China Hopeful About Economic Recovery, Looking to Boost Imports
In a sign of improving economic conditions, China's Vice Premier Han Zheng confirmed that the nation is planning to increase imports of high
In a sign of improving economic conditions, China’s Vice Premier Han Zheng confirmed that the nation is planning to increase imports of high quality goods and services from abroad. Han made these comments while speaking at a business gathering, China Development Forum, adding that his government will also focus on coordinating with other nations to develop better macro policy as well.
Despite the coronavirus pandemic ravaging most of the world, China was the sole leading economy that posted a growth during 2020, with its GDP coming in at +2.3%. While this was the weakest growth seen in 44 years, the economy is expected to post a strong rebound and grow by over 8% this year.
Han observed, “Since the start of this year, China’s economic operations have continued a steady recovery trend. We will adjust and improve import tax policies, increase imports of high-quality products and imports of services.”
However, economists have cautioned that economic recovery is likely to be quite uneven and face uncertainties going forward. As a trade-reliant nation, China’s economic recovery depends to a great extent on how quickly its trade partners post a recovery.
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