INP-WealthPk
China coordinates promotion of pandemic prevention: Li Bijian
August 07, 2020
BEIJING, August 7 ((INP): The entire Chinese nation coordinated the promotion of pandemic prevention and control and economic and social development in the first half of this year.
According to Li Bijian, Consul General of China to Karachi,
the pandemic situation continues to improve, and the resumption of work and production accelerates. China's economic growth recorded 3.2% in the second quarter, and the main highlights are: First, the main economic indicators have rebounded, and the market expects an overall improvement.
In the second quarter, the value-added of industrial enterprises above designated size and value-added of the service industry both changed from negative to positive.
The Purchasing Managers' Index (PMI) has risen steadily and been above the threshold for four consecutive months. Liquidity is generally reasonable and abundant, and confidence in the capital market has increased.
Second, agriculture sector witnesses a robust growth and grain output has hit a record high. The recovery of industrial production is evident, and the industrial physical quantity index continues to rise.
Third, the decline in the service industry has narrowed, and market sales have gradually recovered.
Fourth, investment is rapidly recovering and new momentum continues to increase. Key investment projects have accelerated, high-tech and social investment fields have developed well, and the related products such as new infrastructure have grown rapidly.
Fifth, foreign trade and investment have stabilized, and the international balance of payments basically balanced.
Sixth, the national surveyed urban unemployment rate was 5.7% in June, a decline for two consecutive months; the average weekly working hours of employees in enterprises increased.
Seventh, outstanding results have been achieved in the fight against poverty.
As of June 30, 28.309 million poor laborers from 25 provinces had been working as migrant workers. Full coverage social security system continues to be strengthened.
Eighth, the coordinated development of the Beijing-Tianjin-Hebei region, the construction of the Guangdong-HongKong-Macao Greater Bay Area, and the integrated development of the Yangtze River Delta are progressing steadily.
In order to further overcome the adverse effects of the pandemic, and promote the full return of the economy to normal growth, China has made solid decisions and introduced a series of response measures:
First, implement macroeconomic control. Reduction of 2.5 trillion yuan in taxes and fees was newly introduced. A special transfer payment mechanism was established through which 2 trillion Yuan of fiscal deficit and special anti-pandemic treasury bonds will be distributed.
Second, continue to roll out policies to help companies address difficulties. Make an appropriate interest concession of 1.5 trillion yuan to various enterprises throughout the year.
Third, actively expand effective investment. Issue 1 trillion yuan of special treasury bonds. Speed up the issuance and use of local government special bonds.
Fourth, stabilize employment and protect people's livelihood. Focus on key groups such as college graduates and migrant workers, strengthen assistance to enterprises to stabilize employment.
Fifth, deepen the reform process to stimulate market vitality. Strengthen services for market players and provide convenience for employment and entrepreneurship.
Sixth, stabilize foreign trade and investment.
Exploit the potential of customs clearance reform and optimize services for foreign trade enterprises. Improve export tax rebate methods and speed up the progress of tax rebates.
Being the world's second largest economy and the largest consumption market, the positive growth of China's economy serves to stabilize and inject vitality into the world economic recovery.
INP/javed
