China’s economy demonstrates ‘resilience’ amid global challenges

Beijing, China – Zhang Liqun, a research fellow at the Development Research Centre of the State Council (DRC), has dismissed the notion that China's economy has reached its zenith, despite a slowdown in economic growth.

In an interview with China Economic Net, Zhang asserted that the Chinese people's desire to improve their living standards knows no bounds, and this translates into an equally limitless market demand in China.

Zhang emphasised the solid pillars of the Chinese economy, such as its advanced material and technological infrastructure, ample resources, and large domestic market.

He contended that due to continual structural changes, China has considerable room for growth.

In 2023, China's GDP surpassed 126tn yuan, doubling from 56.8tn yuan in 2013. Per capita disposable income also more than doubled during this period, reaching 39,218 yuan. China's growth rate of 5.2% outpaced major economies such as the United States, the eurozone, and Japan, solidifying its position as a key driver of the global economy.

Zhang attributed the slowdown in China's growth rate to a contraction in demand, both externally due to the struggling world economy and internally due to unbalanced development.

However, he expects the growing needs of China's population to stimulate robust growth in production supply capabilities and employment opportunities, leading to a high-level equilibrium where demand and supply mutually reinforce each other.

Recent data from the National Bureau of Statistics of China supports Zhang's optimism, showing stable growth in the national economy during the first two months of the year across various sectors, including industrial production, retail sales, fixed asset investment, and international trade.

Zhang stressed that high-quality development in China does not equate to low growth and that a balanced enhancement in both quality and quantity is crucial for understanding China's pursuit of high-quality development.