By He Yin, China’s gross domestic product (GDP) grew 4.8 percent year on year in the first three quarters of 2024, according to data recently released by the National Bureau of Statistics (NBS).
This growth, ranking among the top performers among major global economies, has laid a solid foundation for China to achieve its annual economic target.
This year, the Chinese economy has registered steady growth on the whole, with stable progress made in the development of new quality productive forces and solid advancement of high-quality development. Major economic indicators showed improvements recently. The resilience of the Chinese economy has significantly boosted the confidence of the international market.
In the face of a complex and challenging environment both at home and abroad, the Chinese economy is showing signs of steady progress, injecting certainty and positive energy into the global economic development.
The Chinese government has adopted a series of policies and measures. In particular, a raft of incremental policies launched by some departments are gradually taking effect. Positive factors for the recovery and growth of the Chinese economy are accumulating.
International financial organizations recently raised their forecast for China’s economic growth this year, including Goldman Sachs and UBS. The international community is optimistic about China’s economic prospects, believing the country is able to achieve its target of a GDP growth around five percent.
Singaporean Senior Minister Lee Hsien Loong holds that the measures issued by the Chinese government are conducive to lifting confidence and demand, and many Chinese industries have reached world-class standards. It’s very unwise to underestimate China, he added.
The economic performance of China in the first three quarters of this year showed that the country has optimized economic structure and improved the quality of its economy while maintaining steady economic growth.
In the first nine months of 2024, the value added of China’s high-tech manufacturing enterprises above the designated size, or those with annual main business revenue of at least 20 million yuan ($2.81 million), grew by 9.1 percent, and the investment in the high-tech sector was up 10 percent from a year ago.
Production and consumption in wind, nuclear and solar power sectors maintained rapid growth, accelerating the industrial transition toward new energy and green development.
The Chinese manufacturing sector is gaining wider support thanks to its advantages in innovation in high-end, intelligent and green development.
In the first three quarters, China’s export of high-end equipment increased 43.4 percent year on year, and those of integrated circuits, automobiles and home appliances grew by 22 percent, 22.5 percent and 15.5 percent from a year ago, respectively.
The country’s new energy industry is highly in line with the global trend of green development, with the exports of wind turbines and electric vehicles surging 73.9 percent and 22 percent, respectively.
Executive Director of the International Energy Agency Fatih Birol recently once again praised the important contributions made by China to the global energy transition, saying that almost every energy story is essentially a China story.
The steady growth of the Chinese economy is good news to the world economy. Currently, the world economic recovery remains shaky. According to the latest report issued by the International Monetary Fund, global growth is lower than the average in the first two decades of the 21st century.
Faced with the rise of unilateralism and protectionism, China steadfastly stands with solidarity, cooperation, openness and win-win cooperation. The country has made stable progress in advancing high-level opening up, burnishing its gold-lettered signboard of benefiting the world. It has constantly promoted high-quality Belt and Road cooperation, and actively built better international cooperation platforms such as the China International Import Expo, China International Fair for Trade in Services and China International Consumer Products Expo, to welcome the entries of more quality products into the Chinese market.
In the first three quarters, China saw a record high in its total imports and exports of goods, which for the first time exceeded 32 trillion yuan. It keeps making China an important engine driving the growth of global trade.
The imports of featured fruits, wine and clothing improved by 7.1 percent, 28.9 percent and 6.1 percent, respectively, which effectively met the diverse consumption demand at home.
As China continues releasing the potential of its domestic demand, the huge Chinese market will bring huge opportunities to the world.
China is pushing for in-depth reform and high-quality development by promoting high-standard opening up, broadening the development space for Chinese modernization.
The fundamentals of China’s economic development remain unchanged, and the country’s favorable conditions such as the huge market potential and strong economic resilience remain unchanged.
As policies take effect, China is confident in and capable of achieving long-term stable development, and will keep bringing new impetus and opportunities to the world with its new development.
