Hou Yunchun: Current Economic Situation and High Quality Development of Steel Industry

XVII Steel Development Strategy Conference, hosted by SteelHome, was successfully held in Shanghai Tower during 9-11 April, 2021. Over 1,000 delegates from governments, associations, steel mills, miners, traders, research institutes and media attended.

The 10th International Steel Raw Materials Supply Chain Summit, 11th International Coal & Coke Development Strategy Summit, 9th China Commodities E-Commerce Summit and 2021 SteelHome Spring Report were simultaneously held.

Hou Yunchun: President of China Enterprise Evaluation Association and member of the 12th CPPCC National Committee delivered a speech titled Current Economic Situation and High Quality Development of Steel Industry

Hou Yunchun: President of China Enterprise Evaluation Association and member of the 12th CPPCC National Committee

Summary of speeches:

China's economy has continued its steady recovery since the second half of last year, with a steady and  rising development trend.At present, China’s economy has been deeply integrated into the world economy, and we shall pay attention to the following factors.

1. Last year, China took the lead in controlling the epidemic situation, the annual GDP was 2.3%, 5.6 percentage points higher than the global economic growth. This year, our economic growth target is set at 6%.

2. Will the massive quantitative easing in the United States induce serious inflation? The yield of US Treasury bonds has risen sharply. Due to the status of the US dollar as a world currency, it is traded all over the world, which is likely to lead to inflation.

3. The US led sanctions, containment and containment against China. For us, it is the key to do our own things well and calmly cope with the changes in Sino-US relations.

4. The fourth factor is that economic globalization has continued to advance in the past few years. It will become a major trend for countries to take advantage of their comparative advantages to participate in international trade and reshape the global supply chain. This will certainly bring us many far-reaching impacts, challenges and opportunities.

5. In view of the long-term development of China’s iron and steel industry, especially under the background of double drop of production capacity and output, we should implement the new development concept, new development pattern and achieve high-quality development.