Steven Alan Barnett, the International Monetary Fund's senior resident representative in China, has rejected recent Western media claims that China's economy is faltering and entering a prolonged period of stagnation, citing the government's efforts to maintain a competitive business environment.
In an interview with China Global Television Network (CGTN) on Tuesday, Barnett emphasized China's commitment to fostering fair competition, referencing the March government work report from the 14th National People's Congress (NPC).
"It (China) is a world-class business environment that's market-oriented and law-based. This will help attract the actual foreign investment. I think the second part, also from the government work report, a level playing field so that private firms, state-owned firms, and foreign-invested firms all can compete on a level playing field," Barnett said.
In May, the IMF raised its 2024 and 2025 GDP growth forecasts for China by 0.4 percentage points, projecting growth of five percent in 2024 and 4.5 percent in 2025. These adjustments were driven by strong first-quarter GDP data and policy measures.
Addressing concerns from Western media that claim China's economy is struggling, Barnett acknowledged that China faces challenges but stressed that the IMF's revised forecasts already account for these issues.
"Let me let the numbers speak. I mean this economy grew 5.2 percent last year. Five percent, we forecast 5 percent this year and 4.5 percent next year. It is true that the Chinese economy has been slowing down. I think it's also fair to say that the Chinese economy is facing challenges, but our forecasts account for these challenges," Barnett noted.
He said that many countries experience slower growth after prolonged periods of rapid expansion and underscored the need for international cooperation in tackling global challenges such as trade disputes and climate change.
"When I came in 2003, only know a China that grows really, really fast, and nowhere in the world is that sustainable forever. What we're seeing is an adjustment from very fast growth rates. To borrow language from the government, I hope what we see is an adjustment to higher quality. I think it also leads to a really, really important point that for so many of these global problems, there's only one way to solve it, and that's for the world to work together. We need international cooperation. No one country can solve the trade issues, no one country can solve the climate problem. We share this planet. We have to work together," he said.
IMF official counters pessimism over China's economic growth
China Media Group (CMG)'s much-anticipated Mid-Autumn Festival Gala aired at 20:00 Beijing Time on Tuesday, captivating a global audience with its poetic and artistic celebrations of the festival.
The gala, known as "Qiuwan" in Chinese, was filmed in Shenyang City, the provincial capital of northeast China's Liaoning Province. This city, rich in cultural heritage and industrial significance, boasts a 2,300-year history, three world heritage sites, and over 1,500 historical landmarks.
Themed "Moon Culture," the gala presented over 30 artistic performances, including poems, songs, dances, and operas, vividly reflecting Chinese traditional culture with a modern flair.
The program was divided into three chapters, namely "Moon Rise," "Moon Light," and "Bright Moon."
"Moon Rise" opened with a song adapted from a poem by Li Qingzhao, a Song Dynasty (960-1279) female poet, celebrating the sweet osmanthus flower, which blooms at this time of year and has been cultivated in China for over 2,500 years.
This section also featured performances blending traditional Chinese music with contemporary styles, emphasizing family, patriotism, and nostalgia, including a performance featuring popular Kazakhstani singer Dimash Qudaibergen.
The second chapter, "Moon Light," highlighted traditional Chinese culture and Shenyang's local charm with acts which included ancient shadow puppetry and errenzhuan, a two-person stand-up comedy unique to northeast China.
Notable performances included pop star Li Yuchun's duet with a child, celebrating maternal love, and singer Tan Weiwei's performance with Olympic champions Wu Dajing and Deng Yawen, honoring dream chasers. Hungarian pianist Balazs Havasi joined Chinese artists for a stirring performance, spreading a message of warmth and romance.
"Moon Bright," the final chapter, featured classic songs and reunion-themed narratives.
Highlights included a musical adaptation of Tang Dynasty poem "Qing Ping Diao” by poet Li Bai (701-762), which captures the essence of ancient Chinese beauty. A moving performance by a middle-school chorus from Macao Special Administrative Region expressed students' love for the country and hopes for a brighter future.
French musician Richard Clayderman enchanted the audience with his timeless "A Comme Amour" and a breathtaking rendition of "The Butterfly Lovers" concerto, which intertwines Chinese folklore with Western romantic composition.
The gala is now available on various China Central Television (CCTV) channels and new media platforms.
This year's Mid-Autumn Festival, symbolizing family reunion, was celebrated on Tuesday, September 17.
CMG's Mid-Autumn Festival Gala celebrates traditions with star-studded performances
