The Resilience, Potential of China's Economy amid Headwinds(2)

Photo taken on July 2, 2022 shows the view of a commercial street in Wuhan, central China's Hubei Province. (Xinhua/Xiao Yijiu)

Foreign trade has braved an unfavorable international trading environment, overcome the epidemic's impact on industrial and supply chains, and registered a relatively fast growth since the start of the year. Foreign trade of goods, in particular, jumped 9.4 percent year on year from January to June.

More importantly, industrial upgrades are gaining traction, nurturing new growth drivers for the economy. In the first six months, the value-added output of large high-tech manufacturing enterprises grew 9.6 percent year on year, while investment in the high-tech industry soared 20.2 percent.

Meanwhile, consumer prices grew moderately. Employment has also improved, with the surveyed urban unemployment rate at 5.5 percent in June, down from 5.9 percent in May.

Headwinds are obvious for China. The risk of global economic stagflation is rising. The COVID-19 epidemic lingers. And shrinking demand is combined with supply shocks at home.

But an equally obvious fact is that the fundamentals of the Chinese economy remain unchanged, including its enormous potential, strong resilience, and vast room for maneuver.

China will seize the sound momentum, stay confident, and forge ahead to achieve a steady recovery of the economy.