In recent years, some politicians in certain Western countries have continued to try and cast a shadow over China's economy, forging and spreading various negative opinions, which actually stem from their deep-rooted zero-sum game mentality.

China's economic development cannot be changed by their bias. Comprehensive analysis shows that China's economy has strong resilience and self-adjustment capabilities, and still has huge development potential.

In 2023, against the background of the global trade volume shrinking by approximately $1.5 trillion, China's import and export scale increased steadily, and the quality of the country's development has also improved, especially its exports of electric vehicles, lithium batteries and photovoltaic products. In the first two months of this year, China's exports increased by 10.3 percent year-on-year, once again exceeding market expectations.

The advantages and potential of China's economy are not only reflected in foreign economic and trade cooperation, but also in the continuous transformation and upgrading of its economic structure. Relying on its abundant human resources, huge market scale and high-intensity R&D investment, China's economic growth continues to gather momentum.

At present, there is still considerable room to improve and upgrade China's traditional industries. The country is accelerating the development of its health, tourism and cultural industries, etc. As investment in technological innovation continues to increase, various high value-added products and globally competitive companies continue to emerge.

In an era when game-changing technologies are appearing and advancing at an exponential rate, China's science and technology have gained sufficient momentum and huge potential for further development. This includes not only cutting-edge technology formats with promising prospects, but also the smart transformation of industries such as shipbuilding and aviation manufacturing that continue to consolidate China's dominant position in manufacturing.

The "decoupling and de-risking" attempts of some countries targeting China cannot check its development and progress. At present, it is precisely because these countries have blatantly abandoned multilateralism, constantly created geopolitical tensions and impacted the global economic governance system that the risks facing the world economy have increased.

China firmly opposes unilateralism and protectionism. The development of new quality productive forces in China will create more development opportunities for itself and other countries. The development of China's green industry is proof of that. In the process of promoting green development, China's new energy industry has developed rapidly, not only providing low-cost and more mature new energy products for global green development, but also helping many countries create jobs, promoting common development and prosperity through practical actions.

In the face of the sustained external pressure, China has demonstrated a more independent and powerful development trend as it has had to overcome various difficulties and challenges. In doing so, it continues to bring more opportunities and hopes to international cooperation.

- PEOPLE'S DAILY

https://www.chinadaily.com.cn/a/202404/03/WS660c9952a31082fc043c01f1.html

 

READ FROM TOP.

 

 

it's time for being earnest.....

 

 

China tells US to commit to market economy

 

Beijing has urged Washington not to politicize bilateral trade and to abide by “basic norms” of market economy 

Chinese Premier Li Qiang hosted US Treasury Secretary Janet Yellen in Beijing on Sunday. Following the talks, both top officials said relations between the two nations were “stabilizing,” but a number of issues remained unresolved.

Yellen’s visit is the first high-profile meeting between the US and China since US President Joe Biden hosted his Chinese counterpart in California last November. While both sides have now expressed reserved optimism about improving ties, no specific breakthrough appears to have been reached during Yellen’s visit.

“While we have more to do, I believe that, over the past year, we have put our bilateral relationship on more stable footing,” she stated during discussions. Topping the secretary’s agenda were Chinese trade practices that allegedly put American workers and companies at an unfair disadvantage.

Beijing apparently views American trade practices as unfair as well, given that Li urged the US to stick to “basic norms” of market economy.

“It is hoped that the United States will abide by the basic norms of market economy including fair competition and open cooperation, refrain from turning economic and trade issues into political or security issues, and view the issue of production capacity objectively and dialectically from a market-oriented and global perspective,” the premier told Yellen during the meeting, as quoted by the Chinese Foreign Ministry.

At the same time, the top official said the bilateral relationship “is beginning to stabilize under the strategic guidance of the two heads of state,” with Beijing hoping the two countries would ultimately become “partners rather than adversaries, with mutual respect, peaceful coexistence and win-win cooperation.”

The American effort to mend ties with China under the Biden administration has traveled a rather rocky road, with relations between the two powers still strained in multiple areas ranging from trade to tensions over Taiwan and the South China Sea, as well as differing stances on the conflict between Ukraine and Russia. Moscow has been actively building its ties with Beijing, becoming its largest oil supplier.

US-China negotiations were put on ice in late 2022 following a visit by then US House Speaker Nancy Pelosi to Taiwan. The infamous flight of an alleged Chinese spy balloon across the US in early 2023 temporarily further dented the rapprochement process.

https://www.rt.com/news/595561-china-us-market-economy/

 

READ FROM TOP.

  

it's time for being earnest.....

 

The Chinese economy is expected to grow by 5.3% this year as the property sector recovers and external demand improves, the ASEAN+3 Macroeconomic Research Office (AMRO) said on Monday.

In its latest report, the Singapore-based group noted that stabilization in China’s property sector along with ongoing policy support will boost real estate investment and drive growth in the ASEAN+3 region, which consists of Southeast Asian nations plus Japan, China, and South Korea.

AMRO’s projection is higher than China’s official growth target of about 5% and Bloomberg’s forecast, which expects the country’s economy to grow 4.6% this year. 

“China will continue to be a powerhouse in the region and the main driver of growth,” AMRO chief economist Hoe Ee Khor told Bloomberg. Weakness in the real estate sector “will take a bit of time to overcome, but it will happen and we expect the drag on growth will bottom out maybe this year.”

The Chinese property sector crisis was sparked by the financial distress of major real estate developers, including property giants China Evergrande Group and Country Garden, which have defaulted on their debt.

READ MORE: Debt-ridden Chinese developer Evergrande liquidated 

AMRO also revised upwards its overall growth outlook for ASEAN nations, predicting an expansion of 4.5% this year from 4.3% last year. According to the report, domestic demand is likely to remain resilient, underpinned by recovering investment and firm consumer spending.

Within ASEAN specifically, its six major economies will continue to anchor growth. Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam are expected to contribute an average of 10% to global growth between 2024 and 2030, experts said.

The organization also forecast the semiconductor industry to rebound from a multiyear slump driven by a “brisk” recovery in chips demand from China. Global semiconductor sales are expected to rise by 9.5% a year on average in 2025–2026, the group said.

https://www.rt.com/business/595569-china-growth-forecast-raised/

 

READ FROM TOP.

  

it's time for being earnest.....