China's high-quality economic development has sufficient momentum and has become the "engine" of global economic growth

"In 2019, China's total economic output accounted for 16.3% of the world's total, and this year's GDP will exceed 100 trillion yuan." - On November 11, Tang Dengjie, deputy director of the National Development and Reform Commission, revealed an important data at the 2020 China Development Forum. He said that with the sharp decline in world economic growth and the general downturn in major economies, China's economy has become the main driving force for global economic growth.

The author believes that "China's economy has become the main driving force for global economic growth" is well deserved, especially under the influence of the new crown pneumonia epidemic this year, my country's economy has steadily recovered and led the world's major economies, showing strong resilience and potential. China's economy is becoming the most powerful "engine" for world economic development.

Since the beginning of this year, under the influence of the epidemic, my country's economic growth curve has also shown a decline first and then rise: in the first quarter, GDP fell by 6.8% year-on-year, and major indicators such as investment and consumption once fell by double digits; in the second quarter, GDP growth jumped to 3.2%; in the third quarter, GDP growth accelerated to 4.9%, and multiple indicators achieved the first annual positive.

According to the economic data currently released, among the major economies, my country's economy has recovered the fastest and developed the best. In October this year, the International Monetary Fund (IMF) released a report saying that the global economy is expected to shrink by 4.4% in 2020, while China's economy will grow by 1.9%, making it the only major economy in the world to achieve positive growth. The World Bank and other international organizations have also raised their expectations for my country's economic growth.

The author believes that this economic report card in this special period demonstrates the strong resilience of the Chinese economy in nurturing new opportunities in difficulties and opening up new situations in changes. This resilience mainly comes from three aspects.

First, strong consumption momentum has become the main driving force for economic growth, effectively enhancing the resilience of the Chinese economy.

Since the 13th Five-Year Plan, my country's consumption has contributed an average of more than 60% to economic growth. With a population of more than 1.4 billion, a per capita GDP of more than US$10,000, and a per capita disposable income of more than 30,000 yuan, China's domestic demand and consumption have increasingly become a solid guarantee for China's economic growth.

At the same time, the trend of consumption upgrading is obvious. With the expansion of the size of the middle-income group and the continuous improvement of people's living standards, enjoyment-oriented consumption has grown rapidly, and the rapid development of emerging consumption such as tourism, culture, health, and elderly care is becoming a new driving force for China's economic growth. China's huge potential market also brings new opportunities for the development of the world economy.

The just-concluded "Double 11" once again demonstrated China's strong consumption momentum to the world: data showed that from 0:00 on November 1 to 23:59 on November 11, the transaction volume of Tmall's "Double 11" in 2020 reached 498.2 billion yuan, and the cumulative order amount of JD.com's "Double 11" exceeded 271.5 billion yuan, both of which set new sales records again.

Secondly, foreign trade and foreign investment grew against the trend, and the performance that exceeded expectations fully demonstrated the strong resilience and vitality of the Chinese economy.

At a time when the global economy was feeling a "chill" and global trade slowed down significantly, the unexpected performance of China's foreign trade import and export data boosted the world economy that was sluggish in recovery: in the third quarter, my country's imports and exports were 8.88 trillion yuan, a year-on-year increase of 7.5%, of which exports were 5 trillion yuan, an increase of 10.2%, and imports were 3.88 trillion yuan, an increase of 4.3%. The three key indicators of total import and export value, total export value, and total import value set a quarterly record high.

Third, the development of new industries and new formats is improving, and the momentum of emerging fields has increased, further stimulating economic vitality.

Since the beginning of this year, under the influence of the epidemic, the momentum of industrial transformation and development has accelerated significantly. New momentum represented by the Internet economy has grown against the trend, playing a very positive role in helping epidemic prevention and control, ensuring residents' lives, and promoting economic growth.

Data show that in the first three quarters, the added value of high-tech manufacturing above designated size increased by 5.9%, and the added value of equipment manufacturing increased by 4.7%, both of which were faster than the first half of the year. Investment in high-tech industries increased by 9.1%, accelerating by 2.8 percentage points. New formats and new models such as online shopping and live streaming continue to be hot, and emerging demands such as online office, remote consultation, and online education are very strong. The driving role of new infrastructure and new consumption such as 5G construction and rail transit is also increasing. It can be seen that the new economy has a very significant driving effect on the overall economy, the supporting role of new momentum is prominent, and the market players have stimulated new vitality and also driven the new development vitality of the economy.

The author believes that at present, my country is accelerating the construction of a new development pattern with the domestic big cycle as the main body and the domestic and international double cycles promoting each other. This is not only the inherent need and new driving force for the high-quality development of my country's economy, but also the driving force for the recovery and growth of the global economy.