Source: "Guangming Daily" (Version 13 on March 11, 2020)
In order to combat the spread of the COVID-19 epidemic, China and other countries around the world have adopted a series of necessary epidemic prevention and flow restriction measures. As the domestic epidemic situation is gradually brought under control, enterprises across the country are resuming work and production in a steady and orderly manner, and tensions in some industrial and supply chains have been effectively alleviated. As the world's largest exporter, second largest importer, second largest country of foreign capital inflows and investments, and global manufacturing center, China's position in the global industrial chain will not be shaken by the short-term impact of the epidemic.
In the long term, the fundamentals of China's economic policies have not changed, the foundation of its advantages for economic development has not changed, and the internal factors that promote China's economic and industrial globalization, such as the continued growth of national wealth, the continuous expansion of the scale effect of production capacity, complete industrial supporting facilities, and sufficient innovation power, have not changed. At the same time, domestic reform and opening up continues to deepen, institutional dividends and market dividends continue to be released, and original cost efficiency advantages continue to accumulate. The superposition of multiple factors jointly determines China's solid position in the global industrial chain.
Currently, China’s model of attracting foreign investment is gradually changing from"Cost-driven" has transformed into "market-driven" and "system-driven". A good business environment and market radiation effect have increasingly become important advantages in attracting foreign investment. Under the conditions of market economy, a certain degree of foreign investment migration and dynamic adjustment of the industrial chain are manifestations of the continuous optimization of the industrial structure. In recent years, China has shown a high-end trend in attracting foreign investment. More high-quality foreign investment has been invested in high-tech industries and service industries. Some capital-intensive and labor-intensive industries have gradually relocated due to cost and business reasons. This is a normal phenomenon that follows market principles. China has strong market consumption demand, the "market money-making effect" brought about by institutional reform and continuous upgrading of industry and consumption continues to play a role, the development environment continues to improve, and the industrial chain structure continues to be optimized. According to data from the Ministry of Commerce, there has been no large-scale relocation of domestic industrial chains due to the impact of the epidemic, and China is still one of the investment destinations favored by foreign capital.
China is also a major country of foreign investment. Enterprises have gradually accumulated international industrial advantages by transferring part of their production capacity abroad. Judging from the development pattern of foreign investment, January and February are the off-season for foreign investment, and growth in the second half of the year often exceeds that of the first half. As China’s economic activity gradually picks up,The “Belt and Road” construction continues to advance in depth, and China’s foreign investment will continue to develop healthily. On the other hand, the internal motivation of enterprises to invest overseas, conduct international operations and enhance international competitiveness has not changed. Relevant policy support for enterprises to "go global" has been continuously improved, and the pace of international industrial transfer and the creation of global industrial and value chains with China as the core has continued to move forward.
In the face of the epidemic, China has actively fulfilled its historical responsibilities as a responsible major country, focusing on epidemic prevention and resumption of work and production on the other hand, ensuring that companies affected by the epidemic receive effective assistance and avoiding serious impacts on the global industrial supply chain. The central and local governments have specially issued a series of policies and measures to support the development of enterprises. For example, the Ministry of Commerce issued the "Notice on Helping Foreign w88 Enterprises to Overcome Difficulties and Reduce Losses in Response to the Epidemic" and the "Notice on Stabilizing Foreign w88, Stabilizing Foreign Investment and Promoting Consumption in Response to the COVID-19 Epidemic" and other documents, and various localities have actively implemented responses. At present, the resumption of work and production in the country except Hubei is good, and the resumption of work of foreign-funded foreign w88 enterprises is progressing smoothly. For example, the resumption rate of key foreign-funded enterprises in Shanghai has exceeded99%, the resumption rate of Zhejiang’s foreign w88 enterprises with exports exceeding 10 million US dollars has reached 100%.
The global industrial chain is criss-crossed and interconnected. It not only follows the development laws of the industry itself and the development laws of the market economy, but is also the inevitable result of the in-depth development of economic globalization. This sudden epidemic has tested the resilience of China's economy, but it will never shake the foundation of China's economy. As the domestic epidemic is effectively controlled, the vitality of enterprises to fully resume work and production will be quickly released. In addition, China continues to promote the development of digital w88 and innovate w88 forms. China will continue to provide the world with a large number of high value-added intermediate goods and consumer goods, making positive contributions to stabilizing the global industrial chain.
(Author: Lan Qingxin, unit: Beijing Institute of Opening up, w88 casino)
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