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China's economy will always be a powerful engine of global growth

PEOPLE'S DAILY | Updated: 2024-03-01 08:02
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A staff member makes garment embroidery products at a knitting company in Qingdao, East China's Shandong province, Feb 18, 2024. [Photo/Xinhua]

China's gross domestic product exceeded 126 trillion yuan ($17.51 trillion) in 2023, an increase of 5.2 percent over the previous year, higher than the global growth rate of about 3 percent. Calculated in comparable prices, China's newly increased economic output in the year surpassed 6 trillion yuan, equal to the output of a medium-sized economy.

A Spanish newspaper said the growth was five times that of the eurozone, and some international observers have said the Chinese economy is expected to contribute more than 30 percent to world economic growth, remaining the largest engine of the world economy.

However, some people in the United States-led West are always making irresponsible remarks about China's economy, such as saying "China's economic growth is not as expected" or "China's development momentum is not strong".

Any country's economic growth is bound to decline after its economic aggregate and per capita income rise to a certain level. China's economy has always stayed within a reasonable growth range. From 2020 to 2022, the Chinese economy withstood the impact of the COVID-19 pandemic and realized an average annual GDP growth rate of around 4.5 percent, higher than the 2 percent global average.

In today's China, traditional industries are undergoing transformation and upgrading, emerging industries are booming, prospective industries are poised for growth and new productive forces are growing at a faster pace. A World Intellectual Property Organization report shows that China rose to the 12th place in the Global Innovation Index in 2023.The increased investments made by European companies such as Volkswagen, Airbus and Mercedes-Benz in China strongly testify to the huge "magnetic force" of the "innovation field" of the Chinese economy.

While some developed economies were seeing the highest inflation rate since 1982, China's economy has not only consolidated its growth, but also stabilized the momentum. In contrast with food and energy crises in many countries last year, China's grain output reached a record high and its energy supply remained stable on the whole.

In recent years, the Chinese government has taken a series of effective measures to address risks in real estate, local debt and small and medium-sized financial institutions in a coordinated manner, putting its economy on a solid footing. Despite facing some cyclical and structural challenges, China's economy remains dynamic and resilient, and it continues to be a powerful engine of global growth.


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