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Chinese demand is estimated to generate over US$27 trillion of imports of goods and services in the following 10 years.
In the latest World Economic Outlook, the International Monetary Fund (IMF) projected China's economy to grow by 1.9 percent in 2020, 0.9 percentage points above its June forecast, making China the only major economy that will see positive growth this year.
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"With the right mix of supportive macroeconomic policies focused on strengthening social safety nets and further key reforms, China will secure the recovery and ensure balanced and high-quality growth, which will benefit China and the world," said IMF Managing Director Kristalina Georgieva.
A set of early indicators had shown that an across-the-board recovery of the world's second-largest economy was firmly on track. In November, the purchasing managers' index for the manufacturing sector, reached 52.1 -- well above the boom-bust line of 50 and representing the highest level of the year.
Accounting for more than half of China's GDP growth, the service sector has long been one of its main economic barometers. Last month, the sub-index for business activities in the service sector rose to 55.7, also the highest level of the year.
In terms of foreign trade, the revival continued too, as both new export orders and import sub-indexes hit a year-high and stayed in the expansion territory for three consecutive months.
Children are going to bed with an empty stomach because of this economic crisis.
— Rep. Ilhan Omar (@Ilhan) December 12, 2020
Families are worried about whether they will be on the streets when the eviction moratorium expires just weeks from now.
The American people need direct relief NOW. pic.twitter.com/q5eLoYoVmZ
China also signed the Regional Comprehensive Economic Partnership agreement with other countries in mid-November. The world's largest trade pact will likely open up more sectors and promote business flow among signatories.
Amid efforts to nurture fertile ground for foreign businesses to thrive, Chinese authorities implemented the Foreign Investment Law, trimmed the negative list for foreign investment, and eased foreign access to the financial market.
They also put forward a new development pattern of "dual circulation," to forge better connectivity between internal and external markets.
China's massive demand is estimated to generate over US$27 trillion of imports of goods and services in the following 10 years.
"It is clear that no economic recovery from the current global economic slowdown is possible without China being a major part of the equation," noted Rohana Mahmood, chair of APEC Business Advisory Council.
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