day, 1,500 cleaning robots rolled off the production lines and were delivered to the warehouse, ready to fulfill the orders coming in from domestic and overseas markets. Thanks to tracking customer needs, as well as rapid product innovation and iteration, our products are highly popular. So far, we have received more orders as compared to the same period last year, said Wei Tao, the director of operations of the company. Fuhuihong used to be a contract manufacturer, but now it boasts its own brand. The secret lies in independent research and development. The next step we will take is to further strengthen our technological innovation and to continue to expand production, Wei confidently stated. The story of Fuhuihong is the epitome of Chinas economic resilience and vast potential. China holds its ground and is running its own affairs well, with increasing confidence in its development. This confidence stems from its solid economic foundation.In 2019, Chinas GDP reached 99.0865 trillion yuan ($14.4 trillion), with its per capita GDP exceeding US$10,000 and its contribution to global economic growth exceeding 30 percent. As its economy continues to expand, the country is exhibiting ever greater economic resilience and development. Chinas confidence comes from its constant transformation and upgrading of the industries The service industry currently contributes 59.4 percent to the countrys economic growth. In the equipment manufacturing and high-tech industry, value-added growth is considerable as compared to larger industrial enterprises above designated size. The two industries respectively account for 32.5 percent and 14.4 percent of growth of the larger industrial enterprises sector. The continuing upgrade of industrial structures is another factor that promotes high-quality development. Chinas confidence comes from its vast market and the potential of domestic demand.China boasts a market of 1.4 billion people and the worlds largest middle class. Domestic demand contributes nearly 90 percent to its economic growth. Chinas confidence comes from the limitless dividends of reforms and opening-up. In 2019 China advanced its business environment ranking to the 31st place in the world. It achieved this by deepening the reforms designed to delegate powers, improve regulation and provide better services. Progress in fiscal and tax reforms reduced taxes and fees by more than 2.3 trillion yuan. The exploration of a range of international markets increased the countrys combined volume of imports and exports to 31.5 trillion yuan, meaning that China will likely rank first in the world for a third consecutive year. Through attracting more foreign investment, against the backdrop of the global economic slowdown, China utilised a record high 941.5 billion yuan of overseas investment, a year-on-year increase of 5.8 percent. According to Ning Jizhe, head of the National Bureau of Statistics of China, the Chinese economy has broken new ground despite all obstacles and has now arrived at a new starting point. This year we will continue to advance with high-quality economic development he said.