Does the slowdown in China's economic growth pose a risk to global economic development? Ministry of Foreign Affairs refutes growth rate | year-on-year | global
On August 16th, Foreign Ministry spokesperson Wang Wenbin presided over a regular press conference.
A reporter asked, we have noticed that a few Western politicians and media have recently claimed that the slowdown of China's economic growth may pose a risk to global economic development. What is the spokesperson's comment on this?
"We have noticed relevant arguments that contradict the facts," Wang Wenbin said in his information graph. In fact, China's economy has continued to recover, and overall recovery is still an important engine of world economic growth.
Wang Wenbin pointed out that in the first half of this year, China's gross domestic product (GDP) 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% over the past three years due to the pandemic, exceeding 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 to global economic growth.
Wang Wenbin said that the high-quality development of the Chinese economy has been solidly promoted, with numerous highlights of improving quality and increasing 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. From January to July, investment in high-tech industries, scientific research, and technology services increased by 11.5% and 23.1% year-on-year, respectively. 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, and the advantage of strong foreign trade resilience continued to emerge. Despite being affected by the contraction of external demand, the share of Chinese exports in the international market remained relatively stable in the first seven months of this year. In the first half of the year, China added 78.42 million kilowatts of photovoltaic installed capacity nationwide, accounting for over 50% of the total installed capacity of new power sources.
Wang Wenbin pointed out that currently, the world economy is recovering weakly, global inflation is continuing, financial markets are turbulent, debt pressure is rising, and economies of all countries are facing significant challenges. After the smooth transition of epidemic prevention and control in China, economic recovery is a wave like and tortuous process, inevitably facing difficulties and problems in development. However, we never shy away from problems, but take measures to actively solve them, and the results have already been or are showing.
Wang Wenbin said that recently, China has introduced a series of targeted and high-value measures, such as restoring and expanding consumption, promoting the development and growth of the private economy, and increasing efforts to attract foreign investment, which have been widely welcomed by domestic and foreign investors. A small number of Western politicians and media amplify the stage problems in China's post pandemic economic recovery process, and ultimately inevitably face the fate of reality.
Wang Wenbin emphasized that the resilience, potential, vitality, and long-term positive fundamentals of the Chinese economy have not changed. We have the confidence, conditions, and ability to complete the annual economic and social development goals and tasks with high quality, promote the Chinese economy to sail towards a broader future, and continue to provide a continuous source of power for world economic recovery and growth.
