China's high-quality development contributes to global economic recovery

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11 Mar, 2023, 17:21 GMT

BEIJING, March 11, 2023 /PRNewswire/ -- A report from People's Daily: High-quality development is the first and foremost task in building a modern socialist country in all respects, said Chinese President Xi Jinping while attending a deliberation with his fellow deputies from the delegation of east China's Jiangsu province at the first session of the 14th NPC on March 5.

China aims to expand its economy by around 5 percent in 2023, according to a government work report submitted to the national legislature for deliberation.

For China, 2023 is a year of the economic comeback. China's economy is staging a steady recovery and demonstrating vast potential and momentum for further expansion. The growth target of around 5 percent, as well as other key objectives for development, is a positive signal that will boost confidence, guide expectations, expand employment and improve living standards.

The international community generally believes that the growth target is scientifically reasonable and has demonstrated to the world its firm resolve to promote high-quality economic development.

During the past five years, China's gross domestic product (GDP) has grown to over 121 trillion yuan ($17.95 trillion) at an average annual rate of 5.2 percent in spite of multiple challenges.

Over the past decade, the country achieved a medium-high rate of economic growth given its large economic aggregate and transitioned to high-quality development. During the period, the country's GDP has increased by nearly 70 trillion yuan, with an average annual growth rate of 6.2 percent.

Such remarkable achievements have fully proven that the fundamentals remain unchanged, and the Chinese economy still enjoys strong resilience, enormous potential, great vitality and long-term sustainability.

International organizations and investment institutions have lifted their growth forecasts on China's economic growth this year as a result of their growing confidence in its economy.

"If you are looking for growth, the answer is very simple. The next China is China," said Joe Ngai, managing partner of McKinsey Greater China. The positive judgment on China's economic outlook has sparked widespread resonance in the international community.

China accounts for more than 18 percent of the world economy and contributes around 30 percent to global economic growth. It ranks first globally in terms of trade in goods and services, and has become a major trading partner of more than 140 countries and regions.

The country has the world's most complete and largest industrial system with strong industrial supporting capacity. It also enjoys great technological innovation capacity and industrial production capacity.

China is in the process of industrialization and urbanization. Its middle-income group is expected to exceed 800 million in the next 15 years, further driving the development of an enormous market.

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