Fundamentals underpinning China's economic growth unchanged: premier

China

Fundamentals underpinning China's economic growth unchanged: premier

2024-11-05 15:26 Last Updated At：16:57

The fundamentals underpinning China's economic growth remain unchanged, said Chinese Premier Li Qiang on Tuesday, adding that the Chinese government is capable of sustaining sound economic development.

Li made the remarks while delivering a keynote speech at the opening ceremony of the 7th China International Import Expo (CIIE) and the Hongqiao International Economic Forum in Shanghai.

Since the rollout of a series of incremental policies by various Chinese authorities following a meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee in September, China's economic performance has shown a positive trend, with key economic indicators rebounding, market confidence rising, and social expectations improving, said Li.

The Political Bureau of the CPC Central Committee held a meeting in September to analyze and discuss the country's economic situation and make plans for future economic work.

Li believes that these positive changes are strong evidence that the fundamentals supporting China's stable economic growth remain unchanged, which demonstrate the Chinese government's capability to sustain the growth.

"First, it proves that the solid fundamentals underpinning China's economic growth remain unchanged. In the first three quarters, China's GDP grew 4.8 percent year on year on the high base of last year. This growth rate is one of the highest among all major global economies of the world. Notably, in China's economic development, new growth drivers are rapidly expanding, with investment in high-tech industries maintaining double-digit growth. Emerging industries such as artificial intelligence, advanced manufacturing and green economy have also experienced robust development. Given its strong resilience, enormous potential and ample room for maneuver, the Chinese economy will continue to advance along the path of stability and progress," said Li.

"Second, it proves that the Chinese government is capable of sustaining sound economic development. Despite the downward economic pressure, we are well-equipped to intensify countercyclical adjustments. We still have ample room to implement both fiscal and monetary policies. Therefore, we are confident both in achieving this year's growth target and in the future development of China's economy," said Li.

Running from November 5 to 10, the 7th CIIE has attracted 3,496 exhibitors from 129 countries and regions. It also sets a new record with 297 Fortune Global 500 companies and industry leaders attending the event.

More than 400 new products, new technologies and new services are set to be unveiled during the expo, which experts believe is a strong indication of global companies' confidence in the Chinese market and their commitment to further development in China despite a sluggish global economic recovery.

Trade with China fosters global connections, economic growth: UNCTAD head

2024-11-05 16:26 Last Updated At：16:37

China's vast imports and exports foster global connections, economic growth and cultural exchange, said a UN official in Shanghai on Tuesday.

Addressing the opening ceremony of the seventh China International Import Expo (CIIE) and the Hongqiao International Economic Forum, Rebeca Grynspan, secretary-general of the United Nations Conference on Trade and Development (UNCTAD), said that China's international trade impacts the developing world, enabling economic diversification and a more close-knit global community.

"China is one of the world's largest economies and consumer markets and by far the largest exporter. How and what China exports and how and what China imports can have dramatic effects in places even very far from its shores. China's imports and exports have also an important impact in the Global South and the opportunities of trade to diversify their economic structures," said the official.

"Seen from the perspective of the small enterprise or the individual merchant, trade sometimes may seem trivial. In aggregate however, trade is a force of nature. When countries engage in trade, they unlock a cascade of positive effects: ideas exchange, structural transformation, cultural understanding," she said.

Grynspan sent her wishes to the expo, noting that the CIIE promotes global business connections and partnerships, and a prosperous and interconnected economy.

"This expo embodies exactly that message with a spirit of openness where businesses worldwide can connect, forge partnerships and contribute to a more prosperous and interconnected global economy. As I close, it is very good to see so many countries participating in this year's expo. May your participation be a big success leading to new partnerships, more trade and a brighter future for all," she said.

The CIIE is the world's first national-level exposition dedicated to imports. This year's expo is scheduled to run from November 5 to 10.

The seventh CIIE has attracted participants from 152 countries, regions and international organizations, and achieved a new record with 297 Fortune Global 500 companies and industry leaders to attend.

At the ongoing CIIE, over 400 new products, technologies and services from around the world are being showcased, spanning sectors such as artificial intelligence, new materials, autonomous systems and energy transition technologies.