The year 2020 will be remembered as one of extraordinary challenges. The novel coronavirus has caught many countries flat-footed, extracting devastating human cost, crippling economies, grinding social life to a halt, and leaving numerous companies struggling to stay afloat. Eight months into the year, and there is still no end in sight. The International Monetary Fund has again downgraded its global growth forecast — to minus 4.9 percent — for 2020. And major advanced economies are expected to decline by as much as 10-20 percent in the second quarter. But the international economic cloud has a silver lining. China’s economy grew by 3.2 percent in the second quarter, back into positive territory from minus 6.8 percent growth in the first quarter, making China the first major economy to recover from the devastating effects of the pandemic. China’s main economic indicators rebounded across the board, with industrial output rising by 4.4 percent and services by 1.9 percent. How did this turnaround come about in just a few months? Three key factors are responsible for that: strong leadership, targeted macro policies, and continued commitment to reform and opening-up. China’s extraordinary response to the coronavirus outbreak has been led by President Xi Jinping…. Read full this story
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