Steady high-quality development driving force for world economy

A recent International Finance Forum report shows the Chinese economy contributed 32 percent to global economic growth in 2023, making it the largest engine of the world economy. A study by the International Monetary Fund also indicates that China’s economic growth has had a positive spillover effect on the rest of the world, with every 1 percentage point of its economic growth raising the output of other economies by an average of 0.3 percentage points.

As the world’s second-largest economy, China’s long-term improving economic fundamentals add much-needed stability to the world economy. China is the only country that boasts all the industrial categories listed in the United Nations’ industrial classification, with its manufacturing value added accounting for about 30 percent of the global total, ranking first in the world for 14 consecutive years.

China’s demographic dividend is upgrading to a “talent dividend”, and its total human resources, scientific and technological human resources, and R&D personnel all rank first in the world. China’s total input in research and development and high-tech industries has maintained double-digit growth for many years, with the application of emerging technologies and the creation of new products and new formats of business accelerating. That facilitates the formation and growth of new drivers for China’s development.

The steady growth momentum of China’s economy highlights its resilience and capability for sustainable development. It can play a key role in shaping the trajectory of global economic recovery.

China’s total retail sales of consumer goods exceeded 37 trillion yuan ($5.16 trillion) in 2023, and the contribution of final consumption expenditure to the country’s economic growth reached 82.5 percent. China’s middle-income population now exceeds 400 million, and it is expected to reach 800 million in the next decade.

Against the backdrop of mounting risks in the global economy and the rise of protectionism, China’s commitment to opening its doors wider and its greater efforts to foster a market-oriented, law-based and internationalized business environment will create more space for other countries to share its new development opportunities.