Foreign media: China's economic "transcript" is related to global recovery management | Gross Domestic Product | Economy
On July 17th, the National Bureau of Statistics of China released data. Preliminary calculations show that the gross domestic product (GDP) in the first half of the year was 59303.4 billion yuan, a year-on-year increase of 5.5% at constant prices. The relevant economic operation data has received high attention from foreign media, with some Japanese media stating that whether China can successfully respond to future challenges may be the key to global recovery.
According to a report on July 17 on the website of Singapore's Lianhe Zaobao, the Chinese government set an economic growth target of about 5% for the whole year at the beginning of this year.
According to the report, Fu Linghui, spokesperson for the National Bureau of Statistics and Director of the Department of Comprehensive Statistics of the National Economy, said at a press conference that although the economy faced pressure and challenges throughout the year, with the improvement of employment, increase in household income, gradual enhancement of domestic demand, optimization and adjustment of supply structure, and growth and growth of new driving forces, the economy will steadily recover, and the quality of development will continue to improve. "We have full confidence, conditions, and ability to achieve the expected goals and tasks of economic and social development for the whole year.".
The spokesperson also said that the world political and economic situation is complex, and the foundation for sustained recovery and development of the domestic economy is still unstable. In the next stage, efforts should be made to smooth the economic cycle and promote the effective improvement of quality and reasonable growth of quantity in the economy.
According to a report on the website of The Guardian on July 17th, the National Bureau of Statistics of China stated that China's GDP grew by 6.3% year-on-year from April to June, which is an acceleration from the 4.5% growth rate in the first three months of this year.
Over the past 30 years, China's growth has provided support for the global economy. After experiencing last year's epidemic control measures, various parties predict that China will experience a rebound in 2023.
The report points out that the Chinese economy is currently supporting the prices of many commodities. China is also a source of a series of increasingly cutting-edge goods, from electric vehicles to airplanes and renewable energy equipment. Therefore, the weakening of domestic demand in China may lead to more exports of such products.
Australian Treasury Secretary Jim Chambers stated on the 16th that as one of the most China dependent economies in the rich world, Australia is one of the countries closely monitoring the development of the situation.
An article published on the website of the Japan Times on July 16th pointed out that China's growth model is undergoing fundamental changes. After relying mainly on external demand to drive growth for decades, the Chinese government has adopted a dual circulation model that emphasizes both internal and external factors. The goal is to make the Chinese economy more resilient and less susceptible to external shocks.
With the advancement of industrialization in China and the increase in income and wealth, Chinese workers have become consumers of goods and services. As a result, the proportion of foreign trade to China's GDP has decreased from its peak of 67% in 2006 to around 35% today.
Since last year, the pain in the real estate industry has posed significant financial challenges. The deterioration of the US China relationship and the interference caused by the COVID-19 further hindered China's structural transformation.
The article points out that there is reason to believe that China will soon regain its vitality. The recent visit of US officials to China may indicate stability or easing of US China relations.
Regardless, the Chinese government is committed to promoting employment, stabilizing the real estate industry, managing financial risks, supporting technological innovation, and encouraging green and inclusive growth. The market seems to expect China to introduce policies to support the achievement of development goals. This obviously concerns the interests of other countries in the world.
The article emphasizes that whether China can successfully respond to future challenges may be the key to global recovery and recession.
