China injects strong momentum into world economy

China's economy remains the "engine" of global prosperity. Picture: File

China's economy remains the "engine" of global prosperity. Picture: File

Published Apr 4, 2024



The China Development Forum (CDF) 2024 was held in Beijing from March 24 to 25. On March 27, President Xi Jinping met with representatives of the U.S. business, strategic and academic communities attending the CDF.

The theme of the Forum, "The Continuous Development of China", not only describes China's economic development over the long term, but also reflects the attention and expectations of all sectors for the long-term, steady and high-quality development of the Chinese economy.

Participants expressed their optimism about China's economic prospects and their strong commitment to developing the Chinese market and pursuing close and long-term cooperation with China.

China's economy remains the "engine" of global prosperity as new quality productive forces bring strong vitality.

The term "new quality productive forces" proposed by President Xi Jinping has become the latest buzzword in China.

The term means advanced productivity driven by technological innovation. As an important powerhouse of world economic growth, China will not only develop itself, but also inject more and greater power into the world's economic recovery and growth by cultivating and developing new quality productive forces.

Traditional industries account for more than 80% of China's manufacturing industry, and there are broad prospects for their upgrading. As new quality productive forces develop, there will be enormous market demand for equipment renewal, consumer goods trade-in, and the transition from assessing the total amount and intensity of energy consumption to carbon emissions.

This will inject new growth momentum into the global manufacturing industry. At present, the Chinese government is further expanding opening-up with high standards, and at the same time continuing to push for technological, industrial and institutional innovation, to accelerate the development of new quality productive forces with pragmatic measures. This proves that China's economic drivers remain strong and will bring more stable prospects and long-term benefits to global investors and partners.

China’s economy remains the "ballast" of the world economy as our deepened reform brings strong resilience.

After more than 40 years of reform and opening-up, especially as we continue to deepen reform presently, China's market players continue to witness increased vitality, and China’s economic resilience continues to become stronger. In 2023, China's economy withstood external pressures and overcame internal difficulties.

Our GDP exceeded 126 trillion yuan, a year-on-year increase of 5.2%, contributing to one-third of global growth. This shows the strong resilience of the Chinese economy. This year, as economic reforms continue to deepen and macro policies continue to show results, the Chinese economy has achieved a good start and the momentum of its rebound continues to strengthen.

Li Zhigang, Chargé d' Affaires of the Chinese Embassy in South Africa

Production rises steadily, and demand continues to recover. New industries, new models and new driving forces are growing at a faster pace. President Xi Jinping pointed out that reform and opening up were pivotal for China's rapid advancement in the modern era.

China's reform will not pause, and its opening up will not stop. China is planning and implementing a series of major steps for comprehensively deepening reform, and steadily fostering a market-oriented, law-based and world-class business environment. This will create broader development space for global businesses.

China's economy remains the "propeller"for win-win cooperation as our vast market brings huge potential. 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.

There is steady growth in residents' income and consumption, and strong driving force for upgrading consumption. China's growing market size and depth lead to adequate space, great potential and promising future for high-quality development, and will provide domestic and foreign investors with enormous market opportunities and broad prospects.

Firstly, Chinese residents have ever-increasing demands for diversified and high-end products. A new type of industrialization and urbanization as well as equipment, renewal will create tremendous market demand and produce great benefits for Chinese and foreign enterprises.

Secondly, China has the most complete industrial system in the world, and can respond quickly to changes in global supply and demand with its advantages in scale and cost.

Thirdly, China is pushing for deepened reform, high-level opening up and all-round innovation, and new market demand, investment opportunities and cooperation projects are proliferating. We are ready to share opportunities in our sustained development with all countries in the world, including South Africa.

On China-Africa relations, president Ramaphosa commented that “China plays a constructive role on the African continent.

“China is a partner in Africa's development and economic growth, and all African countries, as well as China, will benefit“.

I couldn't agree more. Over the past 25 years since diplomatic relations were established between China and South Africa, the two sides have worked together to usher the relationship into a "golden age", and this relationship has become an example of China-Africa cooperation.

There is a strong foundation and huge potential for economic and trade cooperation between China and South Africa. Currently, the two countries are actively seeking to align the Belt and Road Initiative with South Africa's economic reconstruction and recovery plan. China and South Africa are expanding ways to deepen win-win cooperation in infrastructure, energy and minerals, new energy, finance, agriculture, and other fields.

China will host the new session of the Forum on China-Africa Cooperation (FOCAC) this year. This not only demonstrates our commitment to strengthening China-Africa cooperation, but also provides a platform for the two sides to envision the future.

Taking this as an opportunity, we are ready to work with African countries, including South Africa, to continue to work for pragmatic and win-win cooperation, cultivate new highlights of our cooperation, and push forward substantial progress in our cooperation in various fields. We will jointly build a high-level community with a shared future between China and South Africa, and ensure that our joint development efforts increasingly benefit the two peoples!

LI ZHIGANG is Chargé d’affaires of the Chinese Embassy in South Africa.

The Star