Page 9 - 2021 Special Report

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of its 7.7 billion people have seen in their lifetimes. 澶??灞????????瀹朵??村??藉???????灞??骞宠　??
Vaccines should accelerate the rebound in 2021. But ?靛?杩??姝ュ??с???搴???ㄤ????????㈠??ユ?澶х?
other legacies of COVID-19 will shape global growth 浣??锛????????村???储?挎??哄??撮?????虹???敖
for years to come. Some are already discernible. The 绠″?姝わ??跨??崇????椤绘?????ㄣ????跺????娴??
takeover of factory and service jobs by robots will 缁??浜?2020骞?4.3%???缂╁?宸插??板?娆″??匡?浣??
advance, while white-collar workers get to stay home ?????姝讳骸?????汉?版????浠ゆ??句?浜洪??ヨ传?帮?
more. There??l be more inequality between and within 杩???介?????剁?娴?椿???瀵艰??跺??????负?????
countries. Governments will play a larger role in the ???????奖???搴????????锛??椤诲ぇ?????????
lives of citizens, spending??nd owing??ore money. 澧??????冲????浜у?甯?????娲绘?э???????搴??
Nevertheless, policy makers must move decisively. 娌荤??藉???腑?界?娴?户?诲勾2%????胯?????????
Although the world economy is already growing again 2021骞村???7.9%????裤??2020骞达?涓??浠ュ??????
following the 4.3% contraction of 2020, the pandemic 甯?????灞?腑缁??浣?????5%???缂╋??????2021
caused a heavy toll of deaths and illness, plunged 骞村???3.4%????裤????跺??藉?2020骞寸?缁????缉
millions into poverty, and may depress economic 浜?0.9%锛??璁″?2021骞村???3.3%???????藉?涓??
activity and incomes for a prolonged period. To ?惰??ュ?锛??????藉??ㄧ?缁??娲诲?????挎???画涓?
overcome the impacts of the pandemic and counter ?╁奖???涓??浜??澶??杈惧?瀹跺??版?璧??????氨涓??
the investment headwind, there needs to be a major 瓒冲??冲????灏?????锛???ュ?骞村????澧????害??
push to improve business environments, increase ????芥?缁??缂???
labor and product market flexibility, and strengthen
transparency and governance. China?? economy is ?ら??跨??崇?????堕?瀵规????绱??琛???㈡?
expected to expand by 7.9% in 2021 following 2% ?╋??ㄥ????缁?????缁???匡????锛?????娴????
growth last year. Excluding China, emerging market ??勾????跨??靛?浠や汉澶辨????绛??绛????瑕?淮???
and developing economies are forecast to expand 娴??澶?????锛????灏??绛??蹇??淇???ヨ浆绉昏?淇??
3.4% in 2021 after a contraction of 5% in 2020. Among ?裤??????????板?甯?????灞?腑?藉??ㄨ??瑰????
low income economies, activity is projected to increase ????叉??°???寮烘?瀛??纭?璁炬?寤鸿?????????姘???
3.3% in 2021, after a contraction of 0.9% in 2020. ????藉?浠ュ?浼???????不???璺电??跨????浜??
According to the United Nations and the World Bank, 杞荤?????????娴??澶憋????璐??浜哄?锛??杩?????
the pandemic is expected to leave long lasting adverse ?ｏ????琛???舵??╋??烘????澧??锛??浜?В?冲??辨?
effects on global activity with a likely slowdown in ?哄?灏???哄?楂??绛??棰?挨涓洪?瑕???
global growth stretching through the next decade,
due to underinvestment, underemployment, and ???缇????????????2021骞村?????虹?娴??
labor force declines in many advanced economies. ?电??????????猴??洪?澶т???????涓洪?涓???板???
杩硅薄??富瑕??娴??锛?腑?芥?宸叉???害杩???????甫??
The global economy could be heading for a ??弗宄诲??恒???????藉?浼??浼??浼??涔?????浜?
decade of growth disappointments unless policy 涓??绋?害????汇?????2020骞村????娴?繁??????
makers put in place comprehensive reforms to ????????奖???浣???????????????扮?寰??
improve the fundamental drivers of equitable and ???17%???璁夸?涓?2020骞寸????璧??姣?2019骞存?
sustainable economic growth. Policymakers need to ????????涓??宸ㄥぇ????烘??????绉?????绛????
continue to sustain the recovery, gradually shifting 浠??瀹剁????涓?‘瀹??х????????ㄤ?锛???戒?涓??
from income support to growth-enhancing policies. 澶у????璧??搴??灏??璧??蹇?浆绉诲?涓?????澶??缁?
In the longer run, in emerging market and developing 澶у??板?璁夸?涓??璁″??ㄦ??ヤ?骞村??╁ぇ?ㄥ?涓????
economies, policies to improve health and education 灏界?涓???崇郴???寮╁?锛??涔?????璁夸?涓??琛ㄧず
services, digital infrastructure, climate resilience, and ?挎????涓??????诲勾?告?锛???村?浼????俊涓????
business and governance practices will help mitigate 绯讳???2021骞存????瑰?????讹?缇??浼??骞舵??惧?涓?
the economic damage caused by the pandemic, ?姐??袱?芥?搴??椤荤??抽?????ゆ?锛?揪????扮?绗??
reduce poverty and advance shared prosperity, while ?舵???????濡?酣?┾?㈢??规?瑷?锛??浼??????冲?缇?
in the context of reduced public spending and elevated ?芥??┿??
debt, institutional reforms to spur organic growth are
particularly important.

According to the results of the AmCham South
China?? 2021 Special Report, our annual State of
Business Study, the opportunities outweigh the
challenges. As the first major economy to show
a recovery, China has successfully navigated the
extreme hardship brought by the COVID-19. AmCham
South China members have withstood the impact
to various degrees. While a combination of factors
including the coronavirus pandemic severely impacted
the global economy in 2020, only a slight decrease
in reinvestment from profits in China was realized,
with 17% of the studied companies having reduced

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