China’s Economy Has Huge Room For Development

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China has coordinated and promoted the prevention and control of the COVID-19 and economic and social development and has introduced a number of policies and measures, which have achieved positive results. China is speeding up the construction of a new development pattern, and the prospects will get better and better. “The former deputy minister of the Italian Ministry of Economic Development and economist Michele Geraci recently expressed his firm confidence in China’s economic development in an exclusive interview with our reporter.

Geraci said that China’s rapid economic development has historically eliminated absolute poverty. “China adheres to the system concept, not only based on the domestic and doing its own affairs well, but also looking at the world, actively responding to the challenges brought about by changes in the external environment, and enhancing the country’s comprehensive strength and ability to withstand risks.”

Geraci said that China attaches great importance to the risks and challenges encountered in economic and social development and is fully aware of the pressures of shrinking demand, supply shocks, and weakening expectations. “The Chinese economy has huge room for development. For example, improving the quality of new urbanization construction will not only open up space for agricultural and rural development, but also make new urbanization construction an important driving force for economic and social development, and promote coordinated regional development while expanding domestic demand and promoting industrial upgrading. The Chinese people remain optimistic about their own economic situation, which is conducive to the continuous release of domestic demand potential.”

In Geraci’s view, the epidemic may have a sustained impact on global trade growth in the next few years. China is accelerating the construction of a new development pattern. Domestic and international cycles promote and complement each other. Supply-side reforms and demand-side management are coordinated and effectively coordinated. This will continue to shape new advantages and stimulate new vitality for high-quality economic development.

In 2021, Geraci took a train to visit Xinjiang, China, and he was deeply impressed by what he saw along the way. The scenery of blue sky, white clouds, snow-capped mountains and grasslands on the plateau is intoxicating. The wind farms and solar power plants along the way also let him see how China can make good use of the gifts of nature and realize the benign interaction between industrial development and ecological environment protection. Geraci said that through a clear road map and action plan, China is showing the world its ambition to achieve climate goals. China’s pragmatic measures have made positive contributions to the global response to climate change, and China’s development experience is worth learning.

In 2019, China and Italy signed a memorandum of understanding on jointly advancing the construction of the “Belt and Road”, and Italy became the first country in the G7 to sign relevant cooperation documents. “The joint construction of the ‘Belt and Road’ will bring new opportunities for development and prosperity for all countries. China and countries and regions along the route have carried out cooperation to promote infrastructure construction, achieve interconnection, and promote common prosperity.” Geraci said.