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Market characteristics make China a locomotive of the world economy and a leader in global financial governance reform_Domestic News_News Center_Shenyang.com

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Market characteristics make China a locomotive of the world economy and a leader in global financial governance reform_Domestic News_News Center_Shenyang.com

  CCTV news:Recently, the World Bank released the latest “Global Economic Prospects”, predicting that global growth will slow down from 3.1% in 2022 to 2.1% in 2023. In emerging market and developing economies outside China, growth will slow from 4.1% in 2022 to 2.9% in 2023. The report predicts that China’s economy will grow by 5.6% in 2023, which is an increase of 1.3 percentage points compared with the World Bank’s January forecast.

  The forecast for this year’s growth of 5.6% has been revised up by 1.3 percentage points

The report predicts that China’s economy will grow by 5.6% in 2023, significantly higher than the growth rate of 3.0% in 2022, and 1.3 percentage points higher than the January 2023 forecast.

  China’s economy shows strong recovery momentum, report says

The report pointed out that in 2023, China’s economy will show a strong recovery momentum, with a sharp increase in retail sales and a moderate increase in industrial production. Factors such as the rebound of the service industry and the recovery of travel have all provided support for economic activities. The World Bank believes that the transformation of China’s epidemic prevention and control policy at the end of 2022 has created good conditions for the accelerated recovery of China’s economy.

  The focus of China’s economic growth will continue to shift to consumption

Different from the investment-driven economic growth model, the World Bank believes that the growth focus and power source of China’s economy has begun and will continue to shift to consumption, which has an important impact on the evolution of global supply chains and value chain networks. Unlike Western economies, the overall level of consumption in China is not high, and the consumption volume supported by a huge population base and complex industrial structure is huge. Once consumption upgrades accelerate, the resulting development dividends will be released more strongly.

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  The report also pointed out that risks and challenges still cannot be ignored

However, risks and challenges cannot be ignored. The report pointed out that the current global economy is in the post-epidemic recovery and recovery stage, and the spillover impact of geopolitical conflicts and high inflation that has not been seen in 40 years on economic development has not yet shown a significant turnaround.

  The concept of openness and inclusiveness creates new opportunities for the development of all parties

But what is even more rare in the Chinese market is that under the current circumstances of global economic uncertainty and trade protectionism undermining international rules and trust, China has always adhered to the concept of openness, inclusiveness, mutual benefit and win-win results, and created more markets for the development of all parties. Chance.

With the entry into force of economic and trade agreements such as RCEP, the coordination of rules between China and its trade and investment partners has been further strengthened, reducing the barriers and costs of all parties in conducting business with China, and creating more synergy for trade in goods, trade in services and investment. Strong commitment guarantee.

  International organizations are optimistic about China’s economic prospects

In addition, since 2023, many international organizations and institutions have been optimistic about the Chinese economy, and a large number of foreign financial institutions have continued to increase their holdings of domestic stocks and bonds in China, and continue to increase their investment in the Chinese market.

  Market characteristics make China the locomotive of the world economy

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Industry insiders pointed out that a stable and resilient economy, an open and dynamic market, and a cooperative and responsible attitude are all characteristics that distinguish China from other economies and markets. This is why China can become the locomotive of world economic recovery and growth, and the leader of global financial governance reform.

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