Based on Chinadaily, the World Bank forecast that China would obtain a recovery in soon. After the economic downturn threw the world into panic, people all over the globe have been waiting disconcertedly for the renaissance of the economies, both of their own countries and of the globe. And China is likely to bring the first good news to the globe with its promising developmental tendency.
As we know, late in last year, China was seriously hit due to the discouraging economic downturn, especially in its export industry. All major export-oriented China wholesale marketplaces confessed that their transaction volumes and turnovers decreased as the economic downturn deteriorated. Worse still, a big number of small and medium-sized enterprises closed down and millions of factory workers lost their jobs. Nevertheless, in spite of the huge challenge, China still maintains deep confidence and contributes enormous efforts to release a range of economic stimulus programs.
Among all, to stimulate domestic demands turned out to be a very efficient means to revive the economy. Up to now, the government has launched a set of $586-billion stimulus projects, which to a large extent facilitated to stabilize and even activate the country’s economy. According to Vikram Nehru, the World Bank's chief economist for the East Asia and Pacific region, many signs present that China’s economy is recovering. In addition, a questionnaire indicates that, compared with people from other countries, Chinese people have deepest confidence in their country’s economy. All the encouraging signs in China imply that China will probably become the first country to get rid of the economic downturn.
Fueled by the powerful economic stimulus strategies, China is capable of maintaining a stable progress even under the economic recession. It is true that many factory staff from manufacturing sector in China lost their jobs. But large-scale layoff does not happen in other Chinese companies, despite that some China-based companies had to cut jobs to survive. For example, it is extensively known that China’s export wholesale trading is significantly influenced by the worsening economic tendency, but most wholesale websites in China continue to hiring more staff instead of laying off. And China’s economic stimulus measures offer more and more job chances for the unemployed. Those who lost their jobs gradually find new positions or new means for making a living. This may tell why Chinese people still have full confidence in their country in front of the worldwide economic slowdown.
Though the entire world’s economic crisis is far from the end, it is convinced that China will soon get rid of the plight. As it is forecast, China will start to rejuvenate in 2009 and takes full hold in 2010. Certainly, the ultimate rejuvenation of the world’s economy depends on the rejuvenation of developed countries. But China’s achievements in reactivating its own economy will definitely contribute to the full rebouond of the world, as Chinese economy is always closely related to the world economy.
However, the stimulus programs alone cannot earn back China the fast growth rate as before. And considering the still worsening situation of the advanced economies, it is too early to declare that China has already begun its full recovery. Now, China is still under great pressure to regain a healthy economic development and progress. But the country’s encouraging though slow growth signals the message that China has huge potential and outstanding ability to fight.
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