Editor's Note:  He Ping is a professor and deputy dean of School of Economics and Management, Tsinghua University. The article reflects the author's opinions and not necessarily the views of CGTN.

Since the outbreak of the COVID-19 pandemic in 2020, the Chinese government has taken various measures to effectively respond to several outbreaks of the virus globally. In the most ferocious stage of the pandemic, these measures, continuously optimized and adjusted according to the situation, have well protected people's lives and health in China. They also have balanced pandemic prevention and control with economic and social development, and have been proven to be a great success.

First, the government, using a highly efficient decision-making mechanism, adopted correct, scientific and effective pandemic prevention policies in a timely manner. The government also took the initiative in pandemic prevention and control. The decisive control measures enabled the implementation of the precise dynamic zero-COVID policy, which has created a friendly economic development environment while protecting the safety of people. Over the past three years, China's economic growth has been the highest among the world's major economies. In 2020, China took the lead in turning its economic expansion from negative to positive, becoming the only major economy in the world to achieve such growth. In 2021, China's GDP reached 114.4 trillion yuan. That accounted for more than 18% of the global economy, second only to the U.S..

Second, the whole society worked together, and the government, financial institutions, enterprises and individuals shared the social costs caused by the pandemic to avoid imbalances in the economy. That reflected the advantages of China's socialism system. The government provided subsidies, tax exemptions, and loan interest discounts to enterprises and employees affected by the pandemic. Banks offered relief loans for enterprises and individuals while many businesses under operation-suspension paid their employees the minimum wage instead of laying them off. Over the past three years, the unemployment rate of urban residents has decreased steadily, effectively guaranteeing people's livelihoods.

Third, the scientific nature of the government's macro-control policy ensures the balance of market supply and demand. The COVID-19 pandemic has brought a large negative impact on both the supply and demand sides of the economy. That requires that relevant macro-controls must take into account both supply and demand issues. Relatively independent and moderately loose monetary policy provides sufficient liquidity for the financial system and stabilizes the investment demand. Vouchers, relief loans for citizens, and new online consumption business models have kept consumption demand strong. Targeted relief loans help small and medium-sized enterprises get through difficulties and maintain the stability of the supply chain. The efficient e-commerce and express logistics distribution systems ensure the smooth flow of logistics. The focus of monetary and fiscal policies on the supply side has ensured the stability of supply, maintained stable prices and enabled strong exports. Over the past three years, the growth of China's consumer price index has been stable at about 2%, effectively avoiding the serious inflation problems commonly experienced in most developed countries. In 2020, among all major economies, China was the only country that achieved positive export growth. In 2021, China's exports continued to lead the world and boasted a growth rate of 21.2%.

Fourth, the extensive use of digital technology during the pandemic has comprehensively improved the efficiency of China's social governance system. It has also brought fresh opportunities for the country to accelerate the development of science and technology and promote industrial upgrading. The development of smart cities has entered a new stage. Government management, transportation, logistics, public health and other fields will accelerate the upgrading of digitalization and intellectualization. That's while promoting the efficient management of ecological resources and planning of social security systems along with the new urbanization. Emerging industries such as intelligent manufacturing, unmanned delivery, and medical and health care have shown great growth potential. Fledgling business models such as online shopping, fresh food e-commerce, and online education also have developed rapidly. In 2020 and 2021, the number of patents in China ranked No. 1 in the world. That far exceeded the numbers in other countries, and the growth rate continued to lead those of developed economies.

In the face of a once-in-a-century pandemic, scientific and precise prevention and control and effective coordination have stabilized China's economy. That coordination has also protected the safety and health of hundreds of millions of people, and explored the "Chinese plan" for pandemic prevention and control. That demonstrates China's institutional and cultural advantages, and provides valuable experience for mankind to fight natural disasters and major pandemics.