China’s economy is not suffering from recession – Dainik Savera Times

Although the international economic environment is still in a relatively difficult period, China still achieved a high growth level of 5.2% in 2023. At the same time, China’s development has also directly promoted the recovery of the global economy. However, some Western media have used changes in the exchange rates of the US dollar and the RMB to claim a decline in the Chinese economy. In fact, the powerful growth of China’s real economy is obvious to all. The scale of China’s manufacturing industry exceeds that of many major industrialized countries combined. After achieving the set goals of industrial upgrading, China’s economy will take another great leap forward.

Despite the impact of various negative situations, the huge growth potential of China’s economy has remained unchanged. China’s economic growth in 2023 lays a good foundation for China’s economic growth in 2024. After the impact of the epidemic ended, 80% of China’s more than 100 economic indicators returned to pre-2019 levels, and some of them significantly exceeded old levels. But what cannot be ignored is that weak global economic demand will inevitably affect China’s exports. In turn, as the world’s largest importing and exporting country, China’s slow trade growth will affect other countries as well. Therefore, China is currently trying to break this vicious circle and promote the healthy development of the global economy.

From January to October 2023, China’s exports to the EU increased by 39.3% year-on-year, to ASEAN increased by 49.7% year-on-year, to the US increased by 19.1%, to India increased by 57.1%. Data show that China is the world’s largest goods trader and a major trading partner of more than 140 countries and regions. Currently, China’s per capita GDP is approximately US$13,000. China is confident that it can overcome the “middle-income trap” through industrial and technological upgrading. On the other hand, according to the “Global Innovation Index 2023” released by the World Intellectual Property Organization (WIPO), China ranks 12th in the world, above Japan. The total number of international PCT patents in 2022 will be 278,100, of which 70,000 are submitted by Chinese companies, much higher than developed countries such as the US and Japan.

On the other hand, America’s economic growth is mainly based on changes in the US dollar exchange rate. America’s nominal GDP in 2023 will be US $ 27.37 trillion, while China’s GDP in US dollars has declined slightly to US $ 17.89 trillion. However, with China’s GDP set to reach 126 trillion yuan in 2023, if “inflation and currency exchange rate” factors are removed, China’s real GDP growth is much higher than that of the US. Calculated at constant prices, China’s real GDP has grown to 79% of that of the US in 2023, and the gap in economic size between the two is actually shrinking, not expanding.

(Courtesy- China Media Group, Beijing)