China, 2024 – Dainik Savera Times

Elias Zabour is the Chief Economic Advisor of the New Development Bank. Recently he wrote an article titled “China, 2024”. In the article he said that the current state of the Chinese economy that we read about in Western media and academic journals is not the real state of the Chinese economy. The article said that for those who live in the northern countries, China is experiencing a huge crisis.

In fact, we see that China has achieved an economic growth rate of 5.2%. Over the same period the US grew by 2.5%, Japan rose by 1.9%, France rose by 0.9% and the UK and Germany rose by -0.1%. In terms of labor productivity, China’s growth rate in 2023 was 4.8%, while the US was -0.7% and Germany -0.3%.

In general, this means that China has sufficient technological autonomy in many high-growth departments, and China also continues to move forward on the road of pursuing the world’s major economies. The article said that the most interesting thing is that we have seen that China’s economic performance has been above the 2035 target level since 2020.

In other words, it means China may reach the growth level hoped for by national leaders earlier than expected. We want to ask how China not only successfully maintained its level of development, but also became a source of prosperity and development for other parts of the world, especially countries of the Global South? In September 2013, Chinese President Xi Jinping launched the common route then called the “Silk Road Economic Belt”, that is, the “Belt and Road Initiative”.

So far, 154 countries have officially joined the initiative, which has led to investments worth nearly $10 trillion across almost all continents of the world.
In other words, the actual situation does not suggest that the Chinese economy has entered a “Chel Nobel moment,” the article said. People have exaggerated the problems of the real estate industry. In the third quarter of 2023, the industrial sector’s probability of receiving credit increased by 34.2%,

Whereas the growth rate of real estate industry was only 4.8%. Behind these data, we can see that in the face of US trade and technological bullying, China is focusing on building comprehensive technological sovereignty. The article said that although this transformation is difficult due to the huge operational scale, it has also accelerated the creation of “high-quality” development momentum. all new economic

The pace of development will become the foundation of the “new quality productive forces” proposed by President Xi Jinping. All social activities are based on economic development of new technologies. At the end of the article, Elias Zabour said that I believe the Chinese economy can maintain a growth momentum that is conducive to the development of the country and even the world. In 2024, we will also see that the development driving force based on “new quality productive forces” will be consolidated and strengthened.

(Courtesy-China Media Group, Beijing)