How does China’s rosy economic outlook strike chord with world?
Much of the world’s attention has been on China’s rapid economic recovery since the end of last year, and the spotlight has been getting much brighter as the country’s two sessions have been held to guide its development for the years ahead.
China, during the annual national meetings, has set its economic growth target at around 5 percent in 2023 to ensure steady and high-quality development, making the headlines around the world.
After gathering a list of questions from reporters with media outlets in other countries about China’s economic outlook, Xinhua has invited experts and scholars to share their views on the country’s economic momentum and its impact on the world.
Observers have voiced confidence in the prospect of the Chinese economy, saying that the country’s swift economic revival will serve as a strong growth driver for the globe.
China’s promising growth
The two sessions in China have reassured investors and businesses that the world’s second-largest economy is bouncing back from the COVID-19 pandemic, experts have said.
Apart from the growth goal for 2023, other targets set by China include about 12 million new urban jobs and a consumer price increase of about 3 percent.
China has the ability to meet its growth target, said economist Yu Miaojie, president of Liaoning University and a national legislator.
In fact, there have been increasing signs that China’s economy is roaring back, as proved by bustling streets and humming factories.
“Since the Spring Festival, we have observed a solid rebound in China’s consumption,” said Ding Yifan, an economist and senior fellow at the Taihe Institute, a think tank.
As evidence of improving consumer sentiment, tourism revenues surged 30 percent year-on-year and cinemas nationwide reported the second-highest box office figure on record during the week-long Spring Festival holiday in January.
The rapid recovery of China’s economy has already captured global attention. The International Monetary Fund raised its projection for China’s economic growth in 2023 to 5.2 percent. Morgan Stanley, Goldman Sachs and other investment banks also revised their forecasts upwards.
He Weiwen, senior fellow at the Center for China and Globalization, told Xinhua that “we have to keep in mind that the important thing is not the percentage, either 5 or 6 percent.”
“The important thing is we have to bring the general economy back to the trend to address problems in the economy, especially in small business, micro business, jobs and employment and the industrial profit,” he said.
Contribution to world economy
With modest growth target established and solid actions planned, the rosy prospect of the Chinese economy is noted across the world.
China will continue to be one of the major countries to see the strongest growth this year, and its contribution to global economic growth will stand at 30 percent, said Steven Barnett, IMF senior resident representative in China.
In China’s view, the country will do well only when the world does well, and vice versa. Over the years, the country has promoted common development through infrastructure connectivity in the past decade by advancing the Belt and Road Initiative.
The BRI has attracted more than three-quarters of the world’s countries and 32 international organizations. Over the past decade, the initiative has galvanized nearly $1 trillion of investment, established more than 3,000 cooperation projects, created 420,000 local jobs and helped lift almost 40 million people out of poverty.
“African countries, including Nigeria, have benefited greatly from win-win cooperation with China … Infrastructure projects covering roads, railways, ports and airports built by Chinese enterprises have strengthened the interconnection within the African continent and promoted the integration process,” said Charles Onunaiju, director of the Center for China Studies in Nigeria.
African countries are hopeful for the Chinese government’s commitment to continue opening up and high-quality BRI cooperation because it means more cooperation opportunities between China and Africa, Onunaiju said.
“When we talk about the BRI, there is no geographical limit,” senior fellow Ding told Xinhua. “Now the construction is truly global.”
“Through the Belt and Road cooperation, we can help participating countries improve their infrastructure,” said the expert from the Taihe Institute.
“The BRI aims to connect participating countries with the whole global market. Once the global market is inter-connected, efficiency will be greatly improved, and economic growth will gain greater momentum,” said Ding.