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A stable China will provide a "solid foundation" for foreign companies to develop in China

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China has released its official economic performance for April, The added value of industrial enterprises above designated size grew by 6.7% year-on-year, 2.2 percentage points higher than that in the previous month. The expected index of enterprise production and operation activities remained in a relatively high boom range; Business activity in the services sector has been in the boom zone for four consecutive months... A series of data has outlined an upward curve, indicating that China's economy is running smoothly, continuing its upward trend, and positive factors are accumulating.

For business, the market means profit. How is China's hyperscale market doing? From January to April, the total retail sales of consumer goods increased by 4.1% year-on-year, and hot spots such as digital consumption and cultural and travel consumption added new impetus to the recovery of the consumer market. During the same period, online retail sales of physical goods increased by 11.1% year-on-year, demonstrating the vitality of the world's second largest online retail market. During the Qingming Holiday in early April, the number of domestic tourism trips and the travel expenditure of domestic tourists increased by 11.5% and 12.7% respectively compared with the same period in 2019. It is the first time since the coronavirus outbreak that Chinese tourists have spent more per capita on holiday travel than in 2019, indicating that consumption in the world's second-largest economy is recovering.

When we look at a country's economy, we also need to see the strength and resilience of its development, which mainly comes from the impetus of innovation. As China strives to develop new quality productive forces, new growth drivers are taking shape at a faster pace. In April, the value added of equipment manufacturing industry above designated size and high-tech manufacturing industry accounted for a continuous increase in the proportion of all planned industries; From January to April, the year-on-year growth rate of investment in manufacturing technology transformation and high-tech industry was faster than that of all investment. From the perspective of products, in April, the output of 3D printing equipment, new energy vehicles, and integrated circuit products increased by more than 30% year-on-year. For foreign companies, China's development of new quality productive forces has brought more room for open cooperation. Agustin Pederoni, general manager of Bridgestone (China) Investment Co., LTD., a Japanese tire brand, said that the company will invest 560 million yuan in the Chinese market in the next three years, focusing on strengthening the construction of production bases to meet the needs of the rapid development of China's new energy vehicle industry.

At the same time, China's foreign trade performance has also brought warmth to the world. China's imports and exports of goods rose 8 per cent year on year in April. The scale of imports and exports from January to April reached a record high in the same period. In terms of exports, the export advantages of mechanical and electrical products continued to consolidate, including integrated circuits and automobiles, the export growth rate exceeded 20%, indicating that the internal structure of the Chinese economy continued to optimize. At a time when the global economic recovery is weak, China's import and export performance is more resilient than expected, boosting the confidence of foreign investment.

Liu Qing is a reporter at China Global Television Network(CGTN)

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