Xinhua News Agency, Beijing, January 19th: Boost confidence and move forward through the waves – Overseas people are hotly discussing China’s successful achievement of its 2024 economic growth target
Xinhua News Agency reporter Deng Qian and Zhou Siyu
Data released by the National Bureau of Statistics of China on the 17th showed that under the conditions of increasing external pressure and internal difficulties, China’s economic aggregate will reach a new level in 2024, exceeding 130 trillion yuan for the first time, an increase of 5% over the previous year. International observers said that China’s economy has withstood the pressure, successfully achieved its economic growth goals, and made solid progress in high-quality development, injecting impetus and boosting confidence in the world economy.
On December 20, 2024, tourists visited the Shanhai Lantern Festival in Yinchuan Flower Expo Park. Photo by Xinhua News Agency reporter Wang Peng
Stable growth boosts global confidence
In 2024, China’s economic aggregate size will firmly rank second in the world, its economic growth rate will be among the best among the world’s major economies, and it will continue to serve as an important source of power for world economic growth.
Michael Borschmann, former director of the European and International Affairs Department of the German state of Hesse, said frankly that this growth rate is particularly eye-catching in the context of the current challenges faced by the global economy, especially considering that China’s economy is already at a At a relatively high level of development, it is rare to continue to achieve such a growth rate. This not only shows that China’s economy has extremely strong resilience and adaptability, but also reflects the steady growth of domestic demand and the results of industrial transformation; it not only has a wide range of positive impacts in trade, investment, energy and technological cooperation, but also injects impetus into global economic growth. , boost confidence.
Against the background of geopolitical tensions, contraction of external demand, spread of trade protectionism and other unfavorable factors, China’s foreign trade will show resilience in 2024, with trade in goods continuously crossing the 42 and 43 trillion mark, and the total value of imports and exports throughout the year Reaching 43.85 trillion yuan, a year-on-year increase of 5%, the scale reached a record high.
From a market perspective, while maintaining growth in traditional markets such as Europe and the United States, China’s foreign trade structure continues to optimize: it has been each other’s largest trading partner with ASEAN for five consecutive years, and its imports and exports from countries co-building the “Belt and Road” accounted for more than half for the first time. Imports and exports to Latin America, Africa, the five Central Asian countries, and Central and Eastern Europe contributed nearly 60% to China’s foreign trade growth.
This is the loading and unloading operation area of the container terminal in Lianyungang Port, Jiangsu Province, taken on January 3, 2025 (drone photo). Published by Xinhua News Agency, photographed by Wang Chun
Argentine economist Javier Adelfond said that China is an important trading partner for most Latin American countries and an important export market for Latin American products. China’s demand for products from Latin American countries has further increased, which will help stimulate economic growth in Latin American countries.
Kenyan economist James Shikwati said that China-Africa cooperation has achieved remarkable results in areas such as infrastructure, scientific and technological exchanges, and vocational training, and has made substantial contributions to Africa’s economic development. China’s economic stability and the strengthening of cooperation among BRICS countries have brought positive impacts to the global economy.
“China’s economic growth has benefited the world.” Stephen Ndegwa, a Kenyan expert on international issues, said that through the joint construction of the “Belt and Road” and other channels, China has injected strong impetus into regional and world economic development.
High quality development
Looking at the “report card” of the past year, China’s innovation capabilities continue to improve, emerging industries continue to grow, the digital economy and green economy grow steadily, and high-quality development is full of success. In 2024, China’s global innovation index ranking will rise to 11th.
By the end of 2024, more than 30 million new energy vehicles will be running on China’s roads, thanks to breakthroughs in hard-core technologies such as batteries, motors, and electronic controls. Hans Hendrischke, a professor at the Business School of the University of Sydney, Australia, said that innovation is a major feature of China’s current economy. China’s technological innovation in electric vehicles and other related fields is forming a solid advantage for organic growth. It is expected that this This advantage will continue.
Sant Manukyan, a financial analyst at Turkish Industrial Bank, said that as China continues to lead technological innovation, especially in green technology and digital fields, China will play an increasingly critical role in shaping the global economic environment. “China has the ability to become a global leader in green technology, leveraging innovations in areas such as 5G and artificial intelligence to drive the global economy toward a more sustainable and digital future.”
On November 18, 2024, workers worked on the unmanned rail train production line at CRRC Puzhen Alstom Transportation Systems Co., Ltd. in Wuhu City, Anhui Province. Published by Xinhua News Agency, photographed by Xiao Benxiang
In 2024, the added value of China’s high-tech manufacturing industries above designated size will increase by 8.9% over the previous year; new digital consumption models and new scenarios continue to expand, driving online retail sales of physical goods to grow by 6.5%; industrial hydropower, nuclear power, wind power and solar power generation above designated size will account for The ratio increased to 32.6%, nearly one-third… Cai Weijie, executive director of the Malaysian think tank Regional Strategy Institute, pointed out that China’s economic structure will continue to be optimized in 2024, and high-tech manufacturing, green industries and the digital economy will become new growth engines.
From “vigorously promoting the construction of a modern industrial system and accelerating the development of new productive forces” listed at the top of the Chinese government’s work tasks in 2024, to the Third Plenary Session of the 20th CPC Central Committee proposing “improving the system and mechanism for the development of new productive forces in accordance with local conditions”, and then to the central government’s 2024 The Economic Work Conference emphasized “leading the development of new productive forces through technological innovation and building a modern industrial system”… Under the escort of policies, China’s new productive forces have developed steadily, injecting a steady stream of new momentum into high-quality development.
Busani Ngkaweni, a senior researcher at the University of Johannesburg in South Africa, uses “advanced” to describe China’s development of new productive forces. Ngkaweni said that by promoting growth driven by innovation and efficiency, China aims to create greater space and potential for economic growth and ensure that both new and traditional productivity contribute to sustainable development. This is crucial for China to achieve high-quality growth in the face of changing challenges and opportunities.
Breaking through the waves, the future is promising
Visiting the bustling Beijing Capital International Airport in person, Peter Vince, founder of the Slovak “Network” news network, saw the epitome of China’s economic vitality. In October last year, he went to China to attend a conference. As soon as he got off the plane, he saw a busy scene. There were many domestic and foreign flights, and the staff were busy performing their duties. He said that through this window, we can see that China’s economic development is strong and full of vitality.
The International Monetary Fund (IMF) released an update to the “World Economic Outlook Report” on the 17th, raising China’s economic growth forecast for 2025. Looking forward to the economic development prospects in 2025, although the adverse impact of changes in the external environment may deepen, China’s economic foundation is stable, has many advantages, is strong in resilience, and has great potential. The supporting conditions and basic trends for long-term improvement have not changed.
“I am optimistic about the medium- and long-term prospects of China’s economy.” World Economic Forum President Borger Brende said in an exclusive interview with a reporter from Xinhua News Agency.
On January 8, 2025, at the “Beijing Service” airport service point in Terminal 3 of Beijing Capital International Airport, Air China staff (first from left) were checking flight transfer information for two Spanish passengers. Photo by Xinhua News Agency reporter Ju Huanzong
Brende believes that China has outstanding policy advantages and talent advantages, which bring development advantages to the Chinese economy. Every year, more than 10 million people graduate from colleges and universities, and millions of engineers are trained. This is an extremely important human capital advantage in the smart era. The Chinese government has an adequate policy toolbox to deal with problems encountered in development. Although the global geopolitical and economic situation remains severe, “I believe that China will continue to be an important engine of world economic growth.”
In the view of Anna Marindog-Uy, deputy director of the Philippine “Asian Century” Strategic Research Institute, China’s economic prospects are full of hope. She said in a written interview with Xinhua News Agency that China’s contribution to global economic growth will still be huge, especially in trade, technology and infrastructure development.
“The contribution of China’s economy to the world is not only reflected in the economic aspect.” Gan Jiayi, a senior researcher at the Institute of Malaysian and International Studies at the National University of Malaysia, said that under China’s positive influence, the “global South” has strengthened cooperation, which provides many countries with more ample policy space. Create more opportunities for dialogue and exchange, and provide a platform for countries to learn from each other on how to create economic prosperity and reduce inequality in governance. From this perspective, China’s relevant decisions reflect China’s prudent attitude, long-term planning and forward-looking perspective as a responsible major country, and are worthy of learning and reference by countries around the world.
[Editor in charge: Tu Tian]
