Anqi Zhao
"We are witnessing the recovery of China's economy. Last year, China's economy expanded at 5.2% compared to the previous year, which aligns with the ADB’s projection." Akiko Terada-Hagiwara, Head of Economics and Strategy Unit, Asian Development Bank (ADB) Resident Mission in the PRC told China Youth Daily.
According to the National Bureau of Statistics of China (NBS), during the first two months of 2024, most key indicators exhibited robust growth, employment remained generally stable, and new drivers and advantages for economic growth started to accumulate.
Given its solid performance in January and February, China has the conditions and support to achieve its full-year growth target of around 5 percent for 2024 through enhanced efforts, NBS spokesperson Liu Aihua stated on 18 March.
The steady recovery of China's economy was supported by multiple policy measures introduced in 2023. With solid growth, China has become a major contributor to growth in the Asia-Pacific region in 2023, accounting for over half of the region's total growth, said Hagiwara.
Well-known international financial institutions such as UBS Group and Goldman Sachs Group generally predicted that emerging markets will usher in rapid growth again in 2024, and an important driving force for their accelerated recovery is the development of China's economy.
"Looking ahead, China’s economic growth trajectory is poised for stable growth in 2024." Hagiwara surmised.
Hagiwara noted that although the short-term outlook looks stable, there are more long-term structural challenges that China faces. China is facing challenges from demographic changes and an aging population, which affect productivity growth.
According to the National Development and Reform Commission of China, China will implement several measures to foster a robust economic recovery throughout this year. The planned measures will include acceleration of the legislative process to enact a law on promoting the development of the private sector and a revision of the negative list for foreign investment access.
The global value chain is a key factor in shaping today's world economic trends and plays an important role in promoting global economic growth and development. China's significant role in the global value chain has attracted much attention.
China’s active participation in the global value chain has significantly contributed to the growth of the world’s trading system. More recently, China's outbound foreign direct investment (FDI) has demonstrated its potential to positively impact the economic development of host countries. 「Over the past decade, China’s ‘going out’ strategy has successfully expanded outward investments by Chinese firms.」 said Hagiwara.
"Looking forward, China could consider boosting more efficiency-seeking outward FDI, collaborating with local input suppliers in host economies as well as those in third economies to enhance investment returns and profitability of its outward investments." Hagiwara added.
責任編輯：陳小茹
來源：中國青年報客戶端
