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China's opening-up policy has served as a lifeline for Hainan's economy and a driver of the island province's rapid development over the past three decades. It is also the primary strategy for building a free trade zone and free trade port.
China's economy has seen a strong recovery, and Chinese consumers' purchase behaviors have already returned to pre-pandemic levels, if not higher, business magazine Forbes said in its article, "What To Expect On Singles' Day 2020" on Nov 2.
China's foreign trade has steadily recovered from the woes of the COVID-19 pandemic in recent months thanks to government policies to stabilize the sector.
China's non-manufacturing PMI edged down from the previous month and stood at 54.2 in July. The composite PMI, which covers manufacturing and non-manufacturing activities, edged down to 54.1 from June's 54.2, indicating an overall restorative expansion in economic activities, the NBS said.
China's financial strength has also improved greatly, with big increase in foreign reserves. In 1950, China's fiscal revenue was only 6.2 billion yuan, and the figure rose to 113.2 billion yuan in 1978.
