China's Steady Economic Recovery Boosts Global Expectations for Future Growth(2)

People visit a commercial area in Haidian District of Beijing, capital of China, July 16, 2022. (Xinhua/Ren Chao)

Recent data showed that as a pillar of the Chinese economy, the automobile market has seen a robust recovery. A total of 2.5 million vehicles were sold in June, up 23.8 percent year on year and 34.4 percent month on month.

China has a solid foundation for further economic growth due to its large population and domestic demand, which allows the economy to remain reasonably stable in the long run, said Sergei Lukonin, head of the Department of Economics and Politics of China at the Institute of World Economy and International Relations of the Russian Academy of Sciences.

TARGETED MEASURES TO UNLOCK POTENTIAL

Behind the hard-won economic bounce-back lies a raft of effective measures rolled out to stimulate growth.

In late May, China unveiled 33 measures in six areas to galvanize the economy. Some taxes and fees were scrapped or deferred to reduce business burdens, and digital coupons were given to residents to spur spending.

To dislodge foreign trade companies from operation difficulties, customs authorities across China have put forward 854 detailed measures to smooth trade logistics, strengthen financial support and stabilize industrial and supply chains.

While the employment situation has remained stable, China has taken action to shore up policy support for the labor market.

Efforts have been made to promote innovation, boost consumption and curb inflation to help unlock the enormous potential of the world's biggest consumer market.

Aerial photo taken on March 2, 2022 shows a view of the container terminal of Qinzhou Port in south China's Guangxi Zhuang Autonomous Region. (Xinhua)

"The government is nurturing thousands of groups, big and small, in the fields of data science, network security and robotics," which are working to "upgrade China's industrial infrastructure," The Economist said in an April article.

China's economy is growing again, which is a good sign, said economic researcher Mohammad Ramadan based in Kuwait , noting that he is optimistic about China's recovery and sees great potential in the economy.

Echoing such positive sentiment, Stefan Hartung, chairman of the board of management of German multinational engineering and technology company Bosch, said he expects a "better" second half of the year.

Sethaput Suthiwartnarueput, governor of the Bank of Thailand, also expressed his optimism about the Chinese economy's medium- and long-term development prospects, noting that the authorities have sufficient policy space to address any downward pressure.

China is also at the global forefront of the digital economy and sustainable development, two new drivers of economic growth for the country's medium- and long-term growth, he said.