China's economic recovery boosts confidence in global growth: experts

Lithium batteries are manufactured in a workshop in Hai'an, east China's Jiangsu province. (People's Daily Online/Zhai Huiyong)

The central economic work conference was recently held in Beijing. The conference comprehensively summarized China's economic work in 2023, analyzed the current economic situation and made arrangements for 2024.

International experts interviewed by People's Daily highly evaluated China's achievements in economic development, stating that the overall trend of economic recovery and long-term improvement remains unchanged.

They believe that China's efforts to promote high-quality development will inject more stability and momentum into the global economic recovery.

Confronted with a complex and challenging international situation this year, China's macroeconomy has logged a continuous and steady recovery against the backdrop of the weakening momentum of global economic recovery, and its high-quality development has been steadily advancing.

In the first three quarters, China's gross domestic product (GDP) grew by 5.2 percent year-on-year, marking the strongest performance among the world's major economies.

As the world economy faces downward pressure, it was no easy feat for China to achieve a 5.2 percent GDP growth in the first three quarters, said Enrique Dussel Peters, director of the Center for Chinese-Mexican Studies at the National Autonomous University of Mexico.

He further emphasized that China has led the construction of a modern industrial system through scientific and technological innovation, vigorously promoted new industrialization, and actively nurtured strategic emerging industries such as electronic information, and these efforts have provided new impetus for the country's economic growth.

Marsela Musabelliu, executive director of the Albanian Institute for Globalization Studies, recently visited China and was deeply impressed by the country's economic development.

She said that China boasts a super-large market and the most complete industrial system in the world. Currently, China is accelerating scientific and technological innovation and constructing a modern infrastructure system, including advanced transportation and logistics networks as well as the development of smart cities.

Photo shows a busy scene of the Haikou Port, south China's Hainan province. (People's Daily Online/Yang He)

These efforts have facilitated the flow of personnel, goods, and services, further unleashing productivity, she added.

International institutions have recently raised their expectations for China's economic growth, saying its growth in 2024 is expected to surpass this year's and China still remains a key engine of global economic growth.

The International Monetary Fund predicted that China's contribution to global economic growth will exceed 30 percent this year.

Hsia Hua Sheng, a financial expert with Brazil's Getulio Vargas Foundation, noted that China is accelerating the creation of a new development pattern, promoting high-quality development and expanding high-level opening up.

"China has made remarkable achievements in the fields of green energy, artificial intelligence, and e-commerce. These industries driven by scientific and technological innovation have played a positive role in promoting the sustained and stable growth of the Chinese economy," the expert explained.

China's economy has not only achieved surprising growth but also steadily improved in terms of its quality, said Eduardo Regalado, a researcher at the International Policy Research Center of Cuba.

He highlighted that stable policies and continuously unleashed potential of domestic demand have provided strong support for China's economic development. China has shown outstanding performance and gained a competitive edge in areas such as green economy and digital economy, particularly the rapid growth of exports in new energy vehicles, lithium batteries, and photovoltaic products, Regalado added.

Pamela Coke-Hamilton, executive director of the International Trade Center, a joint agency of the United Nations and the World Trade Organization, noted that the development of digital trade has created new business opportunities.

Car bodies are welded by robotic arms at a production base of Lynk & Co, a joint venture between China's Geely and Swedish carmaker Volvo, in Yuyao, east China's Zhejiang province. (People's Daily Online/Hu Xuejun)

She believed that China's efforts to promote the development of digital trade have had a positive impact on the world, especially on developing countries. With its rich experience in digital trade, China can provide valuable insights and assistance to enterprises in other developing countries, she remarked.

The central economic work conference stressed that high-level opening up will be expanded, which further enhanced the international community's confidence in sharing China's development opportunities.

This year, China has hosted a series of economic and trade events, providing more market opportunities, investment opportunities, and growth opportunities for countries worldwide.

These efforts demonstrated China's unwavering determination in pursuing high-level opening up and following economic globalization.

The just-concluded sixth China International Import Expo saw a total of $78.41 billion worth of tentative deals reached for one-year purchases of goods and services, setting a record high. The inaugural China International Supply Chain Expo hosted over 360 matchmaking and exchange activities, resulting in the signing of cooperation agreements and intentional agreements worth over 150 billion yuan ($20.99 billion).

Regalado stated that China's efforts to promote high-level opening up and improve the business environment, as well as share its vast market with countries around the world, have not only provided impetus for China's economic growth but also brought opportunities for global economic recovery.

Recently, the executive director of the Manchester China Forum Rhys Whalley visited the Guangdong-Hong Kong-Macao Greater Bay Area. He noted that the global economic recovery is currently weak, with rising protectionism and unilateralism.

As an important engine driving global economic growth, China's economic rebound is boosting confidence in global growth, Whalley said.