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China's economy is bouncing back: WSJ

2020-8-26 16:13

 

Aerial photo taken on July 6, 2020 shows a railway bridge along the Anshun-Liupanshui railway in southwest China's Guizhou Province. (Xinhua/Liu Xu)

China, the world's second-largest economy in real GDP terms, has slowly been catching up on the United States. Economists say China's quick rebound from COVID-19 will accelerate that process, says WSJ.

NEW YORK, Aug. 25 (Xinhua) -- As much of the world struggles to contain the coronavirus, China's recovery is gaining momentum, positioning it to further close its gap with the U.S. economy, according to an article, "China's Economy, Bouncing Back, Gains on the U.S.," published on The Wall Street Journal on Tuesday.

According to the article, China is the only major economy expected to grow this year. J.P. Morgan recently boosted its 2020 China growth forecast to 2.5 percent from 1.3 percent in April. Economists at the World Bank and elsewhere have also upgraded their forecasts for China.

China, the world's second-largest economy in real GDP terms, has slowly been catching up on the United States. Economists say China's quick rebound from COVID-19 will accelerate that process, the article said.

Aerial photo taken on Aug. 19, 2020 shows vessels sailing on the sea near Xin'gang port in Haikou, south China's Hainan Province. (Xinhua/Yang Guanyu)

Homi Kharas, a senior global economics and development fellow at the Brookings Institution, said the coronavirus puts China's economy on track to reach parity with the U.S. in 2028 in absolute terms, using current dollars, two years faster than his pre-coronavirus estimate, according to the article.

"China will emerge even stronger as the largest economy in the developing world," the article quoted Kharas as saying.

According to the article, China's factories were among the world's first to reopen in April, which helped China grab market share in global trade.

Customers chat at the Starbucks Reserve Roastery Shanghai in Shanghai, east China, June 26, 2019. (Xinhua/Fang Zhe)

Companies from Marriott International Inc. to Starbucks Corp. reported strong second-quarter growth in China, as the rest of the world pulled back.

The article added that before the coronavirus, Deutsche Bank estimated China's economy would grow by roughly 26 percent between 2019 and 2023, versus 8.5 percent for the United States over the same period. Now, taking into account the impact of the pandemic, the bank expects China's economic expansion to moderate slightly to 24 percent between 2019 and 2023, while the U.S. over that stretch will have grown by 3.9 percent - less than half the original projection.

Yet, China still faces headwinds. It counts on exports for roughly one-fifth of its economic output, making it reliant on customers in the U.S. and Europe overcoming the virus. It must also prevent its own resurgence in COVID-19 cases, the article said.

 

航拍照片拍摄于2020年7月6日,这是中国西南部贵州省安顺-六盘水铁路沿线的一座铁路桥。(新华社/刘徐)


按实际GDP计算,中国是世界第二大经济体,一直在缓慢地追赶美国。《华尔街日报》说,经济学家说,中国从新冠肺炎疫情中迅速反弹将加快这一进程。


纽约,8月25日(新华社)——尽可能多的世界努力包含冠状病毒,中国的复苏势头越来越大,定位,进一步密切与美国经济的差距,一篇文章说,“中国的经济反弹,涨幅在美国,“周二发表在《华尔街日报》。


根据这篇文章,中国是今年唯一有望增长的主要经济体。摩根大通(J.P. Morgan)最近将其对2020年中国经济增长的预测从4月份的1.3%上调至2.5%。世界银行(World Bank)等机构的经济学家也上调了对中国经济的预期。


按实际GDP计算,中国是世界第二大经济体,一直在缓慢地追赶美国。这篇文章说,经济学家说,中国从新冠肺炎疫情中迅速反弹将加快这一进程。

 

布鲁金斯学会(Brookings Institution)全球经济和发展高级研究员哈拉斯(Homi Kharas)说,以当前美元计算,冠状病毒将使中国经济在2028年达到与美国同等的绝对水平,这比他在冠状病毒感染前的估计快了两年。


文章援引卡拉斯的话说:“中国将成为发展中国家最大的经济体,变得更加强大。”


根据这篇文章,中国的工厂是世界上第一批在4月份重新开工的工厂之一,这帮助中国在全球贸易中抢占了市场份额。

 

从万豪国际集团(Marriott International Inc.)到星巴克(Starbucks Corp.)等公司都公布了第二季度在中国的强劲增长。


这篇文章还说,在冠状病毒爆发之前,德意志银行(Deutsche Bank)估计,中国经济在2019年至2023年期间将增长约26%,而美国同期的增长率为8.5%。现在,考虑到疫情的影响,世行预计中国的经济增长在2019年至2023年期间将略有放缓至24%,而美国在此期间的经济增长将为3.9%,不到最初预测的一半。


然而,中国仍然面临着阻力。中国约五分之一的经济产出依靠出口,这使得它依赖于美国和欧洲的客户战胜病毒。这篇文章说,还必须防止新冠肺炎病例中自身复发。

 

来自: xinhua