China’s economic outlook bright, envoy says

China’s Deputy Consul General in New York Qian Jin has responded to commentary about China’s economy, saying the overall positive trend remains unchanged.

US media talk of an economic slowdown in China is “far from the truth”, he said on Friday.

As the world’s second-largest economy, “China has established a solid foundation for long-term development”, Qian said.

Amid global economic uncertainties, the Chinese economy “made stable and sound progress” last year, with total economic output exceeding 126 trillion yuan ($17.5 trillion), 5.2 percent more than in 2022, he said.

A report of the International Financial Forum said that last year China accounted for 32 percent of global economic growth and is the world economy’s largest engine, he said.

“The fundamentals sustaining China’s steady growth in the long run have not changed, and the world has shown confidence in China’s economy this year.”

An International Monetary Fund representative in China has forecast that the Chinese economy will grow soundly this year and continue to account for one-third of global economic growth, he said. The Economist Intelligence Unit in London has said the fundamentals of China’s economy this year will be further cemented.

“The recent Lunar New Year festivities showcased China’s economic vitality, boosting market confidence for the year ahead,” Qian said.

The Spring Festival holiday from Feb 10 to 17 produced a travel boon, with domestic tourists spending about $88 billion, 7.7 percent higher than in 2019, the Chinese Ministry of Culture and Tourism said.

In terms of foreign trade, imports and exports by Chinese private companies rose 3.1 percent, accounting for 53.5 percent of the country’s total, Qian said.

The value of China’s exports of new energy vehicles, photovoltaic products and lithium-ion batteries surpassed 1 trillion yuan ($140 billion) for the first time last year, the Chinese Ministry of Commerce said.

“This indicates a continuous improvement in the structure of our export commodities,” Qian said.

Last year the number of foreign trade entities with import and export records exceeded 600,000 for the first time, indicating that “foreign trade business entities are also growing and optimizing”, he said.

The mutual interests of China and the United States have increased rather than decreased, he said.

He called for objective assessment of Chinese companies’ investment activities, avoidance of political interference and transparent security reviews to bolster confidence and create opportunities for Chinese companies investing in the US.