PENANG, July 22 (Sin Chew Daily) — China's economic recovery has helped restore confidence in the economic growth throughout the world and lead other countries in their recoveries, says Lu Shiwei, Chinese Consul General in Penang.

In a statement, Lu said Asean has emerged as China's top trading partner.

China's total trade value with Asean increased by 5.6% for the first half of the year, revealing the huge potential in collaboration between both sides.

"China is willing to continue enhancing its cooperation with Asean countries including Malaysia and promote new progress in regional collaboration through the One Belt One Road initiative and development plans in Asean to rebound from the global economic slowdown.

Lu said the new momentum in China's economy is growing at a rapid pace. The COVID-19 pandemic has contributed to mushrooming in online education, working from home, unmanned delivery and digitization under the new normal.

"When the COVID-19 pandemic is affecting many countries in the world with uncertainties and adversely affecting the supply chain, China is well-equipped in terms of its criteria and infrastructure to support the economic recovery in the second half of the year. We are confident in achieving our financial target this year," he said.

Lu said China's strong economic growth has received worldwide attention and many international agencies and economists are upbeat about the country's economic outlook.

He said many multinational corporations are also confident about the development in China.

US companies' investment in China increased by 6% during the first half of the year. A survey conducted by a Japanese agency shows that more than 90% of Japanese corporations have no plans of exiting China. A report by the European Union Chamber of Commerce in China on June 10 indicated that 65% of companies see China as one of the world's top three investment destinations.

"Banks in the US are optimistic about the prospects of the Chinese economy. Foreign investors are increasing their investment in Chinese bonds. Foreign funds entering the Chinese bond market are expected to perform robustly during the second half of the year," he said.