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Chinese FM Spokesperson: Chinese Economy Demonstrates Strong Resilience with Increase of Sales of Automobiles and Box Office

2020-10-22

At a regular press conference of the Ministry of Foreign Affairs of the People's Republic of China on October 21, Spokesperson Zhao Lijian answered a question about Chinese economic growth.

Journalist: Chinese and foreign media are watching China’ latest economic data. There are different views on whether China can again be the engine of world economic growth like it was in the financial crisis 10 years ago. Could you comment on this?

Zhao Lijian: China’s economy growth in the first three quarters of this year achieved positive growth, which is a hard-won, remarkable result considering the spreading pandemic and the weakened world economy. It fully demonstrates the strong resilience in the Chinese economy.

I also noticed some foreign media comments that China’s economic recovery has expanded from industry to consumption, injecting greater impetus in world demand. I have two examples to share with you. The first one is about automobiles. According to Handelsblatt, in the third quarter this year, Mercedes-Benz sales in China grew by 23 percent year on year, the profits of which accounted for over one third of the company’s total. BMW’s sales in China achieved 30-percent growth year on year. Audi has had the best performance since entering the Chinese market 32 years ago. The second example is about box office sales. According to statistics, China’s box office sales during the National Day holiday totaled almost RMB 4 billion. This year, China’s box office sales of over $2 billion surpassed that of North America for the first time. It proves once again that with 1.4 billion population, China’s huge market and great potential of domestic demand will generate more resilient, vibrant and sustainable impetus for Chinese and world economic growth.

Now China is fostering a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other, and rolling out more reform measures in key areas and links. China will continue expanding domestic demand, opening up wider, and sharing more development dividends with the rest of the world.

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