
According to the latest World Economic Outlook by the International Monetary Fund, China will become the only major economy to achieve positive growth in 2020. A series of recent macroeconomic data have also echoed the view: profits of industrial enterprises turn positive, index of services production turns up from down, the year-on-year decline of total retail sales of consumer goods narrows sharply, electricity consumption and rail freight volume increase successively, and overseas capital continues to flow in. As the world's second-largest economy and the largest developing country, China's role as “ballast” and “engine” for the global economy has become increasingly apparent. With the world hit hard by the epidemic, what is the secret behind China’s economic success against all odds? This can be attributed to the Chinese government's relentless efforts in pandemic control as well as resumption of work and production. Multiple measures were implemented to ensure the steady growth of the economy: First, supporting business through relief measures. Further deducting taxes and fees which would amount to more than US$360 billion this year. Strengthening financial support by reducing financing costs and deferring loan repayment deadlines for SMEs. Second, stabilizing job markets to protect employment. Encouraging enterprises to keep jobs…