China Expects Economy To Improve In 2021 As Region Sees Boost In Tourism
Li Keqiang, Chinese premier, forecasts that the country could return to normal economic activity by next year, Reuters reports.
Speaking at a news conference with leaders of six major international economic and financial groups, including the World Bank and International Monetary Fund, Li said the country's economy “this year can achieve positive growth, and we expect next year (economic) operations can recover to a reasonable range,” Reuters reports.
“We will continue to expand opening up, and we will absolutely not pursue a trade surplus,” Li added.
He said China would be putting equal emphasis on imports and exports, looking to get a “balance of trade,” Reuters writes. He said Beijing would play a guiding role and investment would play an “effective role.”
The country will continue its strategy from this year of not being reliant on overseas markets due to the recent rifts with the U.S. Instead, Reuters reports that the country will rely on “internal circulation,” or the domestic cycle of production, distribution and consumption, to develop new things.
China’s five-year economic plan, PYMNTS reports, doesn't depend on access to U.S. technology, instead looking toward independence in areas such as scientific research and finance, including developing semiconductors.
Travel and domestic markets in Asia are bouncing back more robustly than in the west, CNBC reports, mostly due to the increased control of the COVID-19 pandemic from countries like Taiwan, Thailand and Vietnam, according to John Brown, chief executive of Agoda, a subsidiary of American online travel firm Booking Holdings.
For the travel market specifically, the international market has still been weak while demand is down. So domestic markets have been more promising for analysts. While Europe and the U.S. are gaining pockets that might be good for travel eventually, “all eyes are on Asia” as people hope for travel to expand soon, CNBC reports.