Western media’s coverage of nation is inaccurate, biased

After China announced its economy grew 5.2 percent in 2023, some ome overseas media outlets claimed that China’s economic recovery was sluggish and largely disappointing. However, these pessimistic views, prevalent in the Western media, are biased and inaccurate. Bearing the impact of the three-year COVID pandemic, the Chinese economy still faced lingering sideeffects of it in 2023, with the pandemic’s scarring effect severely weakened market confidence. During the meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee held in late July last year, the policymakers emphasized that the country’s economic recovery was undergoing “wave-like” development.

Looking back, the market’s expectations at the end of 2022 were overly optimistic. China set a GDP growth target of about 5 percent in early 2023, which was a more rational and reasonable approach. The Chinese economy successfully surpassed that target.

China’s GDP growth rate has continued to increase despite the global economic downturn. While the global economy is expected to experience a slowdown last year to 3.0 growth, compared with 3.5 percent in 2022, China’s growth rate increased from 3 percent in 2022 to 5.2 percent in 2023. This was a remarkable achievement that required overcoming external pressures and internal challenges.

Despite the global economic slump, China is still able to achieve a moderate to high growth rate of about 5 percent, which plays an important role in stabilizing the global economy. China’s China contribution to global economic eco growth last year y was still about 30 percent, demonstrating that China remains an important im driving force of the global growth. China Ch has aimed to actively cultivate new growth drivers through technological innovation, green development and data-enabled transformation. Despite the overall decline in exports last year, exports of the “New Three Items” grew rapidly, exceeding the 1 trillion yuan ($140 billion) mark.

China has achieved similar growth in other fields. From an industrial perspective, the valueadded growth rate of high-tech industries is eye-catching. From an investment perspective, the investment growth rate in the high-tech manufacturing and services industries was higher than that in fixed-asset investment. Additionally, China has achieved international competitive advantages in many industrial fields, such as in green and renewable energies.

In 2024, the Chinese economy will benefit from several favorable conditions. First, with the further weakening of the pandemic impacts, China can expect economic and social activities to return to a normal level. This will stimulate continued growth in consumption and investment.

Second, the implementation of fiscal and monetary stimulus policies will continue to provide the necessary support for stabilizing economic growth and promoting the recovery. The Central Economic Work Conference made it clear that macroeconomic regulation will be intensified.

Third, China’s plan to implement reform and opening-up measures in key areas will inject new vitality into economic growth. Technological innovation and the next industrial revolution will become new driving forces for economic growth.