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  • A truck at a container terminal at Lianyungang port, China, Sept. 7, 2020.

    A truck at a container terminal at Lianyungang port, China, Sept. 7, 2020. | Photo: Xinhua

Published 17 September 2020
Opinion

"No matter how the external environment may evolve, China will only open wider to the world," Premier Li Keqiang said.

China's increased integration with the global economy will be an essential part of the global economic recovery, said Carlo Filippini, an emeritus professor of economics at Bocconi University in Milan.

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"The relative strength of the Chinese economy is important, as China is an important exporter and importer," Filippini said, adding that he did not believe the problems associated with the global coronavirus outbreak will slow the integration process.

Javier Noriega, chief economist with investment bankers Hildebrandt and Ferrar, said the direction China takes will play a big role as economies seek to overcome the crisis. He added that the strengthening of supply chains would be an "essential" part of the world's economic recovery.

The impacts of the pandemic were so large because countries are so interconnected, therefore reinforcing these connections are key for a recovery from the current situation, the expert said.

Speaking to more than 500 business leaders at the World Economic Forum (WEF) on Tuesday, China’s Premier Li Keqiang said that his country is set to achieve its main annual targets and register positive GDP growth in 2020 despite the COVID-19 pandemic.

Meanwhile, the EU economy is expected to contract by 7.1 percent this year, and the U.S. economy would shrink by 5.9 percent, according to estimates from the International Monetary Fund (IMF).

Noting that the Chinese economy has been deeply integrated into the global economy, Li stressed that China cannot develop in isolation from the rest of the world, and the world needs China for further development.

"No matter how the external environment may evolve, China will only open wider to the world; China will move forward, not backward, in all areas of opening-up," Li said.

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