NextGen Day

In its three-year battle against Covid-19, China achieved excellent success in economic growth and pandemic management, solidifying its position as the world’s top economic engine.

In comparison to the global average of roughly 2 percent, China’s economy grew by an average of 4.5 percent annually from 2020 to 2022, according to Yuan Da, director of the National Development and Reform Commission’s Department of National Economy.

The GDP reached a record high of 121 trillion yuan (approximately 18 trillion dollars) in 2022, growing at a rate of three percent each year. The increase reached 6.1 trillion yuan, which is the same as the economy of a medium-sized country.

The Chinese economy passed the milestones of 100 trillion yuan (14.8 trillion U.S. dollars) and 110 trillion yuan (16.3 trillion U.S. dollars) in 2020 and 2021, respectively, maintaining its ranking as the second-largest economy in the world. This marks a new and higher level in terms of economic aggregate.

Analysts credited the nation’s successful coordination in combating COVID-19 and its economic repercussions at the same time for the hard-won successes.

The government’s efficient virus management and timely pro-growth initiatives have been credited with helping China’s economy quickly rebound from the epidemic-induced depression and cement its recovery momentum for a more optimistic outlook.

eliminating the virus

In order to properly protect the lives and health of its 1.4 billion population at the lowest possible cost, China has been actively optimizing its control measures while boosting the capacity for treatment and vaccination.

As of January 13, 92.9 percent of Chinese citizens had received all recommended vaccinations, with more than 90 percent of those over 60 having received them.

China announced 10 new measures to relax several Covid-19 limitations in December of last year as Omicron became significantly less dangerous and harmful. Its administration of Covid-19 was formally demoted from Class A to Class B on January 8.

In December 2022, less than one month after the Covid-19 response methods were optimized, China reported a decline in the number of fever patients and critical Covid-19 cases as both had peaked.

economic adaptability

China’s consumption surged over the recently ended Spring Festival break.

Wen Bin, the head economist at China Minsheng Bank, predicted that this year’s economic recovery in China will be driven by rising domestic demand and pegged full-year GDP growth at roughly 5.5%.

In addition to its overall economic expansion, China made notable strides in preserving consumer price stability, ensuring the security of its food and energy supply, and raising the standard of living for its citizens.

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