Illustration: Chen Xia/Global Times

Recently, UBS Investment Bank raised its forecasts for China's economic growth in 2024 to 4.8 percent. Goldman Sachs Group also raised its forecast for China's economic growth in 2024 from 4.7 percent to 4.9 percent. China's economy became the "engine" of world economic growth, precisely because of its profound "internal strength."

Large domestic market is a solid foundation. The scale of Chinese consumer groups is huge, with a large market providing strong impetus and deep resilience for the demand side. With a huge population of over 1.4 billion, China possesses the largest market in the world, which makes it a global leader in automotive, housing and luxury consumption. China's middle-income group is growing rapidly, having exceeded 400 million, and is expected to reach around 800 million by 2035. The large scale of consumer groups and market provides ample room for China to expand domestic demand. In particular, China has recently introduced a package of incremental policy measures, which will promote the recovery of the whole society's consumer demand and continuous expansion of society's aggregate demand, further consolidating the foundation of China's economic stability and long-term development.

Complete industrial chain supports a vibrant economy. China's industrial chain is complete, and this world's most complete industrial system creates a strong ability to resist risks on the supply side. China possesses the most complete industrial system in the world, covering all industrial categories in the UN Industrial Classification catalogue. 

The complete industrial system enables China to adjust and adapt quickly in the face of external shocks, ensuring the continuity and stability of production. In recent years, China's new energy, new materials and other strategic emerging industries have developed rapidly, improving its high-end industrial system and enhancing the resilience of the industrial chain, thus further strengthening the resilience of China's economy.

Scientific macro control system masters a superb technique. The support of policy is efficient and effective, with scientific and continuous regulation and control ensuring economic growth. Since the reform and opening-up, China has respected the laws of the market economy, given full play to the advantages of the socialist market economy and established a sound macro-control system. The Chinese government keeps making progress in macro-management capacity, providing efficient and effective support for the economic growth of the nation. World-renowned achievements have been made through the government's macro-control, which brought more than 40 years of sustained, rapid and healthy economic growth to China. 

China's development is an opportunity for the world. The Third Plenary Session of the 20th CPC Central Committee made major strategic arrangements for promoting in-depth reform and Chinese modernization, providing a steady stream of "running water" for China's economic development and bringing more opportunities for win-win cooperation to countries around the world. The 21st century is an era of globalization. Countries are supposed to make full use of their comparative advantages and cultivate competitive industries so as to achieve coordinated development and common progress through cooperation and division of labor. China has the willingness and ability to supply good and affordable products for people around the world, which is good news for the whole world. While exporting to the world, China also imports a large number of other countries' products, creating jobs and income for people there.

Some politicians in the US have maliciously framed China's "overcapacity," arbitrarily imposed tariffs in the name of national security, suppressed and sanctioned Chinese companies and imposed restrictions on technologies, all for the self-interests of interest groups behind them. What they have done goes against the trend of the time. When Russian President Vladimir Putin met with the heads of the major media of the BRICS countries on October 18, he pointed out that the US imposed trade restrictions on China in order to slow down China's economic growth and stop China's development, but it won't succeed. He stated that stopping Chinese development is "an impossible task" and compared it to trying to halt the sun from rising.

Kishore Mahbubani, formerly Singapore's permanent representative to the UN and a well-known scholar, pointed out in a recent event in New York that the US will eventually fail to contain China and the "Asian Century" is coming.

The author is a commentator on international affairs. opinion@globaltimes.com.cn