China's Economy In Rapid Recovery Mode

 

 

 

 

 

 

 

 

 

 

I just read a report that China’s economy is shaking off the shadow of Covid-19. 

The world's second-largest economy is said to be in rapid recovery mode. Sure, there are challenges, including geopolitical tensions, disrupted global supply chains and weak external demand. However, unlike other major economies like the US that's facing serious problems in its economic fundamentals, the fundamentals of the Chinese economy are solid. 

In fact, in the past three years, China has kept a relatively steady growth and moderate inflation and maintained sufficient policy room for boosting growth when it becomes necessary. There is no reason to believe that China can't mount a world-leading recovery in the months and quarters ahead. In 2021, after the coronavirus was largely reined in, China's GDP growth reached a whopping 8.1 percent following a 2.3-percent growth in 2020. 

We will know soon enough – in March 2023 – when Chinese policymakers usually release the annual growth target. 

Indications are that sectors ranging from tourism to services and catering are returning to their pre-pandemic levels, indicating that an economy with 1.4 billion people is primed for robust growth. 

Service-related consumption which had once suffered heavy losses due to the pandemic, is among the first batch of sectors to see a revival. 

An index tracking shopper foot traffic in 83 cities across China came in at 96.6 on December 31, 2022 – climbing 28.7 points from the lowest level in the same month – data from the State Information Center showed. 

Already, these are positive signs of good things to come. 

Government economists and international analysts have said they expect Beijing to set a growth target of above 5% in 2023. I believe this is more than plausible and the Chinese economy may even surprise us by doing much better. I am confident about China.

Sydney, Australia-based tattoo artist Jonny Hall brings tattoos to life by using ultraviolet active tattoo ink. 

UV tattoos are still new to the market, but Hall enjoys experimenting with this medium as he blends traditional techniques with a modern twist.