Xinhua Commentary China confident in ensuring stable economy amid COVID19 pandemic

BEIJING, April 21 (Xinhua) -- Facing a pandemic unseen in a century, China is taking the lead in controlling the virus, resuming production and reversing economic performance from negative to positive growth. In 2021, China's GDP increased by 13 trillion yuan (about 2 trillion U.S. dollars).

In the fight against Omicron, China has made every effort to minimize the impact of the pandemic on economic and social development.

A series of policies to assist business entities, such as combined tax and fee cuts, financial support, and improvements to the business environment, continued to help ensure the stability of the economy.

China's monetary policy toolbox is well stocked. The State Council executive meeting held on April 13 pointed out that monetary policy tools such as reducing the reserve requirement ratio should be used in a timely manner to facilitate banks to enhance their credit supply capacity.

Sun Guofeng, director of the Monetary Policy Department of the People's Bank of China, suggested the central bank should use these tools in a timely manner to further increase financial support for the real economy.

Multiple challenges from home and abroad did not prevent China from introducing new measures to pursue high-quality development. The Chinese authority has recently released a guideline to accelerate the establishment of a unified domestic market amid efforts to build a high-standard market system and promote high-quality development.

In the first quarter of 2022, China's GDP increased by 4.8 percent year on year. Against the backdrop of global inflation, domestic prices remain steady. The total import and export value of goods trade in the period was 9.42 trillion yuan, a year-on-year increase of 10.7 percent.

Amid the battle against Omicron, epidemic prevention and control must be coordinated with economic growth. This is the key to further boosting the nation's confidence and determination in this critical fight.  

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