"China remains an important engine of global economic growth" Economic Development | China | Economy
"Recently, multiple international institutions such as the World Bank and the International Monetary Fund have raised their expectations for China's economic growth this year, which fully demonstrates the international community's confidence in the prospects of China's economic development. Former World Bank economist Mwangji Vajira recently stated in an interview with our reporter that China's economy maintains stable growth rate, injecting more positive energy into the world's economic recovery.".
On June 6th, the World Bank released its latest Global Economic Outlook report, which predicts that the Chinese economy will grow by 5.6% in 2023, an increase of 1.3 percentage points from the January forecast. Vajila analyzed that during this year's Spring Festival, the Chinese consumer market has ushered in a "good start", and the hot "Spring Festival economy" has raised expectations for the Chinese economy from all sectors, indicating that the overall operation of the Chinese economy is expected to rebound this year. "With the accelerated recovery of China's production and living order, China's economic vitality and development potential will be fully unleashed. I am full of confidence in China's economic development prospects, and China remains an important engine of world economic growth."
In Vajira's view, countries in the Asia Pacific region will be the first to be positively affected by China's economic growth. Taking the tourism industry as an example, as China optimizes and adjusts its epidemic prevention policies, citizens' outbound tourism has resumed in an orderly manner, and countries such as Thailand, Indonesia, and Maldives have recently welcomed a large number of Chinese tourists. Data shows that in 2019, the size of China's outbound tourism market reached 155 million people, and the amount of outbound tourism consumption expenditure is huge. "Now, countries around the world are looking forward to the return of this huge market.".
As an economist born in Africa and residing in the United States for a long time, Vajira tends to obtain information about China, Africa, and the world from Chinese media. He said that compared to some Western media, Chinese media reports on developing countries are more objective and fair. In his view, many things China is doing are conducive to achieving more inclusive and inclusive global development. "China's global development initiative has made people all over the world, especially in developing countries, more yearning for a better life and the future." Vajira said that data showed that China has maintained Africa's largest trading partner status for 13 consecutive years. Under the framework of the joint construction of the "the Belt and Road", Africa has built many new infrastructure projects, which helps to promote Africa's industrialization process, "which gives Africa unprecedented confidence in development".
"China continues to promote high-quality development, bringing new opportunities to the world through its new development and providing more stability and certainty for the turbulent world." Vajila said that as the largest developing country with a population of over 1.4 billion and the world's second largest economy, China actively participates in global economic governance, adheres to true multilateralism, and gains recognition and trust from more countries around the world in China's image as a responsible major country.