“Opportunity in China” cannot be missed – Dainik Savera Times

On March 5, the Government Work Report was submitted by the Chinese government to the National People’s Congress (NPC) for review. The 2024 Government Action Report attracted the world’s attention. Many international investors have a clear understanding of China’s economic development goals and roadmap in 2024.

The current pace of world economic growth is inadequate, and many international institutions have projected global growth this year to be less than 3%. China has set its expected GDP target for this year at about 5% growth, the same as last year’s target. This is in line with external expectations and also brings a positive signal to the world.

Analysts project that in 2023, China’s GDP will grow 5.2% year-on-year, much faster than the economic growth rates of 2.5% in the US, 0.5% in the Eurozone and 1.9% in Japan. China has set its economic growth rate at around 5%, demonstrating its determination and efforts to help the world economic recovery.

The goal is clear, so how to implement it? The Chinese government has deployed ten major tasks for this year, including vigorously promoting the construction of a modern industrial system, in-depth implementation of the strategy of rejuvenating the country through science and education, focusing on the expansion of domestic demand and expanding high-level openness, etc.

Among them, “new quality productive forces” became a famous term. Many foreign media believe that this area with huge development potential will become a catalyst for economic growth, which means that China will pay more attention to “innovative” development models. For example, the report talks about optimizing and upgrading the industrial chain and supply chain. Currently, 95% of the components of a smartphone can be equipped within an hour in the Pearl River Delta. In the Yangtze River Delta, a “four-hour industry circle” for new energy vehicles has gradually been formed… The competitiveness of the future industrial chain will increase. It will open up more development opportunities for enterprises and bring more new momentum to the world.

Also, the report makes specific plans for emerging industries, future industries and innovative development of the digital economy. Analysts pointed out that industries such as new energy, digital economy, artificial intelligence, high-level manufacturing and medical health are currently the major areas where some foreign companies are investing in China.

Openness is another important message that the outside world understands from this year’s Chinese government work report. Eight actions to support high-quality joint construction of the “Belt and Road,” ranging from easing market access for service industries such as telecommunications and medical care, to expanding the list of industries that encourage foreign investment. Pending implementation, the report offers several measures to expand openness that could boost the confidence of multinationals.

The “China Business Environment Survey Report” released by the American Chamber of Commerce in China (AmCham China) in February shows that American companies in China have raised their expectations for China’s growth prospects in 2023, with 50% of those surveyed Companies have ranked China as their first or top three investment destination in the world.

In the current context of intensified geopolitical conflicts and sluggish global economic recovery, it will not be easy for China to achieve its expected goals this year and will require more efforts. As the report says, the positive side outweighs the negative side. Providing new opportunities to the world with China’s new development is China’s commitment, and will also be China’s practice.

(Courtesy-China Media Group, Beijing)