Is China still the power source of world economic growth?

(Economic Observer) Is China still the power source of world economic growth?

　　China News Agency, Beijing, January 31 (Reporter Wang Enbo) The Ukrainian crisis broke out and continued to ferment, the new crown epidemic has repeatedly delayed, and global inflation continues to run high...For the entire world economy, 2022 is extremely unusual year.

　　The international environment is turbulent and the waves are turbulent, and the superposition of multiple unexpected factors has also brought impacts on China's economic development.

After a challenging year, is China still the world's growth engine?

　　To answer the above questions, numbers are very telling.

In 2022, China's gross domestic product (GDP) will reach a new level of 120 trillion yuan (RMB, the same below), reaching 121 trillion yuan, an increase of 6.1 trillion yuan over the previous year, a year-on-year increase of 3.0%.

　　This achievement was achieved under the repeated impact of multiple unexpected factors, which can be described as hard-won.

Although the vertical ratio of the economic growth rate of 3.0% has dropped, it is still quite impressive compared with the world's major economies such as the United States, Japan, and Germany.

The annual increase of 6.1 trillion yuan is more equivalent to the economic aggregate of a medium-sized country.

　　Extending the timeline to the past three years, although the "shape" of China's economy has fluctuated, the "potential" of continuous growth has not wavered.

This is uncommon among the world's major economies.

　　After the outbreak of the new crown epidemic, the economic order of the United States, the euro zone, and Japan fell into chaos.

According to the latest data from the World Bank in January, the economies of the United States, the Eurozone, and Japan will decline by 2.8%, 6.1%, and 4.3% respectively in 2020; driven by large-scale stimulus policies, the economies will grow by 5.9%, 5.3%, and 2.2% in 2021; With the gradual withdrawal of policies, the economic growth rate will drop in 2022. The World Bank predicts that the economies of the United States, the euro zone, and Japan will grow by 1.9%, 3.3%, and 1.2% in 2022, respectively.

　　In contrast, China's economy will take the lead in achieving positive growth in the world in 2020, and it is the only major economy in the world to achieve positive growth; in 2021, China's total economic volume will reach 114.9 trillion yuan, an increase of 8.4%, and a net increase of 13.5 trillion yuan a year , unprecedented in history, accounting for 18.6% of the world economy.

In the past three years, China's economy has grown at an average annual rate of 4.5%, which is significantly higher than the world average of around 2%, and it remains ahead of the world's major economies.

　　The worst inflation crisis that has plagued advanced economies for more than 40 years has not spread to China either.

In 2022, China's consumer price index (CPI) will rise moderately by 2.0%. "Global inflation" and "China's stability" are in stark contrast. Stable prices have become a highlight of the Chinese economy.

　　Entering 2023, can China continue to contribute "stable output" to world economic growth?

　　Zhao Ping, deputy director of the Research Institute of the China Council for the Promotion of International Trade, observed that although the outlook for world economic growth in 2023 is not optimistic, major institutions such as the World Bank, the International Monetary Fund, and investment bank Goldman Sachs all believe that China will become one of the few countries with a high growth rate this year. Major economies in the previous year.

　　The sustained and steady growth of China's economy will undoubtedly be good for the world.

　　Huang Yongfu, a researcher at the International Cooperation Center of the National Development and Reform Commission, said that China not only has a complete, independent and complete industrial system with high added value, but also unswervingly expands institutional opening, actively integrates into the global industrial division of labor system, and enterprises in various industries are deeply embedded in global industries. chain, the advanced manufacturing industry is steadily moving towards the mid-to-high end.

　　For example, Huang Yongfu said that in recent years, despite the continuous interference of the global epidemic and the trend of anti-globalization, China's foreign trade import and export has demonstrated strong development potential and comprehensive competitiveness.

In 2020, the total value of China's import and export of goods trade will reach 32.16 trillion yuan; in 2021, the scale of foreign trade import and export will reach a new level, breaking through the US$6 trillion mark for the first time; in 2022, the export of new energy vehicles will grow strongly, far surpassing Germany, becoming a new export growth point.

　　Foreign capital is another indicator of China's sharing of development opportunities.

After the actual use of foreign capital exceeded the trillion yuan mark for the first time in 2021, China's attraction of foreign capital continued to rise.

At present, China ranks among the top in the world in absorbing foreign capital and investing abroad, and has become a major trading partner of more than 140 countries and regions.

　　In this context, Yuan Da, director of the National Economic Comprehensive Department of the National Development and Reform Commission, said that the Chinese economy is still an important source of power for world economic growth.

He also emphasized that China has the confidence, ability and conditions to promote the continuous recovery and overall improvement of the economy this year, so as to achieve effective improvement in quality and reasonable growth in quantity.

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