China's GDP growth is still expected to reach 6% in 2020: Former Vice Minister of Commerce Wei Jianguo Hosts Webinar with European Chamber

2020-03-19 | All chapters

On 19th March, Mr Wei Jianguo, former vice minister of Commerce and current vice chair of the China Centre for International Economic Exchanges (CCIEE), hosted a 90-minute webinar for member representatives of the European Chamber Mr Wei shared his views on the economic trends and the opportunities and challenges for companies in the post-pandemic era. The webinar included half an hour of Q&As, moderated by Dr Kang Yong, the chief economist of KPMG.

Mr Wei stated that, regarding the domestic economic situation, while China’s GDP in the first quarter of this year may be reduced, the overall economic goal for the whole year can still be achieved, i.e. GDP growth to reach 6 per cent. He also said that though China’s consumption capacity is temporarily suppressed because of the outbreak of COVID-19, a huge rebound is coming. China’s total consumption for 2019 was Chinese yuan (CNY) 40 trillion, which is expected to grow 6 per cent to CNY 45 trillion this year. In addition, as COVID-19 spreads overseas, Mr Wei believes that this will be a good opportunity for China to expand exports.

During the webinar, Mr Wei also mentioned that China will continue to reform the overall market economy after the virus outbreak is brought under control. He said the government will enforce the protection of intellectual property rights and equal treatment of domestic and foreign enterprises, continue to reduce the negative list, and increase foreign access to licenses to ensure China's high-quality economic development. Mr Wei said he believes that China will create the best business environment in the world.