BEIJING – Recently, China released data on its economic performance for 2023, and experts from a number of foreign financial institutions gave positive comments on China's future economic development.
JPMorgan Chase & Co. (J. Morgan).p.Zhu Haibin, chief China economist at MORGAN, said headline economic data had been better than expected for most months since August last year.
We have seen policies become more aggressive and targeted in terms of stabilizing growth," Zhu said.
China's gross domestic product (GDP) grew 5 percent year-on-year last year, the National Bureau of Statistics said2% to 12606 trillion yuan (1774 trillion US dollars).
This growth rate is higher than the annual target of around 5% and also exceeds the 3% growth rate in 2022.
UBS analyst Wang Tao said that in the fourth quarter of 2023, key indicators such as retail sales, exports and industrial output all increased year-on-year, while GDP was slightly higher than expected.
Xiong Yi, Chief China Economist at Deutsche Bank, said: "The competitiveness of China's manufacturing industry in the global market continues to increase, and the total export value of the new technology-intensive green triad has exceeded the 1 trillion yuan mark for the first time, providing a new impetus for economic growth. ”
In 2023, China's total exports of the three major new technology-intensive green products, namely solar cells, lithium-ion batteries, and electric vehicles, surged by 299%, up to 106 trillion yuan.
Looking ahead to this year, economists said that favorable conditions to support the high-quality development of China's economy continue to accumulate, and the good momentum of economic recovery will continue to consolidate.
Consumption will continue to be the main driver of economic growth in 2024, Zhu said, adding that the household savings rate is expected to fall to pre-pandemic levels, which will add 1 percentage point to real consumption growth.
Jason Liu, head of the chief investment office for Asia Pacific at Deutsche Bank Private Bank, believes that employment has recovered in key sectors, especially those related to high technology, which is expected to drive consumer confidence back in 2024.
China's progress in technological innovation and industrial upgrading is leading to a surge in jobs in emerging areas such as smart manufacturing, artificial intelligence and big data, underscoring the country's rapidly growing demand for skilled high-tech professionals.