A view of Shanghai Photo: VCG

China is widely recognized as the biggest engine of global economic growth as a number of international institutions including the IMF and the OECD (Organization for Economic Cooperation and Development) have raised their expectations for China's GDP this year, and are optimistic about the momentum of the country's economic development next year, said Wang Wenbin, spokesperson from China's Foreign Ministry on Thursday.

Wang's remarks came after Steven Alan Barnett, a senior IMF resident representative in China, said in an interview that China will contribute about one-third of the momentum of global economic growth in 2023, and he predicted that China's economy would maintain good growth in 2024.

The Global Times recently conducted an exclusive interview with Barnett, who shared his views on key policy initiatives adopted at the Central Economic Work Conference. Barnett noted that household consumption and green transformation will be key boosters of China's growth in 2024, and the country's strong growth also provides a welcome lift to global demand.

Wang said that the research by the IMF showed that faster growth in China also has positive spillover effect on the rest of the world. For example, a 1 percentage point increase in growth in China would, on average, increase the level of output in other economies by 0.3 percent over the medium term.

"China has the world's most promising mega-market. The macroeconomic policy measures introduced by the government have given a strong impetus to economic recovery, and there is ample room for strengthening the implementation of monetary and fiscal policies," Wang noted.

In addition, China's deepening of reform and expanding opening-up have injected strong impetus for sustained and healthy economic development. The new round of global scientific and technological revolution and industrial changes has provided a broader stage for China's economic development.

On the whole, favorable conditions facing China's development are stronger than unfavorable factors and the overall trend of economic recovery and long-term improvement remains unchanged, with increasing elements of favorable conditions in support of high-quality development, the spokesperson noted.

"We welcome friends from the global business community to continue to explore the Chinese market, and China will continue to expand high-level opening-up, improve business environment and strengthen the protection of intellectual property rights, in a bid to form a globally competitive ecosystem of opening-up and innovation, and share with the world the dividends of China's development," Wang said.


Global Times