Recently, key economic indicators for April were released. A notable detail: when discussing the economic trends since the beginning of this year, various parties mentioned—China’s economy “withstood the pressure.”
The spokesperson for the National Bureau of Statistics, Fu Linghui, said that in April, in the face of increased impact from external shocks and compounded internal difficulties and challenges, the “national economy withstood the pressure and maintained stable growth.” The spokesperson for the National Development and Reform Commission, Li Chao, stated that facing the severe and complex external environment, “consumption and investment maintained stable growth, and the growth of exports withstood enormous external pressure.” China’s economic performance “demonstrated strong resilience and internal dynamism.”
Pressure is a common occurrence. However, the emphasis on “withstanding the pressure” in discussions is unusual.
So, what pressures has China’s economy withstood since the beginning of this year? How has it withstood these pressures? What does it mean to withstand pressure? How to continue to withstand pressure? How to turn pressure into motivation? — Pressure is a test that examines the resilience of China’s economy.
The enormous pressure primarily comes from external sources. In recent months, the dramatic changes in the international environment are evident to everyone. Many analysts believed that by March and April, the impact of the Sino-U.S. trade shock would be reflected in economic data. However, China’s goods import and export continued to grow, increasing by 5.6% year-on-year in April and by 2.4% year-on-year for January-April.
Maintaining stability in foreign trade is particularly challenging. How so?
Firstly, diversification. Despite the decline in U.S. trade, exports to ASEAN, South Korea, Japan, and the five Central Asian countries have grown rapidly, with accelerated import and export to countries participating in the “Belt and Road Initiative.” When one side is dim, another brightens; when one side dims, multiple sides shine.
Secondly, timely response to changes. Especially private enterprises engaged in foreign trade, data shows growth accelerating; and from experience, adaptation is the norm. When supply chains fluctuate, the ability to adjust is crucial. After decades of experience in navigating challenges, Chinese foreign trade enterprises have become adept at responding to changes.
Thirdly, solid foundation. China’s industrial system is complete, occupying an important position in the global industrial chain. When encountering external shocks with significant variables, there is ample space for maneuver, and the resilience to withstand pressure is strong. The “ballast stone” weighs heavy, the ship in the storm can remain steady.
The “external” and “internal” of China’s economy have always been integrally unified. The “coordination of domestic economic work and international economic and trade struggles,” was a key requirement put forward by the Central Political Bureau meeting on April 25. Stabilizing foreign trade, withstanding pressure, stabilizing the situation relies not only on external efforts, but more fundamentally on internal strength.
Insufficient domestic demand is also a form of pressure. This pressure is being transformed into a driving force to expand domestic demand. Among various efforts, special mention must be made of the “Two Heavy” and “Two New,” a substantial amount and a new inspiration.
“Two Heavy” refers to the implementation of major national strategies and the construction of key area safety capabilities, which started in spring last year. The “Two Heavy” focuses on urgently needed developments that cannot be solved by conventional means, major issues that have been long pondered over but not yet achieved, requiring central-level promotion. Last year, 7 trillion yuan in ultra-long-term special national debt supported 1,465 “Two Heavy” projects, and by only four months into this year, nearly 5 trillion yuan has already been allocated.
Money invested, projects built, the effects of “expanding domestic demand, stabilizing growth, benefiting people’s livelihoods” are already evident. Infrastructure projects along the Yangtze River, urbanization of agricultural migrants, high-standard farmland construction, urban underground pipelines, and the “Three North” projects, demonstrate both national will and increase public welfare. Doing one thing and achieving it manifests in withstanding external pressure, “steadfastly doing one’s own job.”
“Two New” refers to large-scale equipment renewal and consumption to replace old with new, continuing to expand this year, igniting consumer vitality, and driving investment growth. A vast number of consumers “vote with their feet,” participating at very high rates. By the end of the
