A senior advisor from the Organization for Economic Co-operation and Development (OECD) on Friday highlighted China's important contribution to global GDP growth, citing strong exports and effective stimulus measures as key drivers for its economy in 2024.
Tamas Hajba, Senior Advisor for China and Head of the OECD Beijing Office, said the country continues to push forward the shift to a more sustainable development pattern, while making efforts in fiscal and monetary policies to boost economic vitality, as made clear in its policy moves last year.
"There were monetary policies, rates cuts and also cuts in the reserve requirement ratios. In the fiscal space, China has rolled out measures also with raising the issuance of bonds which contribute to stabilizing and supporting the economic growth. But equally important, China also rolled out measures to support the housing market, ease the down payment requirements for instance," Hajba told CCTV.
In its Economic Outlook report released in December last year, the OECD projected the global economic growth would land at 3.2 percent for 2024 amid certain downward pressures. Hajba noted that despite headwinds and uncertainties in external markets, China still has potential for structural reforms in 2025 and enjoys a solid foundation for sustained economic growth.
"China is an important factor of the global economy, an important player. So whatever is good for China is also good for the world. China again remains a major contributor to global GDP growth," said the expert.
China remains major contributor to global GDP growth: OECD advisor
China remains major contributor to global GDP growth: OECD advisor
