A technician calibrates equipment at a manufacturing plant in Qingzhou, Shandong province. [Photo by Wang Jilin/For China Daily]

China”s economy is showing signs of resilience and recovery while the global economy is seriously hit by the COVID-19 pandemic, a senior official from the United Nations said. Liu Zhenmin, UN undersecretary-general for economic and social affairs, also called for synchronous economic recovery among countries supported by international coordination.

Liu shared his thoughts at the sixth Global Think Tank Summit organized by the China Center for International Economic Exchanges on Wednesday.

In the face of unprecedented challenges brought by the COVID-19 pandemic, the global economy is in crisis, and world economic output projected to shrink by nearly $5 trillion this year.

“The economies of the United States, China and Germany are showing signs of resilience and recovery. Consumer confidence is rising, and retail spending is on the rebound,” Liu said, adding the 3.2 percent growth of China’s economy during the second quarter has defied market expectations.

“Economic growth this year matters, but what matters more is how this will affect growth during the next five or 10 years,” he said. “We must resist the temptation of seeing recovery as a zero-sum game among countries, with a few winning the race while others fall behind.”

The UN official listed four major objectives to tackle the crisis and mitigate impacts from COVID-19: striving to save lives, boosting investments, improving human capital and putting the commitment to universal social protection into action. 

Via China Daily

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