World Bank： The development of China will drive the growth of emerging market economies.

CCTV News:Recently, the latest Global Economic Outlook report released by the World Bank pointed out that the world economy will remain in a downturn in the first half of 2021 due to the continuous spread of the COVID-19 epidemic.

At the report seminar held by the Globalization Think Tank on 13th, the head of the World Bank pointed out that the decline in investment and the increase in debt are the main impacts of the current COVID-19 epidemic on the economies of various countries, and China’s economic recovery is unique in East Asia, which has driven the economic recovery of the world, especially in East Asia and new economies.

Before the outbreak of COVID-19, the World Bank had already lowered its forecast for global economic growth in the decade from 2020. The World Bank said that its forecast for 2021 was 0.2 percentage points lower than that made in June 2020. The World Bank believes that the uncertainty caused by the epidemic is reducing global trade and investment.

Ayhan Gauss, Acting Vice President of the World Bank:Judging from the performance of countries in the past period, the world economy is worse than what we predicted in June 2020. After the outbreak, some countries’ improper measures to stimulate the economy led to a leap in debt growth, and some low-income countries even reached 300— 400%, which has never happened since 1997. Due to mobility restrictions, the income ratio of investment has decreased significantly, and global investment has dropped sharply. At the same time, people’s consumption patterns have also changed after the epidemic, which has had a great impact on the economies of countries that are particularly dependent on tourism.

According to the World Bank, China may become the only major economy to escape the economic downturn in 2020. The World Bank predicts that China’s GDP growth is expected to reach 7.9% in 2021. Meanwhile, driven by China, the economies of emerging market economies will grow by 5% in the new year, which is higher than the previous forecast of 4.6%.　　　　　　　　　　　　　　　 　
　　　　　　 Not long ago, the Central Economic Work Conference held in Beijing pointed out that in 2021, China will continue to implement a proactive fiscal policy and a prudent monetary policy, take the initiative in promoting scientific and technological innovation, accelerating economic restructuring, and adjusting income distribution, and accelerate the construction of a new development pattern with the domestic macro-cycle as the main body and the domestic and international dual-cycle promoting each other. The recovery of China has provided experience for the sustainable economic development of various countries after the epidemic.　　　　　　　

Director of World Bank China, South Korea and Mongolia Rui Ze:China is a "V-shaped" recovery, while other countries are "L-shaped" recovery. China’s investment and trade volume remained stable in the context of the global investment downturn. China regards consumption as the main engine of growth, while continuing to invest in infrastructure. In addition, China has continuously promoted digitalization in the fields of finance and consumption, and this recovery model has provided experience for countries’ sustainable economic development after the epidemic. It should also be noted that compared with other countries, China’s manufacturing industry is mature, especially in the field of medical equipment. China has not only ensured its own demand, but also been able to put medical materials into the world, which has contributed to the world while ensuring China’s steady recovery.