China remains stabilizing force for global economic growth

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Jul 20, 2024, 11:59 ET

BEIJING, July 20, 2024 /PRNewswire/ -- A report from People's Daily: In the first six months of this year, China's economy continued its recovery trend and maintained steady progress.

On July 16, the International Monetary Fund (IMF) released an update to its World Economic Outlook, predicting that China's economic growth rate will be 5 percent in 2024, an upward revision of 0.4 percentage points from the forecast in April.

The stable operation and long-term positive outlook of the Chinese economy have also boosted confidence in global economic recovery.

The IMF believes that Asia's emerging market economies, represented by countries including China, remain the main engine of the global economy.

China's economic growth is not only quantitative but also qualitative.

In the first half of this year, China's gross domestic product (GDP) grew 5 percent year on year to around 61.7 trillion yuan ($8.49 trillion).

During the period, the country's total retail sales of consumer goods went up 3.7 percent year on year, with retail sales of services expanding 7.5 percent; investment in infrastructure construction rose 5.4 percent from a year ago while manufacturing investment increased 9.5 percent, signaling burgeoning recovery; and the foreign trade reached a new high, with the goods trade volume reaching 21.2 trillion yuan.

From a medium to long-term perspective, the economic fundamentals that sustain China's long-term growth remain unchanged, and the trend toward high-quality development in China's economy has not changed.

China continues to be an important engine and stabilizing force for the world economy.

Facing complex and volatile domestic and international environments, China has maintained stable expansion of its economy and pushed forward industrial upgrading and high-quality development in an orderly manner, spurring the pursuit of high value-added and sustainable economic growth.

Positive factors driving China's economic transformation, upgrading, and high-quality development have continued to accumulate.

For instance, the country's output of smart and green products, such as integrated circuits, service robots, new energy vehicles, and solar panels has maintained double-digit growth in the first half of this year.

Besides, the emergence of new consumption scenarios spawned by new technologies like big data and artificial intelligence as well as new consumption models has driven an 8.8 percent year-on-year increase in China's online retail sales of physical goods during the period.

Meanwhile, China's energy consumption per unit of GDP has continued to decline.

"With the global economy facing uncertainties and challenges, China's role as a stabilizing force is more crucial than ever," pointed out a recent article by Zamir Ahmed Awan, founding chair of Pakistani think tank Global Silk Route Research Alliance.

China's efforts to deepen reforms across the board have injected strong momentum into the country's high-quality development and pursuit of Chinese modernization.

Since the 18th National Congress of the Communist Party of China (CPC), China has deepened reforms across the board, with efforts concentrated on making reform more systemic, holistic, and coordinated and on stimulating the dynamism, vitality, and potential of high-quality development.

International observers have paid close attention to the third plenary session of the 20th CPC Central Committee. They believe that China's economy is undergoing a transition from old to new drivers of growth, and that a smooth transition can be guaranteed by further deepening reforms in a comprehensive manner.

Iqbal Survé, chairman of South Africa's Independent Media, pointed out that China is building a modern industrial system underpinned by advanced manufacturing and pushing forward reforms, which demonstrates the CPC's foresight, wisdom, courage, and resolve.

By solidly promoting high-standard opening up, China has opened up vast space for economic development.

During the first six months of this year, China has for the first time released a negative list for cross-border trade in services at the national level, expanded the opening up of value-added telecom services within pilot areas, and introduced new measures to encourage overseas institutions to invest in China's domestic sci-tech enterprises...

Such policies and measures have demonstrated the country's resolve to promote reforms and development through opening up.

China is the main trading partner of over 140 countries and regions, with its total volume of foreign trade in goods ranking first globally for seven consecutive years.

China has expanded its circle of friends under the Belt and Road Initiative (BRI) to include more than 150 countries and 30 international organizations, and the China-Europe freight train service now reaches over 200 cities in 25 European countries.

In addition, international exhibitions hosted by the country, such as China International Import Expo, China International Fair for Trade in Services, China International Consumer Products Expo, and China International Supply Chain Expo, have served as win-win platforms for mutually beneficial cooperation across different countries.

A prosperous China not only sustains its own future but also provides opportunities for other countries, said an article published on the website of Argentine newspaper Clarin.

The Chinese economy is overcoming challenges and moving steadily forward along the country's path of high-quality development, which is a defining feature of Chinese modernization.

Looking forward, China will provide more opportunities for countries worldwide and contribute to the stable and sound development of the global economy as it continuously marches toward modernization.