Choosing China for business means choosing opportunities – Dainik Savera Times

Chinese officials released national economic data for 2023 on January 17. According to preliminary calculations, China’s GDP last year was 1260.58 trillion yuan, an increase of 5.2% over the previous year at constant prices, and the growth rate was 2.2 percentage points faster. Per capita GDP is expected to grow by 5.4% year-on-year in 2022. Employment conditions generally improved and the urban survey unemployment rate declined by 0.4 percent from the previous year. Fixed asset investment increased by 3.0% year-on-year. Most physical indicators such as output, investment, imports and exports of major industrial products are well above 2019 levels… A series of data show that China’s economy is strengthening its recovery trend.

Over the past year, the world economy has been sluggish, the international landscape has developed complexly, and geopolitical conflicts have continued to occur. The International Monetary Fund (IMF) estimates global economic growth in 2023 at 3.0%, and the European Commission has lowered its forecast for eurozone growth in 2023 to 0.6%. In contrast, China’s economic growth rate has been ahead of the world’s major economies. China’s economic growth is equivalent to the annual economic output of a medium-sized country.

Let’s look at consumption – Influenced by inflation and monetary policies in developed countries, the cost of living and borrowing has increased in many countries, affecting consumption. China’s total retail sales of consumer goods reached a new record last year. During this year’s holidays, the consumption of snow and ice sports and catering was very popular, and some platforms showed that outbound travel orders increased by nearly 4 times. As the world’s most promising market, China’s rapid release of consumption vitality is a boon for the world economic recovery.

Look at imports and exports – Currently, global demand is sluggish and trade protectionism is on the rise in some countries. The report of the United Nations Conference on Trade and Development estimates that global trade in goods will decline by 7.5% in 2023. China’s merchandise imports and exports have been generally stable, and are expected to remain the world’s largest country in merchandise trade for 7 consecutive years, maintaining the stability of the world’s industrial and supply chains.

More importantly, China is no longer just the “world’s factory” but also the hub of global innovation. In 2023, whether investment in high-tech industries has grown faster than all real estate investment combined, or the installed capacity of renewable energy power generation has historically exceeded that of thermal power. All this shows that China’s high-quality development is making solid progress.

Take robots for example – in the center of Dubai, UAE, robots can be seen from time to time traveling the streets helping people deliver packages. Most of these service robots are produced in China. This is a microcosm of China’s innovation capabilities. A report released by the World Intellectual Property Organization in 2023 showed that China’s ranking in the Global Innovation Index rose to 12th. China has become the first country in the world to have more than 4 million valid domestic invention patents by the end of 2023. China is accelerating global technological progress and industrial upgrading, bringing new momentum to the world economy.

These days the annual meeting of the World Economic Forum 2024 is taking place. Faced with the threat of fragmentation in the world, the annual meeting called for “rebuilding trust”. Borge Brende, president of the World Economic Forum, said that as the world’s second-largest economy, China can contribute to rebuilding trust between countries. Where does this “trust” come from in China? This comes from the long-term stability and continuity of China’s policies, China’s continued expansion of its openness to the outside world, and China’s comprehensive promotion of Chinese-style modernization and sharing of new opportunities with the world.

What will China’s economy be like in 2024? The current external environment is complex, severe and uncertain, and China’s economic development still faces some difficulties and challenges. But in general, China has a solid industrial base, is accelerating the cultivation of new productive forces, and the basic trend of long-term economic recovery has not changed. The International Monetary Fund, Organization for Economic Co-operation and Development, etc. have recently raised their forecasts for China’s economic growth in 2024.

(Courtesy-China Media Group, Beijing)