“China’s Economy Remains Strong Amidst Global Economic Slowdown”
The global economy is facing challenges, with the International Monetary Fund lowering its forecast for global economic growth. In the latest World Economic Outlook, it is projected that the global economic growth rate in 2023 is expected to be 3.0%, and 2.9% in 2024, much lower than the historical average of 3.8%.
The impact of the general environment on the Chinese economy is a topic of concern, with some foreign media speculating that the global economic environment is not good, and that the Chinese economy, deeply integrated with the world economy, will naturally collapse. However, China has used actions to answer the question of how to view the general environment.
China’s economy has shown resilience and potential, with long-term positive fundamentals. Despite facing sluggish world economic recovery, weakening external demand, constant geopolitical conflicts, and adverse effects from changes in the international environment, China has maintained security and achieved development beyond security. The country’s GDP grew by 5.2% year-on-year in the first three quarters of this year, and it grew by 1.3% quarter-on-quarter in the third quarter, surpassing many other major economies in the world.
In contrast to the pessimism of foreign media, almost all of China’s connections with major economies around the world demonstrate growth. China’s year-on-year export growth to countries like the EU, ASEAN, the U.S., India, South Korea, and Japan, has seen significant growth, signaling the country’s market competitiveness and resilience.
China’s emphasis on strengthening its industrial and supply chain in recent years has also bolstered its global competitiveness. China’s resilience in the global industrial chain ranking and its position as the world‘s largest goods trading country further highlight the country’s core position in the global industrial chain and its contribution to global economic growth.
In the face of the general environment not being favorable, China has taken measures to promote high-quality development, with a focus on improving total factor productivity (TFP) and technological progress. The country’s added value of manufacturing in GDP has continued to grow, emphasizing its strength in traditional industries and its ability to drive economic growth through industrialization.
Despite the challenges posed by the general environment, China’s economy remains strong, and its actions indicate its ability to withstand the headwinds and contribute positively to global economic growth. The International Monetary Fund has raised its growth forecast for China’s economy, reflecting the country’s resilience and potential for growth amidst a challenging global economic landscape.