China extends stimulus measures for small businesses a sign the recovery is not yet complete CNBC 12/23/2020 Evelyn Cheng
China s top executive body, the State Council, announced late Tuesday that small and micro-sized enterprises can defer loan repayments past the first quarter of next year as needed.
Banks lending to these small businesses with government help for 40% of such loans can now keep that support beyond the end of this year as appropriate, according to a government statement.
These smallest businesses have been disproportionately affected by the coronavirus pandemic, said Liu Xiangdong, deputy director of the economic research department at the Beijing-based China Center for International Economic Exchanges.
World Chinese Economic Summit projects post-pandemic recovery and sustainable development By Prime Sarmiento and Xu Weiwei in Hong Kong | chinadaily.com.cn | Updated: 2020-12-21 22:41 Malaysian Prime Minister Muhyiddin Mohd Yassin speaks at the 2020 World Chinese Economic Summit (WCES) in Kuala Lumpur, Malaysia, on Dec 21, 2020. [Photo/chinadaily.com.cn]
Global cooperation and renewed commitment to multilateralism are needed to restart the global economy while securing public health amid the pandemic, according to government and industry leaders attending an international forum.
Key speakers at the 2020 World Chinese Economic Summit (WCES) held Dec 21 also stressed China s key role in rebuilding the global economy, noting not only its success in combatting COVID-19 but also its commitment to help other developing economies.
· 2020-12-14 · Source: Xinhua News Agency
Photo taken on July 16 shows a container dock in Tangshan City, Hebei Province north China(XINHUA)
China s economy, the first jolted by COVID-19, has bounced back from epidemic fallout with resilience on effective virus control and targeted stimuli, as a pandemic depression continues to threaten the world.
With GDP growth reaching 3.2 percent and 4.9 percent in the second and third quarters, the world s second-largest economy completed the upward leg of a V-shaped recovery from virus-induced lockdowns that sent it into a rare 6.8-percent contraction in the first quarter.
In its latest Economic Outlook report, the Organization for Economic Co-operation and Development predicted that China will be the only major economy to record positive performance in 2020 with 1.8-percent growth.
· 2020-12-18 · Source: Xinhua News Agency
Aerial photo taken on December 7, 2020 shows containers stacked at the container terminal of the Lianyungang Port in Lianyungang City, east China s Jiangsu Province (XINHUA)
As the year is drawing to a close, China s economic rebound from COVID-19 is gathering pace as mirrored by improvements in key growth figures, which, for many market watchers, are a boon for the world economy still scrambling to shake off the severest recession in nearly a century.
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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