Its remarkable resilience is key asset of the Chinese economy

Almost all the major indicators of the Chinese economy performed well in the first quarter, which grew by 6.4 percent year-on-year. The resilience of the Chinese economy provides the country with solid material foundation to maintain stable and healthy development, despite the external pressure. Beijing News commented on Monday:

China's economic growth in the first quarter was a good start to the year and it has consolidated people's confidence in the potential of the economy.

The purpose of growth is to increase people's incomes, which stimulates consumption, which in turn boosts production forming a virtuous circle.

Employment has always been central to this cycle, as only by working can the people take part in production and other economic activities. Thus the employment rate has always been an important indicator of the fitness of a country's economy.

In the first quarter, about 3.24 million jobs were created, an achievement not easy to come by, and the total retail sales of consumer goods increased by 8.3 percent year-on-year indicating that domestic consumption has helped China effectively cope with the uncertainties originating from foreign trade.

And the pertinence and responsiveness of the government's policies have strongly supported the economy's resilience. The supply side structural reform and the cultivation of the domestic consumption market over the past few years have paid off.

The government has introduced policies to reduce the burden on small and medium-sized enterprises by making it easier for them to secure loans and cutting taxes and social security payments to ensure they can continue to play their roles as main creators of jobs and main contributors to innovation.

In recent years, the uncertainties both at home and abroad have been increasing, and some difficulties have even exceeded expectations. The durability of the Chinese economy is a valuable asset that has helped the country to overcome various difficulties and promoted smooth development. This resilience has not come out of the blue, but has been accumulated through more than 40 years of reform and opening-up, and the people's hard work.