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E-mail Xinhua, December 18, 2024
BEIJING, Dec. 18 (Xinhua) -- The latest data on China's economic performance in November and the recent key high-level meetings on China's economic work have indicated that the country's economy has maintained overall stability and made steady progress in 2024.
To stabilize growth and tackle challenges head-on, China has pledged to adopt a more proactive fiscal policy and a moderately loose monetary policy, alongside strengthening unconventional counter-cyclical adjustments and expanding domestic demand on all fronts.
Experts and business leaders around the world, while applauding China's strong economic performance in 2024 despite a complex global situation, have expressed optimism for the country's economic prospects for 2025, citing strong policy support, commitment to opening-up and green transition, and other favorable factors.
The following are some of their observations.
POSITIVE MOMENTUM
-- China's GDP grew 4.8 percent in the first three quarters of 2024, highlighting the Chinese economy's continuing sound fundamentals, favorable conditions, strong resilience and great potential, while its general trend of high-quality development and steady progress has been maintained, said Evandro Carvalho, a professor at Brazil's prestigious Getulio Vargas Foundation.
China's contribution of around 30 percent to global growth underscores its role as a key economic anchor despite global challenges, said the Brazilian scholar.
-- Given the internal and external economic headwinds, China's economic performance this year is impressive and sets the foundation for stronger growth going forward, said Oliver Pearce, founder of Corporate Perspectives, an international public relations company in Britain.
This positive momentum should be well-supported by the timely policy announcements from Beijing in recent weeks, which will stimulate further growth in 2025, he said.
-- China's GDP growth in the first three quarters of the year is a remarkable accomplishment which reflects the resilience and strength of China's economy, said Essam Algobaisi, CEO of Business Intelligence Group in Saudi Arabia.
China's ability to adapt to global shifts while prioritizing high-quality development will determine its success in the coming years, he said.
-- With strong policies and practical partnerships, China is well-positioned for high-quality growth in 2025, and will continue to play an important role in driving global economic recovery, said Michael Borchmann, former head of the European and International Affairs Department of the federal German state of Hesse.
TIMELY POLICY
-- The recent economic policies proposed by the Chinese government reflect a rational and objective assessment of the current economic situation, said Asian Growth Research Institute Director and Professor Dai Erbiao.
The policies will have a positive impact on stabilizing China's economic growth, Dai said, noting that a more proactive fiscal policy and a moderately loose monetary policy, in particular, are urgently needed in the short term, while increasing household income and expanding domestic demand will address structural issues and have long-term effects.
-- The recent meetings highlight the government's commitment to supporting the economy, said Brendan Ahern, chief investment officer with the U.S.-based asset management firm Krane Funds Advisors LLC.
The proactive, multi-faceted approach will continue to boost domestic sentiment and confidence as stimulating demand remains a key task, he said.
-- Implementing a more proactive fiscal policy and a moderately loose monetary policy is hugely significant and should deliver a positive upside to the economy, said Pearce.
Consumption activity has already been rising in a range of sectors from travel and lifestyle to sporting goods and services, so the priority to boost consumption and demand will help expand this consumption recovery in other sectors in the economy and boost growth, he added.
KEY GROWTH DRIVERS
-- China is prioritizing scientific and technological innovation to strengthen its global competitiveness in sectors like green energy, artificial intelligence, and biotechnology, Carvalho said, noting that these efforts are part of China's broader strategy to modernize its industrial system.
-- China has found new growth drivers in the development of high-tech technologies such as digitalization and automation, which can significantly improve labor productivity and economic efficiency, said Irina Kokushkina, associate professor at the Department of World Economy at St. Petersburg State University.
-- China's focus on reducing carbon emissions, combating pollution, and promoting green initiatives is a model worth emulating globally, said Algobaisi, adding that such policies not only enhance China's competitiveness but also contribute substantially to global climate change mitigation efforts.
China's initiatives to expand access for foreign investment and open up sectors like telecommunications, healthcare, and education are a clear signal of its commitment to deeper global integration, which will yield long-term benefits by attracting high-quality foreign investment and fostering international partnerships, he said. Enditem
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