A view of Guangzhou, South China's Guangdong Province Photo: VCG

China will continue to be the ballast and engine of global economic growth, and the country will promote high-level opening up and high-quality development, share with other countries the new opportunities brought about by Chinese modernization, and make a greater contribution to the recovery of the world economy and global development and prosperity, Wang Wenbin, spokesperson from China's Foreign Ministry, told the press conference on Wednesday.

Wang made the remarks after the IMF raised on Monday its projections on China's economic growth both in 2023 and 2024. According to the IMF, China's real GDP is projected to grow by 5.4 percent in 2023 and 4.6 percent in 2024, an upward revision of 0.4 percentage points in 2023 relative to its projection in the World Economic Outlook in October, due to a stronger-than-expected outturn in the third quarter this year and recent policy announcements.

In addition, Gita Gopinath, First Deputy Managing Director of the IMF, said on Tuesday that the Chinese economy is on track to meet the government's 2023 growth target, indicating a strong post-COVID economic recovery.

Wang said that, since the beginning of this year, facing a complex and severe external environment including the sluggish recovery of the world economy and high inflation, China's economy has demonstrated strong resilience, vitality and growth potential, continuously optimizing its industrial structure and shaping new growth momentum and new advantages in development.

Steve Barnett, Senior Resident Representative in China of the IMF, said that China remains the biggest engine of global economic growth in 2023, contributing one-third of global economic growth. 

Wang noted that, according to a latest survey of China Council for the Promotion of International Trade, nearly 70 percent of foreign enterprises surveyed are optimistic about the prospects of the Chinese market in the next five years. 

The enthusiasm of foreign businessmen to participate in exhibitions such as China International Import Expo, China International Fair for Trade in Services and China Import and Export Fair continues to grow, reflecting their determination to expand their business in the Chinese market, Wang said.

Global Times