China confident of sustaining recovery momentum as economy firms up
China's economic recovery picked up steam in the third quarter and the country is confident of sustaining the current momentum amid the effective control of the novel coronavirus and the government's sweeping efforts to stimulate demand and consumption.
Vehicles wait for assembling at a factory of the First Automotive Works (FAW) Group Co., Ltd. in Changchun, capital of northeast China's Jilin Province, Sept. 23, 2020. [Photo/Xinhua]
Among the bright spots, new growth drivers including the Internet-powered economy and new infrastructure have assumed a bigger role in boosting growth, and the contribution of domestic demand is steadily picking up, Liu said.
Monday's data showed consumption pulled up GDP growth by 1.7 percentage points in Q3, compared with a 2.3-percent drag on growth in Q2.
"The unleashing of the potential of China's super-large market not only demonstrates the country's basic strategy of expanding domestic demand, but will also facilitate the recovery of the entire world economy," Liu noted.
Despite the across-the-board improvements, the foundation for sustainable recovery requires further consolidation due to global uncertainties and uneven performance at home, Liu cautioned.
"Overall, China has the foundation, conditions and confidence to maintain the current trend in Q4 and the full year," Liu added.
