Japan Times: China's economy on road to recovery
China's economy is on the road to recovery, as negative growth rates in investment, manufacturing activity and consumption have reversed course and moved into positive territory, Japan Times reported.
Some indicators, such as exports, have even beaten expectations, registering a positive growth rate of more than 10 percent in the third quarter of last year.
How an economy recovers from an economic shock determines how robust its recovery will be, the newspaper said, adding that the Chinese government's post-pandemic recovery measures are more targeted, and thus unlikely to fuel another credit bubble.
Among the most notable features is its emphasis on investment in innovation, the newspaper said.
In the name of building new infrastructure, the government is redirecting resources from traditional projects to data centers, artificial intelligence applications and electric vehicle charging stations, increasing investment in high-tech manufacturing and services by nearly 10 percent over the past year.
This suggests that the market should expect a continued commitment to opening-up the economy, particularly in financial services, the newspaper added.
China will enhance its efforts to develop the digital economy and increase investments in new infrastructure, according to a statement released after the annual Central Economic Work Conference held in Beijing last month.