Conjoncture, understanding China’s economic resilience

With sure steps, the Chinese economy is rebounding strongly and continues to reassure the whole world of its weight and positive influence on the global economy. Indeed, after the shock of the Covid-19 pandemic, the whole world is now witnessing the positive revival of the Chinese economy with a recorded growth rate of 5.2% in 2023. This upturn has made China one of the world’s best-performing economies, with an 18.5% contribution to global imports over the period. This represents a Gross Domestic Product of 126,000 billion yuan and 12.44 million jobs created over the same period. A record figure that remains unequalled anywhere in the world. The outlook for Chinese economic growth in 2024 is also good: the national economy is expected to grow by around 5%, well above the 3.1% global growth forecast for this year by the International Monetary Fund (IMF), according to its World Economic Outlook. The IMF also recognizes China’s crucial role in economic recovery. Its efforts in this regard continue to be hailed, particularly in terms of budgetary support, confirming to the world China’s power and, above all, its good faith in contributing to global economic stability. In this respect, it should be noted that these figures, which have had a definite positive impact on the well-being of mankind, are the result of a series of realistic, pragmatic, and optimistic measures and options taken by China. In any case, during the presentation of the government’s activity report on March 5, 2024, before the National People’s Congress, deputies and the diplomatic corps accredited to China, Premier Li Qiang further reassured the world of his country’s ability and resolute will to play its part in stability in change and change in stability.

In concrete terms, Xi Jinping’s country, thanks to measures taken internally after the shock of Covid-19, is committed to the dynamic of all-out economic revival, so as to offer the world quality development that benefits all mankind. China’s economic resilience will be reflected in the budget support it has already put in place for other countries. In economic terms, the Middle Kingdom has opted for liberalism, reform, and unconditional openness to world trade, an option that has taken root with an impressive number of tourists in terms of the millions who have visited and discovered China’s extraordinary transformation. Better than ever, Deng Xiaoping’s country has opted for a new vision of development. It intends to speed up the implementation of a new development model, vigorously promote high-quality development, deepen the policy of reform and opening-up in all areas, make research and development more independent and stronger, and develop the Chinese economy and innovation more independently and strongly, strengthen macroeconomic control. “We must coordinate the growth of domestic demand domestic demand with the deepening of supply-side structural reform, new urbanization with comprehensive rural recovery, and quality development with high-level security”. We must genuinely increase the dynamism of our economy, prevent risks and improve anticipation; strengthen and consolidate the recovery of the Chinese economy while continuing to achieve both tangible qualitative progress and reasonable quantitative growth; improve the well-being of the people, maintain social stability, and fully promote the country’s rise and great national renewal through Chinese modernization,” stressed the Chinese PM, by way of a program designed to strengthen the country’s economic resilience so that all mankind benefits from the induced effects.

Pierre CHEMETE