BEIJING: A report released by the United Nations in May raised this year’s economic growth projections for China to 5.3 percent from 4.8 percent predicted at the beginning of the year.
According to the World Bank, China’s economy is expected to grow by 5.6 percent in 2023, an increase of 1.3 percent from the January projection. China’s economy has continued to rebound and improve since the beginning of this year.
“China has been the power source of the steady growth of the world economy in the past decade,” Chinese Premier Li Qiang said at the opening ceremony of the Summer Davos Forum in north China’s Tianjin Municipality on Tuesday.
Highlighting that China’s economy is deeply integrated with the world economy, Li said China develops itself in globalization and becomes the firmest force of maintaining globalization. The better-than-expected performance of China’s economic data has strongly boosted the confidence of the international market.
In the first five months of this year, China’s total import and export value was 16.77 trillion yuan (around $2.32 trillion), a year-on-year increase of 4.7 percent. Among them, exports were 9.62 trillion yuan, an increase of 8.1 percent and imports were 7.15 trillion yuan, an increase of 0.5 percent, according to the General Administration of Customs.
With the connectivity of regional economic exchanges, China’s imports and exports to other members of the Regional Comprehensive Economic Partnership (RCEP) agreement grew steadily in the first five months of 2023, reaching 5.11 trillion yuan, a year-on-year increase of 4.5 percent.
“The Chinese economy still has huge potential,” World Economic Forum President Borge Brende told CGTN. China is expected to achieve this year’s economic growth target of around 5 percent, with the growth in the second quarter to surpass that in the first quarter, Li said at the forum. He highlighted that China will continue to provide strong dynamism to the world’s economic recovery and growth, and provide opportunities for mutual benefit and win-win results for world investors. Recently, executives from many multinational corporations such as Apple, Tesla and BMW visited China to negotiate cooperation and look for business opportunities, showing confidence in China. –The Daily Mail-CGTN news exchange item
