Spokesperson of the Ministry of Foreign Affairs: China remains an important engine of world economic growth

2023-08-18

In response to recent claims by a few Western politicians and media that China's slowing economic growth may pose a risk to global economic development. Spokesperson of the Ministry of Foreign Affairs, Wang Wenbin, said during a regular press conference on the 16th that this statement contradicts the fact that China's economy continues to recover and overall rebounds and remains an important engine of global economic growth. Wang Wenbin said that in the first half of this year, China's gross domestic product grew by 5.5% year-on-year, significantly faster than the economic growth rate of 3% for the entire year last year, and also faster than the average annual growth rate of 4.5% in the three years of the epidemic, surpassing the growth rate of the United States by more than 3 percentage points. The International Monetary Fund released its latest World Economic Outlook report last month, predicting that China's economy will grow by 5.2% this year, contributing one-third of the world's economic growth. Wang Wenbin said that China's high-quality economic development has been solidly promoted, with numerous highlights of quality improvement and incremental growth. The driving force of consumption on economic growth has significantly increased. In the first half of the year, the contribution rate of demand to China's economic growth reached 110.8%, an increase of 59.4 percentage points year-on-year. Among them, the final consumption contribution rate reached 77.2%, an increase of 46.4 percentage points. The trend of industrial upgrading continues, with investment in high-tech industries, scientific research, and technology service industries increasing by 11.5% and 23.1% year-on-year from January to July. In the first half of the year, the total export of electric vehicles, lithium batteries, and solar cells increased by 61.6% year-on-year. The advantage of strong foreign trade resilience continues to emerge. Despite being affected by the contraction of external demand, China's export market share in the international market remained basically stable in the first seven months of this year. In the first half of the year, China's newly installed photovoltaic power generation reached 78.42 million kilowatts, accounting for over 50% of the total installed power generation. Currently, the global economic recovery is weak, with sustained global inflation, financial market turbulence, and rising debt pressure. Economies of all countries are facing significant challenges, "said Wang Wenbin, After a smooth transition in China's epidemic prevention and control, the economic recovery is a process of wave like development and tortuous progress. It is inevitable that there will be difficulties in development and problems in progress. However, we never shy away from problems, but take measures to actively solve them, and the results have been or are showing, "said Wang Wenbin. Recently, China has introduced measures to restore and expand consumption, promote the development and growth of the private economy A series of targeted and valuable measures, such as increasing efforts to attract foreign investment, have been widely welcomed by domestic and foreign investors. A few Western politicians and media have amplified and hyped up the phased issues in China's post pandemic economic recovery process, ultimately leading to the fate of being humiliated by reality. Wang Wenbin stated that China's economy has strong resilience, great potential, and abundant vitality, and its long-term positive fundamentals have not changed. We have the confidence, conditions, and ability to achieve the annual economic and social development goals and tasks with high quality, driving the giant ship of China's economy towards a broader future, and continuing to provide a continuous source of power for world economic recovery and growth

Edit:He Chuanning    Responsible editor:Su Suiyue

Source:xinhua

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