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China’s high-quality development contributes to global economic recovery

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By He Yin, People’s Daily

 

The international community has paid high attention to the ongoing “two sessions” in China, looking forward to more positive messages of promoting high-quality economic development and injecting more vitality and confidence into the global economy that is facing downward pressure.

 

The annual meetings of the National People’s Congress (NPC) and the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) bring together thousands of national legislators and political advisors.

 

International personages have voiced support for China’s firm endeavor to pursue high-quality development unveiled in the meetings, believing that it will create more opportunities for the world and contribute to world economic recovery.

 

High-quality development is the first and foremost task in building a modern socialist country in all respects, said Chinese President Xi Jinping while attending a deliberation with his fellow deputies from the delegation of east China’s Jiangsu province at the first session of the 14th NPC on March 5.

 

During the deliberation, Xi stressed that efforts should be made to fully and faithfully apply the new development philosophy on all fronts, and better coordinate the effective upgrade in quality with the appropriate expansion in quantity in economic development.

 

China must unswervingly deepen reform and opening-up and transform the development model, and the happiness and well-being of the people are the ultimate goals of promoting high-quality development, Xi said.

 

The remarks have charted the course and provided fundamental guidance for advancing high-quality development under new conditions and further enhanced the international community’s confidence in China’s economic development.

 

China aims to expand its economy by around 5 percent in 2023, according to a government work report submitted to the national legislature for deliberation.

 

The international community generally believes that the growth target is scientifically reasonable and has demonstrated to the world its firm resolve to promote high-quality economic development.

 

During the past five years, China’s gross domestic product (GDP) has grown to over 121 trillion yuan ($17.95 trillion) at an average annual rate of 5.2 percent in spite of multiple challenges, including the rapidly evolving international landscape, impacts of the COVID-19 pandemic, and domestic economic downward pressure.

 

Over the past decade, the country achieved a medium-high rate of economic growth given its large economic aggregate and transitioned to high-quality development. During the period, the country’s GDP has increased by nearly 70 trillion yuan, with an average annual growth rate of 6.2 percent.

 

Such remarkable achievements have fully proven that the fundamentals remain unchanged, and the Chinese economy still enjoys strong resilience, enormous potential, great vitality and long-term sustainability.

 

International organizations and investment institutions have lifted their growth forecasts on China’s economic growth this year as a result of their growing confidence in its economy.

 

“If you are looking for growth, the answer is very simple. The next China is China,” said Joe Ngai, managing partner of McKinsey Greater China. The positive judgment on China’s economic outlook has sparked widespread resonance in the international community.

 

China accounts for more than 18 percent of the world economy and contributes around 30 percent to global economic growth. It ranks first globally in terms of trade in goods and services, and has become a major trading partner of more than 140 countries and regions.

 

The country has the world’s most complete and largest industrial system with strong industrial supporting capacity. It also enjoys great technological innovation capacity and industrial production capacity.

 

China is in the process of industrialization and urbanization. Its middle-income group is expected to exceed 800 million in the next 15 years, further driving the development of an enormous market.

 

During the past five years, China’s research and development (R&D) spending intensity has increased from 2.1 percent to more than 2.5 percent, and the contribution of scientific and technological progress to its economic growth has exceeded 60 percent, demonstrating the increasing capability to support development with innovations.

 

As of the end of 2022, China has registered over 52 million enterprises and 110 million self-employed individuals, indicating significant improvement in its endogenous driving force for development.

 

Such achievements have given China confidence on the path of its high-quality economic development, and made the international community optimistic about China’s economic growth prospects.

 

China accelerates the establishment of a new development pattern and remains committed to improving the quality of development while expanding high-level opening-up, injecting important momentum into global economic development.

 

Over the past five years, China’s total volume of trade in goods has surpassed 40 trillion yuan at an average annual growth rate of 8.6 percent, ranking first in the world for many consecutive years. Meanwhile, the country has been a major destination for foreign investment and a leading global outbound investor.

 

This year, China will prioritize the recovery and expansion of consumption, intensify efforts to attract and utilize foreign investment, steadily expand institutional opening-up, and continue the transition to green development. Such endeavors are expected to bring more opportunities to enterprises from all countries.

 

In January this year, China got off to a good start in attracting foreign investment, as the foreign direct investment (FDI) into the Chinese mainland, in actual use, expanded 14.5 percent year on year to 127.69 billion yuan.

 

Many foreign-funded companies regard China as one of the most important destinations for investment and plan to increase investment in the country.

 

China is advancing the rejuvenation of the Chinese nation on all fronts through a Chinese path to modernization. Pursuing high-quality development is one of the essential requirements for the Chinese path to modernization.

 

Adhering to the general principle of pursuing progress while ensuring stability, China will fully and faithfully apply its new development philosophy on all fronts, and accelerate creating a new development pattern.

 

It is ready to boost global economic recovery by promoting its high-quality development and create new opportunities for the world by striving for new achievements in development.

 

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Fuel Price May Hit ₦5,000 Per Litre Under Tinubu — Atiku Warns

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By Fabian Apechihin

Former Vice President Atiku Abubakar has warned that petrol prices could rise to ₦5,000 per litre under President Bola Tinubu’s administration if the government fails to address concerns surrounding oil revenues and public spending.

Atiku raised the alarm through his Senior Special Assistant on Public Communication, Phrank Shaibu, following the latest petrol price increase.

He questioned why Nigerians were paying as much as ₦1,470 per litre when crude oil was trading at approximately $102.52 per barrel.

“With crude oil around $102.52 per barrel, Nigerians are paying as much as N1,470 per litre. In 2008, when crude oil reached about $147 per barrel, petrol sold at N65 per litre under the Yar’Adua administration,” Atiku said.

The former vice president called for a reconciliation of oil revenues and deductions from 2023 to date, arguing that Nigerians should be able to establish how much revenue was generated, what deductions were made before distribution and where the funds eventually went.

“Nigerians deserve accounts they can interrogate, not accounting labels designed to discourage questions,” he said.

Atiku also questioned the use of funds saved following the removal of the petrol subsidy, recalling the government’s earlier assurances that the savings would create room for increased investment in education, healthcare and infrastructure.

“After all the pain imposed on Nigerians, they have a right to ask: where are the subsidy savings and where is the money?” he asked.

He further called for scrutiny of financial transactions involving the Renewed Hope Infrastructure Development Fund, OML 143, oil production revenues and the Nigerian National Petroleum Company Limited’s international liquefied natural gas trading operations.

“These allegations are too serious to be answered with press statements and political insults. Every barrel can be measured, every cargo identified and every legitimate payment traced,” Atiku said.

The former vice president’s remarks come amid continuing public debate over petrol pricing, oil revenue management and the economic impact of subsidy removal on Nigerians.

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2027: Atiku Hosts Aisha Buhari in Abuja Amid Political Realignment

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Former Vice President Atiku Abubakar on Wednesday hosted the former First Lady, Aisha Buhari, in Abuja, in a meeting that has attracted attention amid growing political realignments ahead of the 2027 general elections.

Neither Atiku nor Aisha publicly disclosed details of their discussions or indicated whether the meeting centred on political matters.

The meeting comes against the backdrop of renewed interest in the Buhari family’s political influence, particularly in Katsina State.

In May, Yusuf Buhari, son of the late former President Muhammadu Buhari, won the All Progressives Congress (APC) primary for the Sandamu/Daura/Mai’adua Federal Constituency seat in Katsina State. He secured 6,386 votes, defeating Auwal Daura, who polled 322 votes.

The outcome generated considerable interest within political circles in the Daura axis, where the Buhari family has maintained a strong political presence.

Aisha Buhari has also remained active in promoting the legacy of her late husband, who died in London on July 13, 2025.

In July, she described education and human capital development as among Muhammadu Buhari’s most important legacies while speaking at the groundbreaking ceremony for a Computer Science Complex at Al-Qalam University, Katsina.

The project is being financed with proceeds from the book From Soldier to Statesman: The Legacy of Muhammadu Buhari, which chronicles the former president’s life and public service.

Aisha said the initiative was aimed at preserving Buhari’s legacy through investment in education, knowledge and innovation rather than through the construction of monuments.

Although the purpose and outcome of Wednesday’s meeting between Atiku and Aisha were not publicly disclosed, the encounter has drawn attention as political actors and groups continue to position themselves ahead of the 2027 elections.

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2027: VP Shettima Urges Politicians To Play Politics without Bitterness

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  • As Gov AbdulRazaq Is Turbaned As Sadauna Of Ilorin Emirate

Stephen Olufemi Oni, Ilorin

Vice President Kashim Shettima has stressed the need for politicians to embrace one another, play politics without bitterness and according to the rules in order to ensure an astronomical growth and development for the country.

Shettima made the appeal on Wednesday in Ilorin, the Kwara State capital, at the turbaning of Governor AbdulRahman AbdulRazaq as the Sardauna of Ilorin Emirate by the Emir of Ilorin, Alhaji Ibrahim Sulu-Gambari, while admonishing
Nigerians to serve with humility, do good to one another and have forgiving spirit, as they, according to him, would spend more time after office.

He added: “Power is given by God to the people He so wishes and not because we are better than others. I, therefore, call on all politicians to unite themselves as one family despite their political differences.

“Take a cue from President Bola Ahmed Tinubu that I serve as his assistant. He is a good and decent man who has the love and interest of Nigerians at heart.”

Shettima explained that when they assumed office in 2023, the economy of the country was at the brink of collapse, but President Tinubu refused to pass blame; with courage he accepted both the assets and liabilities and moved on.

He further disclosed that during the 2023 electioneering campaign, only six out of the 19 northern governors supported Tinubu’s presidential aspiration, based on the erroneous belief that Baba (Buhari) didn’t like him, adding: “But today the President has embraced everybody as his own and things are going on well”.

He added: “President Bola Ahmed Tinubu is a good man by all standard; he believes in the people that work with him.”

Shettima also thanked the Emir of Ilorin for the honour done to Governor AbdulRazaq, which , he noted, was based on his contributions to the development of the Ilorin Emirate and the State at large, adding that “the father of the Governor had planted a solid footprint in the Ilorin Emirate and by extension Nigeria as a whole”.

Shettima, who expressed optimism that this new chapter would create a stronger bond between the Emirate and the family of Governor AbdulRazaq, urged the people to continue to pray for the progress and development of the Emirate and the State as a whole.

He commended Governor AbdulRazaq for his efforts in the massive improvement on infrastructure to assist the people of the State, as well as for his
contributions to the actualisation of policies and programmes of government at the federal level towards providing succour to average Nigerians.

In his remarks, the Matawaliof Ilorin Emirate, Dr.Alimi AbdulRazaq, said the title of Sardauna bestowed on the Governor was well deserved, thanking the Emir of Ilorin for finding the Governor worthy of the noble recognition by the Emirate.

Dr,Alimi urged the Governor to see the tittle as a clarion call to provide more dividends of democracy to the nooks and crannies of the State.

The turbaning ceremony witnessed large turnout of dignitaries, including the Governor of Niger state, Umar Bago, Governor of Kaduna state, Senator Uba Sani, Governor of Imo State ,Hope Uzodinma, and Governors of Kebbi ,Katsina States.

Others are the Emir of Zazzau Emirate, Ambassador Ahmed Nuhu Bamali, the Deputy Governors of Sokoto, Anambra, Nasarawa, Delta, Ondo, and Oyo States.

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