China’s economy kicks off the year with a strong recovery: report

BEIJING: During the past Spring Festival holiday, China’s popular scenic spots were bustling, and theaters were packed, leading to consumption figures surpassing those recorded in the same period in 2019.

According to a poll conducted by CGTN and Renmin University in China through the New Era Institute of International Communication for global respondents, over 90 percent (93.1 percent) of respondents praise China’s economic strength and potential. They believe that China’s robust economic resilience and considerable strength will undoubtedly boost confidence and vitality in the global economy, which is recovering slowly.

China's economy kicks off the year with a strong recovery, instilling confidence worldwide

“Record-breaking” became the norm for China’s economy during the Spring Festival holiday. Domestic tourist arrivals reached 474 million, marking a 34.3 percent increase over the same period last year, while total spending amounted to 632.7 billion yuan, a 7.7 percent increase over the previous year. Many indicators surpassed those of the same period in 2019. Additionally, with the introduction of several visa-free policies, the popularity of outbound travel allowed the world to partake in the benefits of Spring Festival consumption.

According to the poll, 80.3 percent of respondents worldwide commend China’s robust economic foundation. They are confident in China’s ability to withstand risks and believe that this will bring more benefits to the world. Furthermore, 85.2 percent of global respondents believe that China’s economy will maintain the momentum of long-term positive and stable development.

China's economy kicks off the year with a strong recovery, instilling confidence worldwide

Since 2023, China’s economy has demonstrated a strong recovery, successfully achieving the main expected targets for the year. Notably, GDP grew by 5.2 percent compared to the previous year, ranking high among the world’s major economies. Concurrently, China has continued to optimize its economic structure, accelerating the formation of new productive forces and achieving remarkable results in high-quality development. According to the survey, 76.9 percent of global respondents affirm the achievements of China’s high-quality economic development, believing that China is attaining a more comprehensive and balanced economy.

The strong recovery of China’s economy has significantly bolstered the confidence of the international community. Data from the International Finance Forum report indicates that China’s economic growth rate in 2023 maintained its leading position among the world’s major economies, contributing 32 percent to global growth, well ahead of the second-ranking country, India (15 percent), and the third-ranking country, the U.S. (11 percent). Furthermore, according to the International Monetary Fund (IMF), China’s economic growth rate is projected to continue surpassing the global growth rate from 2024 to 2028, maintaining its position at the forefront of emerging economies and developing countries.

In the survey, 79.6 percent of respondents fully endorse the significant contribution of China’s economy to global economic growth. Additionally, 73.6 percent of respondents believe that China’s business environment is attractive to global investors, while 73.3 percent of respondents are confident that China will continue to open up to the rest of the world at a high level in the future, creating new opportunities for everyone.

China's economy kicks off the year with a strong recovery, instilling confidence worldwide

The poll involved 9,030 respondents worldwide, including individuals from developed countries such as the United States, the United Kingdom, Germany and Australia, as well as from developing countries such as South Africa, Argentina, Indonesia, Pakistan, Thailand, Chile and Vietnam.

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