CHINA’S ECONOMIC MOMENTUM DRIVES GLOBAL ECONOMIC GROWTH

BEIJING, AUGUST 19 /SRNA/ - From January to July, China’s key economic indicators, including industrial production, the services sector and foreign trade, recorded growth, while the country’s economic activity continued to improve, official data showed.

Analysts noted that this not only demonstrates the resilience of the Chinese economy but also provides a boost to global economic growth, China Media Group reported. This year, geopolitical conflicts have continued to escalate, the international energy market has fluctuated, and the global economic recovery has faced numerous challenges. Recently, the World Bank and the International Monetary Fund released their latest reports, cutting their forecasts for global economic growth this year by 0.1 percentage point. But why has the Chinese economy been able to continue improving? Wang Xiaosong, a professor at the School of Economics at Renmin University, said that the Chinese government has focused on implementing proactive and forward-looking macroeconomic policies, continuously deepening reforms and expanding high-level opening-up to the outside world in order to make steady progress and reliably promote high-quality development. As the world’s second-largest economy, China has the most advanced industrial system and an exceptionally large market, with ample room for manoeuvre and high risk resilience. In the first seven months of this year, the added value of large-scale industries increased by 5.3 percent year on year, while total retail sales of consumer goods and services rose by 2.6 percent. These figures point to the stability of the Chinese economy. As the world’s second-largest consumer market, the stability of the Chinese economy has also boosted expectations of stable growth among foreign companies. Thanks to the active development of emerging industries such as artificial intelligence and green and low-carbon industries, China’s new economic momentum has accelerated economic growth. China’s manufacturing industry has accelerated its transformation towards the mid-end and elite segments of the manufacturing and value chains, while the supporting role of new kinetic energy in economic development continues to grow. The international situation is currently complex, but the fundamental stability of the Chinese economy has remained unchanged over the past seven months. China continues to work to ensure a strong start to the implementation of the 15th Five-Year Plan, which will create more opportunities for the global economy.