US media： China’s ＂Golden Week＂ consumption boom and economic recovery will boost neighboring countries

　　China Daily Online, October 5 (Xinhua) A number of foreign media said that in the post-epidemic era, China’s economic recovery process has accelerated, which will further attract foreign investment and help boost the economies of its Asian neighbors.

　　According to a report by CNBC)5 on the 5th, David Chao, global market strategist in Jing Shun’s Asia-Pacific region, said that Asian economies will benefit as China shows a strong rebound from the new coronavirus pandemic. He said that the focus is "whether China consumers can quickly resume their normal activities, and I think Chinese will have much greater influence and will boost other Asian economies". His company found that during the Golden Week, the number of restaurant reservations and family trips in China set a "record".

　　At the same time, foreign media believe that China’s economic recovery process far exceeds that of developed countries. Forbes reported on the 5th that no large multinational company and no foreign enterprises in Shanghai and Beijing want to quit China. China has recovered better from the epidemic than most western European countries, especially Britain. They are talking about implementing more blockades as the number of cases increases. The manufacturing PMI released by the National Bureau of Statistics of China rose from 51 in August to 51.5 in September. This is the second highest level this year and has risen for seven consecutive months. The strong PMI of manufacturing industry is consistent with the improvement of high-frequency data driven by manufacturing industry and the strengthening of regional trade activities (mainly South Korea and Vietnam). The trend of Caixin manufacturing purchasing managers’ index is different from the official data, but even higher than the official data, and it stabilized at 53 again in September. China is moving in the right direction. In contrast, some European countries look ridiculous. Can we still call them "developed economies"?

　　Foreign media believe that the rapid recovery of China’s economy in the post-epidemic era will attract the influx of foreign capital, and it will be costly to decouple from China. On the 5th, The Wall Street Journal published an article entitled "The cost of decoupling enterprises from China is as high as $1 trillion? According to the report, some companies hope to decouple from China to some extent, or at least diversify their business, so as to hedge political or reputational risks and prevent future shocks caused by reasons like the COVID-19 epidemic. Ironically, as China has become the first major economy to recover from the epidemic and resume growth, the dependence of multinational companies on China has actually increased in many cases. Foreign direct investment into China is rebounding rapidly. Companies such as Nike and Tesla described China as a key factor supporting their second-quarter results. At the same time, the cost of rebuilding the supply chain is really high.