During the Chinese New Year, China's consumer market showed strong vitality, especially in the fields of cultural tourism and catering. This consumption boom has injected new impetus into economic growth and triggered widespread expectations for its effect on economic growth. In fact, positive expectations for China's economy did not begin to emerge after the Chinese New Year. As early as before the Chinese New Year, the International Monetary Fund (IMF) was in its "World".
The IMF's report notes that further reforms in China's real estate sector and larger-than-expected fiscal support could boost consumer confidence and expand private demand, resulting in positive cross-border spillovers to economic growth. At the same time, the remarks of US Affairs Assistant Jake Sullivan reflect that despite the different understandings of China's economy, the actual economic data - May 2023GDP growth rate of 2%, 64% growth rate of national fiscal revenue, and 0The 6% export growth rate is a demonstration to the world of the strength and resilience of China's economy.
In the face of challenges such as weak real estate, low consumer confidence, and insufficient investment by private enterprises, China has introduced a series of policy measures. Through the continuous strengthening of fiscal expenditure and large-scale investment in new infrastructure construction, China is committed to promoting the construction of new infrastructure, including information, integration and innovation, which plays an important role in improving the global competitiveness of enterprises and promoting high-quality development.
In addition, in the face of the U.S. crackdown on China's high-tech efforts, China's acceleration of high-level scientific and technological self-reliance and self-reliance has become the only way to promote high-quality development. Fiscal arrangements and technology-related expenditures increased by 79%, reflecting the great importance attached to scientific and technological innovation. In"Troika"Driven by investment, consumption, and exports, China's economic growth potential has been unleashed. Especially in the recovery of exports to the United States, emerging markets and"The Belt and Road Initiative"In the context of the steady growth of exports of relevant countries, China's photovoltaics, new energy vehicles, batteries and other high-tech content and high value-added products show strong international competitiveness.
With the approach of the two sessions, all walks of life have become enthusiastic about China's economic growth rate. The GDP growth targets announced by provinces and cities give us clues about the estimated national GDP growth rate in 2024. Most of the targets for coastal economic hubs and the Yangtze River Delta and Pearl River Delta regions are around 5% or above, showing confidence in China's economic recovery. Based on the weighted average of the economic volume of each province and city, a reasonable estimate of the national GDP growth rate for the whole year of 2024 can be made, indicating that China's economy will continue to show strong growth potential in the new year.
Against this economic backdrop, we can't help but wonder how this resilience and growth potential of the Chinese economy will affect the global economic landscape. Today, when the global economy is facing many uncertainties, what new enlightenment and opportunities will China's economic performance bring to the world? Kunpeng Project