Chinese president unpauses China's economy
Chinese President Xi Jinping visits an industrial park, which produces high-end auto parts and molds, in Ningbo, east China's Zhejiang Province, March 29, 2020. /Xinhua

Chinese President Xi Jinping visits an industrial park, which produces high-end auto parts and molds, in Ningbo, east China's Zhejiang Province, March 29, 2020. /Xinhua

Editor's Note: The following article is taken from the Chinese-language opinion column "The Real Point."

"With the spread of COVID-19 under control, we should actively carry out the resumption of work and production. Not only should production targets be met, but workers' health and safety should also be ensured." This was the significant message delivered by Chinese President Xi Jinping to the country during his tour of a mechanical mold company in Ningbo, Zhejiang Province.

Analysts believe that Xi's visit to Zhejiang Province, where China's private economy is the most active, sends a clear signal that the country is ready to ramp up the resumption of production without relaxing prevention and control of the coronavirus. It is time for the restoration of order and the moment to get economic development back on the right track.

President Xi didn't choose his destinations lightly. The first stop on his tour was Ningbo Zhoushan Port. Last year, the port handled 1.12 billion tons of cargo, ranking first globally for the 11th consecutive year. The second stop was the Daqi Industrial Park in Ningbo, where small- and medium-sized private manufacturing enterprises gather. Work and production resumption were the key messages during the two stops, both of which are representative of China's export-oriented economy.

Ningbo Zhoushan Port handled 163 million tons of cargo in the first two months of this year, more than 98 percent of that in the same period last year. Ningbo Zhenzhi Machinery and Mold Company, which President Xi visited, is already back to working at full capacity. Since the COVID-19 outbreak, China has introduced a combination of policies to help enterprises return to work in order to maintain the stability of the global industrial supply chain.

During the inspection, Xi Jinping stressed that the central government has given SMEs special attention by introducing a series of measures to support and help tide over difficulties. There will also be adjustments made over time in accordance with developments and changes in the situation.

These words have reassured SMEs, as well as China's entire economy. In China, SMEs contribute more than 50 percent of tax revenue, more than 60 percent of GDP and over 70 percent of technological innovation. They also cover more than 80 percent of urban employment and account for more than 90 percent of enterprises in total.

Against the background of the current multi-point outbreak of the pandemic, Chinese SMEs are working overtime to produce epidemic prevention supplies for the world. In this sense, only when SMEs are stable can China's economy be stable, and the global fight against COVID-19 and economic development can both be secured.

After hearing reports on local work in Zhejiang on April 1, Xi Jinping pointed out that the epidemic has not only brought new challenges to China's economic development, but has also offered opportunities for China to accelerate scientific and technological innovation and strengthen these new growth points, as well as promote industrial optimization and upgrading.

Xi stressed that under the premise of strictly preventing and controlling the epidemic, it is necessary to effectively and orderly speed up and expand the scope of work resumption, while also maintaining the smooth flow of the international supply chain. He added that it is necessary to introduce practical and strong measures to attract talent and promote innovation.

At present, COVID-19 is spreading across the world and the global economy is facing a severe challenge. President Xi Jinping's visit to Zhejiang Province shows that the situation of epidemic prevention and control in China continues to improve in the world's second-largest economy.

Contributing more than 30 percent annually to world growth since the 2008 financial crisis, it is vital for the Chinese government to get its economy restarted. This will not only inspire the Chinese people to work hard to tide the country over during these unprecedented difficulties and usher in better development but will also inject stability and certainty into the global economy.

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