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China's high-quality growth provides driving forces for global growth: spokesperson

Source: Xinhua | 2024-01-19
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China's high-quality growth provides driving forces for global growth: spokesperson

BEIJING, Jan. 18 (Xinhua) -- China's continued high-quality growth and the continued progress of Chinese modernization will bring more benefits to the world and contribute more driving forces for global growth, a foreign ministry spokesperson said on Thursday.

Spokesperson Mao Ning made the remarks at a daily press briefing when asked to comment that China's National Bureau of Statistics on Wednesday announced that China's GDP reached a 5.2 percent year-on-year growth in 2023.

Mao said that the 5.2 percent year-on-year growth rate of GDP is higher than the target set at the beginning of last year, which fully shows that China's economy picks up, and high-quality development makes solid progress. It means at least three benefits to the world.

First, Mao said that provides the driving force for the global economy. China's economic growth generates over 6 trillion yuan, equivalent to the annual GDP of a medium-sized country. The report of International Financial Forum demonstrates that China contributes 32 percent to the global economic growth in 2023 and is the largest engine of world economy.

She noted that high-quality development, secondly, brings stability to the global economy. China's economy has had a steady growth, and sound and solid fundamentals over the years. In the face of an anemic global economy, China has stable domestic demand, low inflation, increasing imports and exports against the global trend, and has topped the world in manufacturing value added for 14 years in a row. It is an anchor for the world economy.

Third, Mao said, China will share new opportunities with all countries in the world. In China, there are now over 400 million people in the middle-income bracket, and the number is expected to reach 800 million in the next decade or so. This will play an important role in boosting aggregate global demand. China is the major trading partner for over 140 countries and regions, with overall tariff level cut to 7.3 percent, relatively on par with the developed members in the World Trade Organization. In the past five years, the return on Foreign direct investment in China stands at around 9 percent, which is quite competitive globally.

The market of China has become a big market shared by the whole world, she added. 

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