People’s Daily defends China’s economic resilience, says annual targets will be met
The flagship newspaper of China’s ruling Communist Party has run back-to-back commentaries defending the resilience of the world’s second-largest economy, saying domestic risks were being contained while China continued to provide greater stability to the global economy. The People’s Daily commentaries, published on Saturday and Sunday, came as weak domestic demand and persistent imbalances…
The People's Daily, the official newspaper of China's ruling Communist Party, has published two commentaries defending the robustness of China's economy. These articles, released on Saturday and Sunday, underscore China's role in providing stability to the global economy despite domestic challenges. In the face of weak domestic demand and persistent imbalances, both commentaries assert that China will meet its annual economic targets.
The first commentary, penned under the pen name "Zhong Caiwen," suggests that China's economic resilience should be evaluated based on the quality of growth. This piece highlights the continued expansion of hi-tech and equipment manufacturing sectors while pointing out that risks related to property, local government debt, and smaller financial institutions are being systematically addressed. It further emphasizes that China has proactively managed these risks, ensuring they do not become systemic.
The second commentary shifts focus to the global stage, countering the "China shock 2.0" narrative. Instead, it positions China as a stabilizing force within global industrial and supply chains. It attributes China's strength in new energy to its ability to reduce oil imports and alleviate pressure on global oil prices, even amidst heightened geopolitical tensions.
Furthermore, it cites strong European demand for Chinese air conditioners during recent heatwaves, showcasing Chinese manufacturers' agility in meeting international demand. This agility is attributed to their integrated supply chains, energy-efficient technologies, and swift delivery systems.
Historically, the People's Daily has frequently highlighted the Chinese economy as an "unsinkable economic aircraft carrier" in its op-ed series, particularly ahead of significant policy meetings. The most recent series of articles, published before the Central Committee's fourth plenary session, laid the groundwork for the Chinese government's recommendations on the 15th Five-Year Plan, which spans the years 2026 to 2030.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
