Two experts on Wednesday expressed their optimism that China can achieve its annual economic goals with high quality and continue to play a significant role in contributing to global growth, citing President Xi Jinping's New Year Address which underlines confidence, hard work for the world's second largest economy to rise above challenges.
President Xi's New Year's Eve message, broadcast via China Media Group and the Internet on the New Year's Eve, underscored China's economic rebound and upward trajectory in 2024, with a projected GDP surpassing the 130 trillion yuan mark.
The country's grain output has surpassed 700 million tons, ensuring that "Chinese bowls are filled with more Chinese grain", said Xi, stressing that coordinated development across regions has gained stronger momentum, and mutually reinforcing advances have been made in both new urbanization and rural revitalization.
These outcomes indicate that China's GDP growth is on the track to hit target, said Liu Baocheng, dean of the Center for International Business Ethics at the University of International Business and Economics.
"I read President Xi message with pride, with confidence and optimism. So far the Chinese economy has been highly stabilized with all the policy tools that have been unleashed and also the employment, price, and together with the economic growth rate has been delivering to our expectations. So the Chinese GDP shall have not really much surprised to achieve approximately 5 percent," said Liu.
China's economic growth also focuses on high quality development, Liu pointed out.
"More importantly, I noticed that the economic growth engine has been shifting more to consumption. And in the meanwhile, the high-quality development kept to lead the Chinese aggressive development in artificial intelligence, quantum communications. And the wide application to service both business and also people's livelihood has been remarkable. And then the rural development has been also delivering a very much stellar performance in which the crop has been really bumper despite of all the flood and some of the strange weathers. And then the rural-urban integration has been on a very high agenda, so the cost of doing business and also the entitlement for people to have the whole variety of quality goods have been exceedingly improved," said Liu.
China will continue to play a vital role in driving global economic growth, given the significant share of its growth in the global context, according to Einar Tangen, an analyst and senior fellow at the Taihe Institute.
"China is 30 percent of the world's growth, and it will continue to be the largest percentage of the world's growth. So, there's so much noise that is going on out there. Unfortunately, it can sometimes obscure the reality, which is that China delivered almost 5 percent, whereas the U.S. was crowing about 2.1 to 2.3 percent growth. And it's kind of ironic that you can have these kinds of figures and people will say one thing about a lower figure. Where is the concern about Europe and things like that? The developed countries there have negative growth rates. I mean, China has really done an amazing job. And I'm not saying that just being nice about it," said Tangen.
Tangen also suggests cooperating with China for mutual benefit and striving to create a better world together, instead of attempting to contain or weaken China. He advocates for collaboration towards common goals instead of adopting confrontational approaches.
Experts optimistic about China hitting economic target, driving global growth
