AI Vibes | World's largest growth engine: How China's economic performance nullifies malign viewpoints

By Sheng Chuyi (People's Daily Online) 11:00, March 05, 2024

Not long ago, China released annual economic data showing that its GDP exceeded 126 trillion yuan (about $17.5 trillion) in 2023, registering 5.2 percent growth year-on-year, higher than the expected global growth of about 3 percent.

Ranking top in growth rate among the world's major economies, China's economic increment cannot be underestimated either. At comparable prices, the Chinese economy grew more than six trillion yuan, equivalent to a whole year's GDP for a medium-sized country.

According to the laws of economics, when economic aggregate and per capita income increase, the economic growth rate will gradually fall, which is a common phenomenon experienced by many developed economies. China's current economic growth rate has continually kept within a reasonable range.

Is the Chinese economic dynamic steady?

Let's start with the price of commodities.

In 2023, while some developed economies were facing the challenge of the highest inflation rate since 1982, China consolidated the growth and momentum of its economy, with overall prices and people's quality of life steadily rising.

Moving on to security.

In 2023, while many countries were caught up in food and energy crises, China's grain production hit a record high, and energy supply remained generally stable. In particular, the installed capacity of renewable energy power generation historically surpassed that of thermal power, which not only reflected new progress in the green transition under the targets for carbon peaking and neutrality but also brought about new improvements in energy self-sufficiency.

Risk management also remains a priority in key areas.

At present, the debt level of the Chinese government is moderate and relatively low compared to many other countries around the world. The delivery of housing projects has improved. Additionally, more than 3 million houses of the 3.5 million special loan projects for ensuring housing delivery have been delivered, stabilizing market expectations.

The International Monetary Fund predicted that from 2024 to 2028, China's economic growth rate will continue to be higher than the global rate, significantly higher than that of developed economies and continue to be at the forefront of emerging economies and developing countries.

Despite some cyclical and systematic challenges in the Chinese economy, as long as there is respect for historical orientation, internal logic and objective laws of China's economic development, it will be self-evident that China's economy has always been full of vitality and resilience, and will continue to be a powerful engine of global economic growth.

(Ye Jingyi, as an intern, also contributed to this video.)

(Web editor: Sheng Chuyi, Wu Chengliang)


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