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.
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