The United Nations 2030 Agenda for Sustainable Development covers 17 goals, the eighth of which is "decent work and economic growth", namely: Promote inclusive and sustainable economic growth, employment and decent work for all. 

Under this major goal, there are twelve targets, the first of which is "Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 per cent gross domestic product growth per annum in the least developed countries".

● Current Situation

About the World

Projected 5.4% Global Growth in 2021

Widening inequality casts a shadow over projected 5.4% global growth in 2021. While the global growth outlook has improved, led by robust rebound in China and the United States, surging COVID-19 infections and inadequate vaccination progress in many countries threaten a broad-based recovery of the world economy, says the latest United Nations forecast released on 11 May 2021.

Photo source: 163.com

According to the World Economic Situation and Prospects (WESP) mid-2021 report, following a sharp contraction of 3.6 per cent in 2020, the global economy is now projected to expand by 5.4 per cent in 2021, reflecting an upward revision from the UN forecasts released in January. Amid rapid vaccinations and continued fiscal and monetary support measures, China and the United States – the two largest economies – are on the path to recovery. In contrast, the growth outlook in several countries in South Asia, sub-Saharan Africa, and Latin America and the Caribbean, remains fragile and uncertain. For many countries, economic output is only projected to return to pre-pandemic levels in 2022 or 2023.

Text source: un.org

About China

China's GDP Over Thousands of Billion RMB in 2020

In 2020, China has become the only major economy to achieve positive economic growth in the world under serious impacts from Covid-19. The gross domestic product has also achieved a historic breakthrough of thousands of billion. 

Photo source: Chinanews.com

According to the data released by China National Bureau of Statistics in January 2020, the annual GDP increased by 2.3%, the added value of industries above designated size increased by 2.8%, the national fixed asset investment (excluding farmers) increased by 2.9% and the total retail sales of social consumer goods decreased by 3.9% over the previous year. 

Text source: sohu.com

●  Cases

About the World

IMF $650 Billion in Special Drawing Rights

On August 23, 2021, Christina Georgieva, President of the International Monetary Fund, said in a statement that the largest round of special drawing rights (SDR) allocation in history worth US $650 billion had officially come into force. SDR allocation will provide additional liquidity for the global economic system, replenish foreign exchange reserves for countries and reduce their dependence on higher cost domestic and external debt. Countries can use the space provided by SDR allocation to support their economies and strengthen crisis response.

At present, SDRs are allocated according to the proportion of countries in the International Monetary Fund. This means that about $275 billion will be allocated to emerging and developing countries, of which about $21 billion will be allocated to low-income countries, and some countries will receive an allocation equivalent to 6 per cent of their GDP.

Text and photo source: un.org

US $1.9 Trillion Economic Stimulus Plan

On March 10, 2021, the US House of Representatives passed a US $1.9 trillion bill to stimulate the economy. The stimulus plan will provide a new round of stimulus checks of up to $1400 per person to most Americans, provide an additional $300 per week of unemployment assistance to millions of unemployed people by early September, allocate tens of billions of dollars to fund epidemic prevention and control and vaccine deployment, 130 billion dollars to help reopen schools in the United States, and 350 billion dollars to subsidize local finance.

Photo source: Chinanews.com

According to a survey of economists by American media, economists believe that the aid plan will promote the U.S. economy to reach the fastest annual growth rate in nearly 40 years. Of course, it will also lead to inflation while boosting employment and reducing poverty. Gregory DACO, chief U.S. economist at Oxford economics, expects that the bill will boost U.S. economic growth by an additional 3 percentage points this year and add 3 million to 3.5 million jobs.

Text source: finance.sina.com.cn

About China

Shenzhen's Digital Economy Ranks First in China

The industrial Internet can collect all data and information of traditional factories into one platform. One or a few people can manage the whole factory through computers. This is an industrial form that completely subverts the traditional manufacturing mode, from which a new consumption and production mode is being born.

Photo source: sina.com

According to data from Shenzhen Municipal Bureau of Industry and Information Technology, in 2020, the added value of Shenzhen's digital economy core industries accounted for 29.5% of the city's GDP, higher than 21.7% of the country. Both scale and quality ranked first among large and medium-sized cities in China. For example, Foxconn's "light out factory" can operate normally when the light is off due to its high degree of automation. Huawei's fusionplant industrial Internet platform has opened up all links of industrial enterprises to truly improve quality, reduce cost and increase efficiency. Furniture production uses the algorithm provided by the industrial Internet platform to cut reasonably from the perspective of environmental protection, so as to make the best use of each plate. Taking Oupai as an example, the algorithm is improved by an average of 2%, and the cost of 40 million RMB can be saved every year.

Text source: sztqb.sznews.com

China’s New Development

Facing the global economic downturn caused by Covid-19, China has timely put forward a new development pattern with the domestic big cycle as the main body and the domestic and international double cycles promoting each other, so as to stimulate growth by expanding domestic demand and expand the external cycle by relying on opening to the outside world. This wise policy is an effective plan that can not only deal with the risk of "middle-income trap", but also deal with the risk of decline in external demand.

Photo source: un.org

On 6 April 6 2021, the International Monetary Fund (IMF) released the world economic outlook report. It is estimated that China's economy will grow by 8.4% in 2021, up 0.3 percentage from the forecast in January. The IMF pointed out in its report that "effective epidemic prevention and control measures, timely increase public investment and the central bank provide liquidity support have enabled China's economy to recover strongly.

Text source: people.cn

●  Background

Sustainable Development Goals (SDGs) Initiated by the United Nations

On 1 January, 2016, the 17 Sustainable Development Goals (SDGs), including 169 targets, of the 2030 Agenda for Sustainable Development — adopted by world leaders in September 2015 at an historic UN Summit — officially came into force. Countries will mobilize efforts to end all forms of poverty, fight inequalities and tackle climate change, while ensuring that no one is left behind.