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Coronavirus outbreak won’t shake China’s economic fundamentals


Coronavirus outbreak won’t shake China’s economic fundamentals
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The Chinese economy is bigger, more resilient in capacity, and more reasonable in structure.

 

President Xi Jinping’s comments on the Chinese economy have boosted confidence that the world’s second-largest economy will come through the novel coronavirus epidemic with great resilience, potential, and leeway.

 

Xi said the fundamentals of China’s long-term economic development remain unchanged and the epidemic’s impact on the economy is short-lived, during an inspection tour of the epidemic prevention and control work in Beijing on Monday.

 

He made the comments as China’s economy comes under pressure from factories suspending production and reduced consumer spending amid the country’s quarantine measures in the battle against the novel coronavirus outbreak. The epidemic and relevant quarantine measures are believed to have a negative impact on the Chinese economy to some extent. But now the Chinese economy is bigger, more resilient in capacity, and more reasonable in structure.

 

After the epidemic is brought under control, retail and consumption activities are expected to heat up and make up for the losses incurred during the quarantine period.

 

A batch of companies has carefully resumed work, and more will do so in the coming days. Social and economic operations are awakening from their time off due to the epidemic. Confidence should be restored that the coronavirus outbreak will leave the Chinese economy unscathed in the long-run.

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