IMF report predicts that China will remain the "leader" of world economic growth

On April 6, the International Monetary Fund (IMF) released the "world economic outlook report" for 2021, which optimistically predicts that the global economic growth rate will reach 6% this year, of which China's economic growth will be 8.4%, and China will continue to be the main driving force for world economic growth.

The world is generally optimistic about China's economic growth, due to China's good epidemic control effect and economic growth potential. In the great struggle novel coronavirus pneumonia, under the firm leadership of the Party Central Committee with Comrade Xi Jinping as the core, the whole nation carried forward the spirit of "the supremacy of life, the unity of the whole country, the sacrifice of life, the respect for science, the destiny and the common", and achieved great victory in the fight against disease. With the gradual popularization of scientific prevention and control and vaccination, China's economic development and social order have been rapidly and comprehensively restored in the post epidemic era.

Under the multiple effects of market and policy, China's economy has performed well in investment, consumption, import and export. The recent leading indicators show that China's economic recovery growth momentum is good. In March, China's Manufacturing Purchasing Manager index, non manufacturing business activity index and comprehensive PMI output index were 51.9%, 56.3% and 55.3% respectively, which were above the dry and prosperous line for several consecutive months, indicating that China's overall economic expansion trend is relatively obvious. In March, the logistics boom index was 54.9%, returning to the expansion range of more than 50%, and the logistics industry showed a recovery trend. The excavator index also grew rapidly. In February, 28305 excavators were sold, up 205% year on year. This shows that infrastructure construction and fixed asset investment are recovering and expanding rapidly. From January to February, China's total electricity consumption reached 1258.8 billion kwh, up 22.24% year on year, further indicating that the three major industries are speeding up the recovery of production.

With the acceleration of vaccine production and vaccination, the global epidemic situation is under effective control, and the global economic activities are gradually recovering. The IMF's economic growth forecast for the world's developed economies is relatively optimistic, with the forecast of 6.4% for the United States, 3.6% for Germany, 5.8% for France, 4.2% for Italy, 6.4% for Spain, 3.3% for Japan, 5.3% for Britain and 5.0% for Canada. Among them, in addition to China, the report also has higher economic growth expectations for India and other Asian emerging markets and developing economies. If the world's major economies achieve restorative growth, it will create a more powerful external economic environment for China and help China to give full play to its economic growth potential.

In the face of the complicated international political and economic situation in the world, the key for China to continuously achieve high-quality economic development is to speed up the construction of a new development pattern. In China, we should further form a strong supply capacity through supply side structural reform and further release the potential of domestic demand through demand side management.

In terms of domestic demand, the focus is to further drive the whole society's investment in fixed assets through traditional and new infrastructure construction, encourage various market entities to increase investment by all means, strengthen the whole society's investment in scientific and technological innovation, and form a stable foundation to support economic security and high-quality development. At the same time, we should encourage residents to increase consumption by increasing income, improving the level of social security, increasing public service investment, and creating a good consumption environment, so that consumption can become the main driving force of domestic demand.

One belt, one road to China, is to further implement the strategy of opening up to the outside world at a high level and expand further through free trade area, trade port construction and negative list management.

Source: china.com