Pragmatic Economic Policy Key To China's Economic Recovery
Mohammad Ali (@ChaudhryMAli88) Published January 21, 2021 | 04:19 PM
China's pragmatic policy has become the main factor in ensuring the recovery of its economy amid the COVID-19 pandemic in 2020, a Ukrainian expert told Xinhua on Thursday
KIEV, (APP - UrduPoint / Pakistan Point News - 21st Jan, 2021 ) :China's pragmatic policy has become the main factor in ensuring the recovery of its economy amid the COVID-19 pandemic in 2020, a Ukrainian expert told Xinhua on Thursday.
Olga Drobotiuk, director of the Boris Kurtz Institute of Contemporary Chinese Studies in Kiev, said a pragmatic economic development policy is the backbone of China's economic stability.
Since the global financial crisis in 2008, said Drobotiuk, China has stepped up its industrial adjustment efforts, eliminated high-pollution, high-energy consumption, as well as low-efficiency and low-level outdated production capacity on a large scale.
During the time, China has successfully implemented its "five-year plans," fought poverty, actively developed science and education, supported small businesses, promoted urbanization, and helped increase the production of high-tech and highly intelligent products, Drobotiuk said.
Also, the expert believed that the strong quarantine imposed in China during the outbreak of COVID-19 contributed to the dynamic recovery of the Chinese economy.
With a stunning 6.5-percent growth in the fourth quarter, China's economy expanded 2.3 percent in 2020, reaching 101.6 trillion Yuan (15.66 trillion U.S. Dollars), according to data from the country's National Bureau of Statistics.
The expert said that despite the impact of the pandemic, the stability of the Chinese economy has shown that the country will continue its growth in the long-term perspective.
"In 2021, the implementation of the 14th five-year plan begins, which sets out short and medium-term goals for the socio-economic development of China," the expert said.
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From World
-
Junta-led Burkina Faso suspends BBC, Voice of America for two weeks
45 minutes ago -
Two Kyiv hospitals evacuating over feared Russian strikes
1 hour ago -
World must act on neurotech revolution, say experts
1 hour ago -
Charles & Catherine's cancer diagnoses
1 hour ago -
King Charles to resume some public duties during cancer treatment: palace
1 hour ago -
US defense chief announces $6 bn in security aid for Ukraine
1 hour ago
-
Woman stabbed in Israel, attacker killed: police
1 hour ago -
Israeli-fired unexploded bombs could take 14 years to clear: UN
1 hour ago -
US announces $6 bn in security aid for Ukraine
1 hour ago -
Pakistan’s National Day Reception held in Colombo
1 hour ago -
Erdogan's White House talks with Biden on May 9 postponed: Turkish official
1 hour ago -
Spanish PM keeps country guessing on his future
1 hour ago