Video PlayerClose — Refraining from hastily resorting to massive stimulus measures, China adopted a clear and consistent approach: containing the virus first with stringent public health measures and then rolling out monetary and fiscal policies to revive economic activities. — China set virus containment as a top policy priority at the beginning of the outbreak, concentrating medical resources and exercising strong epidemic control despite massive economic costs. — The country’s fast recovery rests partly with the extraordinary macroeconomic policy mix of raising the deficit, tax relief, cuts in lending rates and banks’ reserve requirements. by Xinhua Writers Jiang Tingting and Hu Wenjia BEIJING, Dec. 13 (Xinhua) — China’s economy, the first jolted by COVID-19, has bounced back from epidemic fallout with resilience on effective virus control and targeted stimuli, as a pandemic depression continues to threaten the world. With GDP growth reaching 3.2 percent and 4.9 percent in the second and third quarters, the world’s second-largest economy completed the upward leg of a V-shaped recovery from virus-induced lockdowns that sent it into a rare 6.8-percent contraction in the first quarter. In its latest Economic Outlook report, the Organization for Economic Co-operation and Development predicted that China will be the only… Read full this story
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