China’s high-quality economic development boosts global confidence

By He Yin, People’s Daily
China’s newly released economic data presented the country’s strong economic resilience and vitality to the international society.
The world believes that China sees bright prospects for its high-quality economic development and will keep injecting strong momentum into the global recovery.
Global media outlets reported that China’s 2022 economic growth was beyond expectation and that the country has shown prospects of robust growth. It is believed that the largest force driving global growth will be China.
According to statistics released by China’s National Bureau of Statistics on Jan. 17, China’s economy increased 3 percent year on year to a record high of 121 trillion yuan (about $18 trillion) in 2022, after its successive breakthroughs of 100 trillion yuan and 110 trillion yuan in 2020 and 2021, respectively. The growth was faster than most of the major economies in the world.
The continuous rising in both the total and per capita GDP of China indicates the country’s progress in comprehensive national strength, social productivity, international influence and people’s livelihood. The country enjoys a more solid foundation, higher quality and stronger momentum of its development.
China is a country with more than 1.4 billion people, where new industrialization and urbanization are advancing continuously. It boasts a super-large market that enjoys the world’s strongest potential, which is a powerful engine driving its economic recovery.
According to statistics, China’s retail sales of consumer goods stood at around 44 trillion yuan last year. In particular, online retail sales of physical goods reached nearly 12 trillion yuan. China is the world’s second-largest consumption market and largest online retail market that enjoys obvious advantages in its super-large scale.
As China enters a new phase of COVID-19 response and implements relevant policies, its economic and social vitality will be further released.
International organizations and investment institutions are optimistic about China’s economic prospects and have lifted their forecast for the country’s economic growth in 2023.
Financial Times noted that a resurgence in China’s pent-up consumer and investment activity will support global demand.
China is not only seeing a rise in its economic volume, but also an improvement in economic quality.
Since the last year, the country has made economic stability its top priority and pursued progress while ensuring stability. Its new development philosophy enjoys strong support and its steps of high-quality development are firm and forceful.
The added value of high-tech manufacturing enterprises above the designated size increased by 7.4 percent in 2022, 3.8 percentage points higher than that of all enterprises above the designated size.
Investment in the high-tech manufacturing and high-tech service sectors went up by 22.2 percent and 12.1 percent, respectively. In particular, investment in electronic and communication equipment manufacturing surged by nearly 30 percent. New growth drivers show a leading role in economic growth.
The latest World Intellectual Property Indicators report suggests that China ranks first globally in terms of the number of valid invention patents. This proves that China enjoys huge potential for high-quality economic development and will provide new opportunities for cooperation for the world.
China seeks to improve development quality through the expansion of high-level opening up, which is valuable especially when economic globalization is facing headwinds.
The country is steadily advancing opening up with institutional guarantees in the areas of management, standards, rules and norms, and protecting property rights and intellectual property rights in accordance with the law, so as to build a market-oriented and world-class business environment governed by a sound legal framework.
According to recent statistics released by the General Administration of Customs, China’s foreign trade in goods reached 42.07 trillion yuan last year. The size, quality and efficiency of the sector all improved, making China the world’s largest trader in goods for six years in a row.
The Ministry of Commerce said on Jan.18 that the foreign direct investment into the Chinese mainland, in actual use, expanded 6.3 percent year on year to 1.23 trillion yuan in 2022.
According to a survey recently launched by China Council for the Promotion of International Trade, which involved over 160 foreign enterprises in China and foreign chambers of commerce, 99.4 percent of the respondents said they were more confident in China’s economic prospects in 2023 and 98.7 percent would maintain and expand their investment in China.
China will continue to be a promising land for global investment against uncertainties in the global market.
The Chinese economy enjoys strong resilience, potential and vitality. The fundamentals sustaining its long-term growth remain unchanged. The high-quality economic development of China will surely provide new opportunities for the rest of the world.

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