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Resilient, stable production and supply chains key to global economic recovery: China Daily editorial

chinadaily.com.cn | Updated: 2022-09-19 20:00
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Technicians work at a production line in a power battery firm in Hefei, Anhui province on July 17. [Photo/Xinhua]

Due to the COVID-19 pandemic, geopolitical crises such as the Russia-Ukraine conflict and particularly the United States' protectionist and unilateralist interversion in world trade, the global industry and supply chains are facing unprecedented challenges, which have led to high commodity prices and bare shelves in some countries.

Economists believe that the supply shocks could knock 4 to 5 percent off global production in the next year or two, thus hindering the global recovery.

Maintaining the resilience and stability of global industry and supply chains is an important guarantee for world economic development and serves the common interests of people around the world.

China firmly upholds the public goods nature of the global industry and supply chains, seeks to secure the stability of its own industry and supply chains and takes concrete actions to deepen international cooperation to maintain the stability of the global industry and supply chains.

To that end, a three-day International Forum on Resilient and Stable Industry and Supply Chains opened in Hangzhou, capital of Zhejiang province, on Monday. Proposed by President Xi Jinping last year, the forum provides countries with a platform for concerted efforts to keep the global industry and supply chains safe and stable and ensure the smooth functioning of the world economy.

Global industry insiders can take advantage of the event to boost their exchanges and cooperation and so lay a solid foundation for building greater resilience in the global industry and supply chains.

As Xi said in his congratulatory message to the forum, the international community should pool its efforts to jointly build global industry and supply chains which are secure, stable, unimpeded, efficient, open, inclusive and mutually beneficial, so as to contribute to the global economic cycle, boost world economic growth and improve the well-being of people around the world.

Given the pivotal role that China plays in the global industry and supply chains, how well it can tackle the current difficulties and restore growth by ensuring normal industrial production and free flow of goods will have a direct bearing on the global economy.

China has already done its utmost to stabilize the global industry and supply chains. For example, Yiwu, the world's largest small commodity distribution center, has spared no efforts to ensure the smooth operation of the Yiwu-Xinjiang-Europe freight train. More than 1,000 China-Europe freight trains have departed from the city in Zhejiang so far this year, a year-on-year increase of over 15 percent.

In his message, Xi also said that China is ready to work with other countries to seize the new opportunities of the new round of scientific and technological revolution and industrial transformation, and that China's development will provide more market opportunities and development space for enterprises from all countries.

With its production and supply chains remaining stable and resilient, China will continue to be the ballast for the recovery of the global economy.

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