China economy Photo: Xinhua

The Asian Development Bank (ADB) said on Wednesday that economic growth in developing Asia and the Pacific remains steady, but changes to US trade, fiscal and immigration policies under the upcoming US administration could dent growth and boost inflation in developing Asia. 

In its latest Asian Development Outlook released on Wednesday, the ADB lowered the growth forecast for developing Asia to 4.9 percent for 2024 and 4.8 percent for 2025. Notably, the bank maintained its previous growth forecasts for China at 4.8 percent for 2024 and 4.5 percent for 2025.

The ADB's report comes as some international organizations have been warning about the adverse impact of potential policy changes in the US, including imposing additional tariffs on the global economy. On Wednesday, a report on the Oxford Economics also said that the new US administration's tariffs "will likely exacerbate the slowbalisation globally." 

In contrast to uncertainty from the US, China's positive role for the global economy has been highlighted by major international economic organizations. During a meeting with China's top leader on Tuesday, the heads of major international economic organizations, including President of the New Development Bank Dilma Rousseff, Managing Director of the International Monetary Fund Kristalina Georgieva, President of the World Bank Group Ajay Banga and Director-General of the World Trade Organization Ngozi Okonjo-Iweala, hailed China's remarkable achievements.

Amid global economic challenges and the rise of unilateralism and protectionism, countries around the world are looking to China with hope and belief that it will remain a key engine of global economic growth, they said, according to the Xinhua News Agency.

In addition, a report from KPMG China on Tuesday said that China's huge market potential and its key position in the global supply chain still attract a large number of foreign investors to maintain and increase their presence in the Chinese market. As China's domestic demand continues to improve, confidence of foreign businesses in the Chinese market is also expected to improve, the report said, noting that China will likely further advance opening-up policies in 2025. 

Further boosting domestic demand and expanding high-level opening-up are among the top priorities for China's economic work in 2025, according to a recent top meeting. 

The meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee on Monday said that the country should vigorously boost consumption, improve the investment efficiency and expand domestic demand on all fronts. It also said China will further promote high-level opening up and secure the steady growth of foreign trade and foreign investment.

"Clearly, while China injects a sense of certainty and stability, the US has become a source of uncertainty for the global economy," Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times on Wednesday. He added that the international organizations' recognition of China's strong economic resilience is due to the country's vast market, complete industrial system and its economic governance framework.

Li further noted that the upcoming statement from the Central Economic Work Conference will also likely boost confidence among domestic and foreign businesses, as the meeting is expected to outline a clear blueprint for the country's economic work for 2025.