Statement of Chinese Consulate General in Davao, Zhao Xiuzhen, on China’s economy

AT THE beginning of the Year of Dragon in Chinese Lunar Calender, greetings to all our Filipino friends in Mindanao from Chinese Consulate General in Davao!

For some time, there has been some commentary in the international community that speaks ill of China’s economy. What is the real trend? Allow me to give a briefing to our friends in Mindanao.

The past year of 2023 was a year when China defeated the pandemic and recovered its economy. Under the leadership of President Xi Jinping, the Chinese people have resolutely overcome internal and external difficulties and promoted the continued recovery of China’s economy.

In 2023, the Chinese economy has achieved a year-on-year GDP growth of 5.2 percent, outpacing most major economies. According to the World Bank, China’s economic growth in 2023 is 1.5 times that of the US, 16.5 times that of the EU. The International Monetary Fund has stated that China will remain the largest driver of global economic growth in the next five years, and every one percentage point increase in its gross domestic product (GDP) growth leads to 0.3 percentage point increase in growth in other economies. As the only country encompassing all industrial categories in the United Nations industrial classification, China contributes to around one-third of the world’s economic growth over the years. The scale of China’s manufacturing industry has ranked first in the world for 13 consecutive years.

In 2023, China has exported more than $150 billion of the “New Three” ( EVs, lithium-ion batteries, and photovoltaic products), and produced 25% of the world’s grain, 34% cars, over 50% steel and 60% household appliances. The added value of the manufacturing industry accounts for nearly 33% of the world’s total, and the export of goods accounts for 1/7 of the world’s total.

In the post-pandemic era, despite challenging international environment, increasing uncertainty of the world economy and insufficient growth momentum, China’s economy can still achieve its growth targets beyond expectations with per-capita disposable income continuing to rise, which is a strong demonstration of China’s resilience, vitality and potential.

In the meantime, China’s demographic dividend is turning into talent dividend, as innovation is becoming the primary driving force for development. China now ranks first in the world in terms of the size of talent pool, human resources in science and technology and the total number of researchers. A number of new pillar industries have emerged rapidly with the characteristic of high-end, intelligent and green, and China’s modern industrial system has become more complete. China has made important breakthroughs in fields such as aerospace, large aircraft manufacturing, nuclear fusion, quantum computing, life sciences, microchips, and artificial intelligence. China’s high-tech manufacturing industry has gained strong momentum and rising global influence. (Read full story on sunstar.com.ph/davao)