国产av不卡一区二区_欧美xxxx做受欧美_成年人看的毛片_亚洲第一天堂在线观看_亚洲午夜精品久久久中文影院av_8x8ⅹ国产精品一区二区二区_久久精品国产sm调教网站演员_亚洲av综合色区无码一二三区_成人免费激情视频_国产九九九视频

Global EditionASIA 中文雙語Fran?ais
Opinion
Home / Opinion / Dan Steinbock

Strong secular performance on track

By Dan Steinbock | chinadaily.com.cn | Updated: 2022-01-17 19:13
Share
Share - WeChat
People take photos at the Bund in Shanghai on July 21, 2021. [Photo/IC]

In his January 2017 address at the World Economic Forum, President Xi Jinping promoted global economic interdependency and warned that protectionism would produce no winners. In 2021, he called for both greater global efforts in the fight against the unprecedented public health crisis and a renewed commitment to multilateral cooperation, reiterating the call on different occasions.

In his third World Economic Forum address on Monday, President Xi delivered a video address, once again stressing the importance of global cooperation on pandemic fight and global economic recovery.

Prior to Xi's speech, Western media featured a gloomy picture of the fourth quarter growth data. Yet China topped impressively its expected 2021 growth rate— 8.1 percent over the target of "above 6 percent", despite expected deceleration in the fourth quarter. In 2021, China's economy reached 114.4 trillion yuan, or $17.7 trillion.

The recent elevated regulatory activity and emphasis of "common prosperity" will reinforce sustained and more inclusive growth in the long term — as evidenced by strong data on trade and investment, reforms in capital markets and new resiliency.

In 2021, China's exports and imports exceeded $6 trillion for the first time. The economy continued its recovery over the past year, despite slowing export growth on the back of a stronger yuan. Global economic prospects remain challenging, though, due to the spread of the Omicron variant, supply disruptions and higher costs, and weakening demand.

In December, China's trade surplus increased to a record high of $95.46 billion; over $20 billion more than in the same month a year earlier. For the full year, the trade surplus widened to $676 billion, the highest on record with exports surging 29.9 percent and imports 30.1 percent. In fact, exports continued their double-digit growth for the 15th month.

For 2021, China's trade surplus with the United States was $397 billion, 25 percent higher than in 2020. In light of the ongoing US trade wars and geopolitical containment efforts against China, the achievement is extraordinary.

China's performance has been reinforced by strong capital flows, thanks to the mainland's encouragement of foreign direct investment. Actualized FDI in China reached a new record in 2021, with an FDI increase of 14.9 percent year-on-year, or 20.2 percent in US dollar terms. In relative terms, the Belt and Road countries and regions booked a 29.4 percent rise in their investment in China, while investment flows of the ASEAN soared 29 percent.

Heralding promising future, China's strong performance has been reinforced by further opening of the capital markets. By December 2021, overseas investors had raised their holdings of mainland stocks and bonds by more than 11 percent since the end of 2020, according to the People's Bank of China. As Reuters headlined, "Foreign holdings of China government bonds smash record in November on index inclusion".

Indeed, November marked the first full month of phased inclusion of China's government bonds in FTSE Russell's World Government Bond Index. The inclusion could eventually drive $130 billion of index-related foreign inflows into China's bonds over a 36-month period.

Recently, US Treasuries have traded around 1.86 percent, as opposed to Chinese government bonds around 3.39 percent. As the US Federal Reserve will hike rates in the coming months, US yields are likely to increase.

Moreover, as the Fed may respond hastily and belatedly to the US' highest inflation in 40 years, it could stir more volatility in the market. In contrast, Chinese bonds represent a vital diversification instrument in the long run.

Last October, the PBOC stated it was phasing out the use of the countercyclical factor. A more hands-off stance toward the exchange rate has fostered appreciation. However, the yuan may face a rougher ride in 2022, due to normalization by overseas central banks.

Nonetheless, all these trends contributed to an intriguing development in late 2021, when the yuan seemed to "decouple" from the US dollar.

The bilateral relationship between the two currencies had been consistent since the mid-2010s, as measured by the US Dollar Index. When the value of the US dollar increased, that of the Chinese yuan decreased. In the last quarter of 2021, the inverse relationship changed. The US dollar and the Chinese yuan appreciated in tandem.

The shift was reflected by the CFETS RMB Index; China's version of the US Dollar Index. It measures the value of the yuan against a basket of 24 currencies, including the US dollar and the euro. The weakness of other major world currencies pushed the index from 94.8 in December 2020 to a high of 102.8 at the end of November, and it remains around 102.1.

Obviously, China's recent data have been fostered by its strong trade performance, impressive investment and promising capital flows, although the Omicron variant and potential new variants pose new challenges to global economic prospects.

Even if the Fed's impending rate normalization would constrain capital flows to emerging markets, the continued opening up of China's financial sector is likely to offset some of the pressure. Furthermore, FDI in China is likely to prove resilient, due to capital inflows from the Belt and Road and ASEAN economies.

As such, China's strategic focus is on enduring secular trends, not fleeting quarterly results.

The author is the founder of Difference Group and has served at India, China and America Institute (US), Shanghai Institutes for International Studies (China) and the EU Centre (Singapore).

The views don't necessarily reflect those of China Daily.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
欧美拍拍视频| 日韩av免费大片| 韩国三级一区| 性欧美videos高清hd4k| 欧美女v视频| 一个人看的免费视频色| 免费av福利在线观看| 国产麻豆剧果冻传媒观看hd高清 | 午夜精品毛片| 日韩精品免费一区二区三区竹菊| 成人午夜sm精品久久久久久久| 拍真实国产伦偷精品| 久久久精品久久久久| 97超碰资源站在线观看| 超碰96在线| 久草在线国产| eeuss影院www天堂免费| 国产激情自拍视频| 迷人的保姆韩国| 欧洲精品乱码久久久久蜜桃| 26uuu另类亚洲欧美日本老年| 久久亚洲一区二区三区四区五区高| 亚洲欧美国产一本综合首页| 亚洲韩国日本中文字幕| 91精品国产91热久久久做人人| 91成人在线免费观看| 欧美日韩一二三四五区| 亚洲综合区在线| 亚洲色图.com| 亚洲婷婷在线视频| 中文字幕亚洲欧美在线不卡| 国产欧美精品国产国产专区| 久久久久99精品国产片| gogo大胆日本视频一区| 国产成人av电影在线播放| 久久99最新地址| 六月天综合网| 极品少妇一区二区三区| 欧美日韩第一区| 亚洲色图国产| 欧美日韩爆操| 亚洲精品女人| 妖精视频成人观看www| 亚洲激情网址| 黑人一区二区| 亚洲特级毛片| 欧美精品aa| 欧美日韩18| 欧美视频网站| 激情av一区| 欧美午夜电影在线观看 | 黄色国产网站在线观看| 男人插女人欧美| 女人高潮特级毛片| 欧美vide| 欧美性孕妇孕交| а天堂8中文最新版在线官网| av女优在线| 尤物yw193can在线观看| 色www永久免费视频首页在线| 丁香花高清在线观看完整版| 麻豆网站免费在线观看| 日本综合久久| 精品网站999| 欧美人与动xxxxz0oz| 国产不卡av一区二区| 成人激情开心网| 午夜精品久久99蜜桃的功能介绍| 亚洲免费激情| 蜜臀av性久久久久蜜臀av麻豆| 国产综合色视频| av中文字幕不卡| 色美美综合视频| 在线免费观看高清视频色| 特黄国产免费播放| 日本大臀精品| 51xtv成人影院| cao在线视频| 国产成+人+综合+亚洲欧美| 国产精品久久久久久久久久辛辛| 高潮久久久久久久久久久久久久| 伊人久久大香线蕉av不卡| 久久美女视频| 99在线精品免费视频九九视| 美女性感视频久久| 久久成人羞羞网站| 成人视屏免费看| 国产精品午夜在线观看| 亚洲视频每日更新| 欧美性生活大片免费观看网址| 91黄视频在线| 日韩一二在线观看| 亚洲色图综合网| 久久精品国产亚洲7777| 26uuu日韩精品一区二区| 欧美性色黄在线视频| 88xx成人免费观看视频库 | 日韩在线观看高清| 欧美激情欧美激情| 性欧美videos白嫩| 好吊色免费视频| 黄色直播在线| 黄色成人影院| xxxxx.日韩| 四虎影视精品| 欧美日韩中文| 精品一区二区三区免费观看| 91视频com| 亚洲一区电影777| 欧美丰满美乳xxx高潮www| 亚洲图片欧美日产| 91成人在线播放| 免费网站看电影大片| 最新四虎影在线在永久观看www| 九七电影韩国女主播在线观看| 色豆豆成人网| 久操国产精品| 国产农村妇女精品一区二区| 国产福利一区二区三区视频在线 | 国产在线精品一区二区夜色 | 欧美少妇网站| 欧美人与动xxxxz0oz| 在线观看日韩av电影| 国产成人综合亚洲网站| 亚洲欧美福利一区二区| 在线精品观看国产| 亚洲人成网站999久久久综合| 性色av一区二区咪爱| 国产高清视频网| 超碰在线电影| 91探花在线观看| 极品国产人妖chinesets亚洲人妖| 欧美区国产区| 成人av资源站| 婷婷成人综合网| 精品亚洲国产视频| 中文字幕色站| 婷婷综合影院| av在线资源| 亚洲人成网站77777在线观看| 亚洲免费一区二区| 久久久青草青青国产亚洲免观| 色综合久久中文综合久久牛| 精品偷拍一区二区三区在线看 | 本田岬高潮一区二区三区| 亚洲午夜精品网| 亚洲电影免费观看高清| 97在线观看免费| www.女人的天堂.com| 岛国视频免费在线观看| 激情久久一区二区| 欧美在线国产| 91视视频在线观看入口直接观看www | 99这里只有精品视频| 亚洲毛片在线| a亚洲天堂av| 色婷婷av一区| 久久精品夜夜夜夜夜久久| 九色91蝌蚪| 精品资源在线看| 中文字幕综合| 亚洲精品乱码久久久久久蜜桃麻豆| 91久色porny| 欧美日韩mp4| 久久精品国产久精国产思思| 秘密影院久久综合亚洲综合| 区一区二日本| 中文字幕在线看片| 欧美hd在线| 不卡视频在线观看| 欧美日韩一区二区三区高清| 欧美另类老女人| 在线观看av资源网| 国产高清在线a视频大全| 一呦二呦三呦国产精品| 精品一区二区三区免费视频| 午夜在线电影亚洲一区| 最近2019中文免费高清视频观看www99 | 久久精品影视伊人网| www.毛片| 国产伦理精品| 99久久精品费精品国产风间由美 | 日本欧美久久久久免费播放网| 亚洲欧美日韩在线播放| 亚洲欧美日韩精品久久| 夜夜摸视频网| sm国产在线调教视频| 亚洲肉体裸体xxxx137| 加勒比av一区二区| 色综合中文综合网| 欧美多人爱爱视频网站| 国产xxxxx| 欧美性xxx| 亚洲狠狠婷婷| 亚洲欧美日韩国产另类专区| 亚洲欧美中文另类| 日本三级在线电影| 肉肉视频在线观看| 日韩欧美影院| 成人午夜激情在线| 欧美精品亚洲一区二区在线播放| 亚洲色图图片区| 青青草在线视频免费观看| 中文字幕日韩高清在线| 极品少妇xxxx精品少妇| 欧美在线一区二区| 在线亚洲不卡| 成人午夜电影在线观看| 思热99re视热频这里只精品| 国产成人久久精品77777最新版本| 欧美三级资源在线| 久久久久免费网站| 婷婷在线视频| 日韩欧美精品综合| 99在线视频精品| 亚洲精品一区二区三区四区高清| 日本年轻的继坶中文字幕| 国产免费av在线| 九一成人免费视频| 国产亚洲欧美一级| 亚洲一区二区福利| 97视频在线| 本网站久久精品| 日日夜夜免费精品| 色婷婷综合五月| 秘密影院久久综合亚洲综合| 免费黄网站在线| 亚洲精品一区二区妖精| 国产精品国产自产拍高清av王其| 中文字幕国产亚洲| 麻豆av在线| 91精品店在线| 国产精品毛片在线看| 欧美日韩国产精品一区二区不卡中文| 国产69精品久久久久9999| 免费一级在线观看播放网址| 你微笑时很美电视剧整集高清不卡| 2020国产精品自拍| 亚洲日韩中文字幕在线播放| 精品剧情v国产在线观看| 日本一区精品视频| 成人aaaa免费全部观看| 日韩国产高清污视频在线观看| 成人18网站| 日韩网站中文字幕| 免费在线观看视频一区| 色噜噜狠狠成人网p站| 欧美日韩**字幕一区| 搞黄网站在线看| 天堂av在线一区| 欧美欧美午夜aⅴ在线观看| 国产成人免费视频app| 少妇视频一区| 丝袜亚洲另类欧美综合| 欧美日韩国产美| 日本黄色女人| 国产成人毛片| 国产成人精品影视| 亚洲欧美精品suv| 97在线影院| 精品国产影院| 91啦中文在线观看| 亚洲欧美日韩在线高清直播| 一级毛片电影| 欧美日韩激情| 亚洲一区二区三区四区不卡| 嫩模一区二区三区| 嗯~啊~轻一点视频日本在线观看| 天堂成人免费av电影一区| 欧美一区二区精品在线| 成年女人a毛片免费视频| 亚洲国产伊人| 91麻豆精品视频| 久久夜色撩人精品| 成人亚洲性情网站www在线观看| 色天天综合网| 欧美日韩另类字幕中文| 国产网站麻豆精品视频| 精品乱码一区二区三区四区| 99视频一区二区| 久久精品一区中文字幕| 3p视频在线观看| 中日韩男男gay无套| 欧美一区国产二区| 又黄又爽又色视频| 久草电影在线| 午夜亚洲性色福利视频| 亚洲精品va在线观看| 四虎影视网站| 韩国精品主播一区二区在线观看| 国产69精品一区二区亚洲孕妇| 亚洲国产高清高潮精品美女| 传媒av在线| 91精品国产自产拍在线观看蜜| 一本在线高清不卡dvd| 视频在线你懂的| 亚洲日本va| 中文字幕色av一区二区三区| 欧美一区二区.| 成人亚洲欧美| 99久久婷婷国产综合精品电影| 日韩中文字幕视频在线| 国产在线一在线二| 99亚洲一区二区| 欧美变态tickle挠乳网站| 午夜一区二区三区视频| 尤物yw午夜国产精品视频明星 | 国产一区你懂的| 91精品麻豆| 国产精品久久精品日日| 久久草在线看| 日韩成人综合网| 国产精品美女一区二区在线观看| 亚洲图区综合网| 久久久一本精品| 国产成人av电影免费在线观看| 久久亚洲电影天堂| 2021天堂中文幕一二区在线观| 国产精品自产自拍| 欧美精品在线观看91| 操人在线观看| av不卡一区二区三区| 欧美精品videos另类日本| 岛国av在线网站| 99麻豆久久久国产精品免费优播| 欧美激情喷水视频| 欧美一级免费观看| 在线看视频你懂的| 国模 一区 二区 三区| 欧美日本视频在线| 又黄又爽无遮挡| 黄色成人在线网站| 亚洲精品av在线播放| 国产污视频在线| 蜜桃av一区二区在线观看| 自拍视频国产精品| 欧美日韩精品一区二区| 玖玖精品国产| 91精品国产自产在线丝袜啪| 亚洲一区二区三区精品在线| 猛性xxxxx| 日韩一区欧美| 欧美成人午夜电影| 国产免费a∨片在线观看不卡| 人人精品人人爱| 美日韩精品免费观看视频| 色网在线免费观看| 中文字幕高清不卡| 新久草在线视频| 视频一区日韩| 一区二区三区欧美日韩| wwwxx在线观看| 亚洲成人tv| 亚洲国产福利在线| 国产一区久久精品| 99视频精品全部免费在线| 影音先锋中文字幕在线| 欧美专区视频| 欧美性xxxx| 在线免费福利| 另类调教123区| 国外成人在线播放| 嫩呦国产一区二区三区av| 在线一区二区三区做爰视频网站| 青青国产在线| 成人福利视频在线看| 国产亚洲精品久久久久久青梅 | 一区二区三区成人| 麻豆av在线| 毛片基地黄久久久久久天堂| 97精品免费视频| 久久动漫网址| 精品黑人一区二区三区久久 | 老司机一区二区| 中国xxx69视频| 一道在线中文一区二区三区| 欧美大片在线观看| 国产传媒av在线| 亚洲香肠在线观看| 一不卡在线视频| 大陆成人av片| 日本视频免费| 99精品视频免费全部在线| 欧美成人亚洲成人日韩成人| 2020最新国产精品| 日韩一区二区免费电影| 日本电影在线观看| 亚洲精品国产第一综合99久久| 天堂中文av| 国产成人精品影院| 伊人免费视频| 在线日韩视频| 97国产精品免费视频| 在线成人动漫av| 亚洲男人天堂2023| 男女啪啪999亚洲精品| 欧美日韩一级二级| 欧美xxxbbb| 亚洲成人av一区二区三区| 男人久久精品|