Xinhua News Agency, Beijing, December 14 (Reporter Fu Yunwei Deng Qian) Since the beginning of this year, the world economic recovery has been weak, geopolitical crises have continued, global inflation has been high, and international conditions have deteriorated. China has withstood external pressure, overcome internal difficulties, prevented and defused risks, and rebounded economically, effectively disproving the fallacies of the United States and the West that China's economy is "stalling" and "dragging down the world".
In the face of complex and arduous challenges, China's economy has shown strong resilience. According to the data, China's gross domestic product (GDP) increased by 5% year-on-year in the first three quarters of this year2%, which is a bright performance among the world's major economies.
Since the second quarter, the United Nations and others have taken the lead in raising China's economic growth forecast for this year. On the back of a positive trend of faster-than-expected economic growth in the third quarter, more institutions, including the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development, the Asian Development Bank, JPMorgan Chase, Citigroup and UBS, have raised their forecasts for China's economic growth this year, all of which have been raised to more than 5%.
On November 28, 2023, the X8155 China-Europe train was waiting to depart at Xi'an International Port Station. Photo by Xinhua News Agency reporter Zou Jingyi.
Pierre Gramenia, president of the European Stability Mechanism (ESM), told Xinhua News Agency a few days ago that he is optimistic about China's economic development prospects, and that it is "encouraging" for China's economy to maintain its current growth rate in terms of current economic size.
Complemented by a high-level opening-up policy, China's economic impact on global economic growth cannot be ignored.
International Monetary Organization (IMO) Managing Director Georgieva noted that China's contribution to global economic growth is expected to reach about one-third this year. A 1 percentage point increase in China's economic growth will increase the growth rate of China-linked economies by 0.3 percentage points.
With the growth of China**, the economies of South Korea, Japan and other countries, including the United States, have gained huge benefits. Jim Rogers, a world-renowned investor, said.
Workers work on an assembly line at the Lotus Global Smart Factory in the Wuhan Economic and Technological Development Zone (photo taken on January 11, 2023). Photo by Xinhua News Agency reporter Xiao Yijiu.
UNCTAD Secretary-General Alan Greenspan said that China's economic growth is based on advantages in industrial production, infrastructure and logistics, as well as technology, which means that China plays an important role in the global ** and value chain.
In recent years, China's new economic momentum has accelerated its growth and expansion, achieved qualitative and effective improvement, and continuously consolidated its pivotal position in the global leading chain, which has made the fallacies of "de-risking" and "decoupling and breaking the chain" of the United States and the West self-defeating.
From January to October, 41,947 foreign-invested enterprises were newly established in China, a year-on-year increase of 321%。Over the past five years, China's foreign direct investment (FDI) has yielded 9.0 percent1%, much higher than about 3% in Europe and the United States, and higher than major emerging economies. A number of foreign industry groups, including the American Chamber of Commerce in China, say that for many foreign companies, the Chinese market is not an "option" but a "must-have".
With the solid advancement of high-end, intelligent and green manufacturing, China's economy has burst out with surging vitality under the empowerment of new quality productivity. In October, the added value of China's semiconductor device special equipment manufacturing industry increased by 33 percent year-on-year9%；The output of new energy vehicles increased by 27% year-on-year9%, and the output of photovoltaic cells increased by 62 percent year-on-year8%。
The all-new BMW i3 was photographed at the opening ceremony of the Lida plant in Tiexi, Shenyang, June 23, 2022. Photo by Xinhua News Agency reporter Yang Qing.
Herga Zepp LaRouche, founder and chairman of the Schiller Institute, a German think tank, said that cooperation in scientific and technological research and development with other countries is an effective way to increase economic productivity, "and China should obviously be Germany's partner in this regard." Biological sciences, digital technology, artificial intelligence, etc. are all areas where the two countries can deepen cooperation.
Through economic, trade and scientific and technological cooperation, China shares new scientific and technological achievements and new business models with other countries, and continuously injects new development momentum into the global economy.
Gu Qingyang, an associate professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore, said that China has rich application scenarios in scientific and technological innovation, and some more advanced technologies from developed countries can be applied to China's industrial scenarios, which not only allows developed countries to better transform their technologies, but also promotes China's industrial development. "Some people's assumptions of 'decoupling' are completely contrary to the reality of the high degree of integration of Chinese and foreign industries. ”
Recently, certain institutions and politicians in the United States and the West have tried their best to hype up some of the risks and challenges facing China's economy and mislead with false narratives. China has strengthened counter-cyclical and cross-cyclical macroeconomic policy adjustments, continued to effectively prevent and defuse risks in key areas, and proved lies with facts to win more recognition from the outside world.
Australian economist Guo Shengxiang said that high deficits, high debt and high inflation are global challenges. China's debt balance to GDP ratio is significantly lower than the international warning line of 60%, the fiscal foundation is solid, and prices remain stable, "which is commendable".
Overlooking both sides of the Huangpu River from the North Bund in Hongkou District, Shanghai (taken on January 10, 2023, drone panorama**) Photo by Xinhua News Agency reporter Fang Zhe.
A recent article in the Spanish newspaper "Revolt" pointed out that the comparative data of global debt and the financial balance of various countries, as well as the huge accumulation of financial assets owned by China, should be objectively analyzed. "The news of China's economic chaos based on unfounded estimates is undoubtedly ideologically and propagandistically biased. ”
Brazilian economist Marcos Pires said that for more than a decade there have been "professional institutions" or "experts" in the West ** China will have a catastrophic crisis, "but these ** always fall short". The reason, he believes, is that these people ignore the strong resilience of China's economy and the risk prevention and handling mechanism.
China is not a 'source of risk' but a 'source of opportunity,'" Guo Shengxiang said, "China's resource endowment, development potential and ability to regulate and adapt have given China's economy the strength to stabilize and advance." (Participating reporters: Bian Zhuodan, Li, Cai Shuya).