Why are you confident in the prospects of China's economic growth? Listen to them say that → Cooperation | China | Economy

The Summer Davos Forum came to an end on the 29th with widespread attention. Half of the attendees of this forum come from overseas, and foreign guests actively participate, hoping to learn about China and develop business in China. One important reason for this is that, against the backdrop of weak global economic recovery, the Chinese economy still maintains a relatively stable and strong growth rate. Why are the guests at the Summer Davos Forum full of confidence in the prospects of China's economic growth, despite the echoes of "China's opportunities"? What tangible growth points will China's high-quality development bring to the world economy?

Why are the attending guests full of confidence in the prospects of China's economy?

The Chinese market, Chinese manufacturing, and China's innovation driving force are all keywords.

This summer's Davos Forum has attracted over 1500 political and business elites and scholars from nearly 100 countries and regions around the world to explore the path of restarting global economic growth. The development momentum of the Chinese economy is one of the key topics discussed by the attending guests.

Borg Brend, President of the World Economic Forum: 36% of global growth this year may come from China's contribution, and we have high expectations for further investment in China.

The attending guests expressed their confidence in the prospects of China's economy. When it comes to the vast opportunities brought by sharing and opening up in China, one of the key words is the Chinese market.

He Maike, President of the American Chamber of Commerce in China: We have great confidence in the Chinese economy. US China trade reached an all-time high last year, and many multinational companies are interested in coming to China to seek opportunities because China has a huge consumer base.

Christopher Schrenp, President of the Tianjin Branch of the European Chamber of Commerce in China: Without a doubt, as a huge market, China still has enormous potential, and European companies enjoy participating in the Chinese market.

In addition to the opportunities brought by the vast market in China, the development of high-end, intelligent, and green manufacturing in China has also become a key keyword for the attendees to be optimistic about the prospects of China's economic growth.

Zhu Min, Vice Chairman of the China International Economic Exchange Center: So far, investment in the manufacturing industry has maintained a growth rate of around 10%, and the green transformation is very strong. The continued digitalization and green transformation of domestic demand and manufacturing investment is a good momentum.

Boston Consulting Asia Pacific Chairman An Yijie: The proportion of China's digital economy in the total economy has reached 40%, and a large proportion of the green economy has also contributed to more efficient and sustainable growth.

In addition, China's innovation driving force has also become a key topic discussed by the attending guests.

Zimbabwean Minister of Industry and Commerce Sekai Enzeza: I feel the rapid development of China's high-tech, especially in the digital field. We are considering cooperation with China in manufacturing, mining, and agriculture.

Song Ben, CEO of Eurasian Resources Group, Co Chairman of the World Economic Forum: China is not only a huge market, but also has access to technological innovation, especially in new and renewable energy. China is a leading technology driver in the world.

The four major international institutions have recently raised their expectations for China's economic growth

At the Summer Davos Forum, "China's opportunities" were frequently mentioned by attendees. Recently, some international organizations and institutions have raised their expectations for China's economic growth in 2023, demonstrating confidence in the prospects of China's economic development. The latest Global Economic Outlook report released by the World Bank this month raised China's economic growth forecast for this year, predicting that the Chinese economy will grow by 5.6% in 2023, up 1.3 percentage points from the January forecast. The latest Global Economic Outlook report released by the Organization for Economic Cooperation and Development has once again raised China's economic growth forecast for 2023 to 5.4%. The mid year report "2023 World Economic Situation and Outlook" released by the United Nations in May raised the growth forecast for the Chinese economy from 4.8% to 5.3%, an increase of 0.5 percentage points. The Asia Pacific Economic Outlook report released by the IMF has also raised China's economic growth expectations, predicting that the Chinese economy is expected to grow by 5.2% this year, continuing to become an engine of economic growth in the Asia Pacific region and globally.

World Trade Organization Director General Ivira: China is the world's second-largest economy and the engine of global economic growth. Recently, almost all international institutions have raised their forecasts for China's economic growth this year. We all look forward to seeing China's economic recovery to continue driving global growth.

Since the beginning of this year, the Chinese economy has shown a clear trend of recovery and improvement. In the first quarter, the Chinese economy grew by 4.5% year-on-year, and it is expected that the economic growth rate in the second quarter will be faster than in the first quarter. It is expected to achieve the expected economic growth target of around 5% for the whole year.

On June 30th, the Ministry of Transport released data showing that from January to May this year, ports in China completed a cargo throughput of 6.75 billion tons, a year-on-year increase of 7.9%, and a container throughput of 122 million standard containers, a year-on-year increase of 4.8%. The port's cargo and container throughput have achieved dual growth.

The China Federation of Logistics and Purchasing and the National Bureau of Statistics released the China Manufacturing Purchasing Managers Index for June, which showed that the overall level of prosperity in China's manufacturing industry has improved. From the perspective of enterprise type, large enterprises are returning to the expansion zone. In addition, the equipment manufacturing industry and high-tech manufacturing industry have rebounded for two consecutive months, with increased expansion efforts.

Zhang Liqun, a researcher at the Development Research Center of the State Council: The overall production and operation of the manufacturing industry has basically shown a trend of bottoming out and stabilizing. The strength of China's comprehensive economic recovery is further strengthening, and the foundation supporting economic recovery is also constantly being consolidated.

Zhang Yuzhuo, Director of the State owned Assets Supervision and Administration Commission of the State Council: From the current consumption situation, growth is gradually recovering, and the total retail sales have increased by 9.3%. From the perspective of supply, the growth rate of some new technologies and products is relatively fast, such as new energy vehicles, which grew by more than 50% in the first five months.

Zhu Min, Vice Chairman of the China International Exchange Center: China's high-quality development provides enormous opportunities. For example, China's high-quality development means expanding consumption, which is a huge market. For example, an important dimension of high-quality development is green and zero carbon, which is a new starting line for the world. Therefore, China's commitment to high-quality development is actually opening a larger and wider door to the world.

What growth points does China's high-quality development bring to the world?

Wu Sa, Deputy Director of the Institute of Economics at the China Academy of Macroeconomics: China's persistent efforts to promote high-quality development not only have a positive impact on China's economic and social development. It has obvious benefits in ensuring the stability of global industrial and supply chains, promoting global trade development, and driving global economic growth. Firstly, China adheres to innovation as the primary driving force for high-quality economic development, accelerating high-level technological self-reliance and self-improvement; Secondly, China is accelerating the construction of a new development pattern with domestic circulation as the main focus and domestic and international dual circulation promoting each other, and continuously promoting high-level opening-up to the outside world; China is accelerating the construction of a modern industrial system, vigorously developing the digital economy, accelerating the digital transformation of traditional industries and small and medium-sized enterprises, and focusing on improving the level of high-end, intelligent, and green development.