China's economy has grown at an average annual rate of 4.5% in the past three years. International institutions are optimistic about the prospects for China's economic recovery.

　　China News Service, February 6th (Zhongxin Finance Gong Hongyu) At the beginning of the new year, various economies have successively submitted their 2022 GDP answers.

China took the lead in handing in the papers, with an economic growth rate of 3.0%, and a total economic volume exceeding 121 trillion yuan, with an average annual growth rate of 4.5% in the past three years.

　　According to the forecast of the World Bank, the GDP of the United States and Japan will grow by 1.9% and 1.2% respectively in 2022. The average annual growth of the United States and Japan in the past three years will be 1.6% and -0.3%, and the global economy will grow by an average of 1.8% in the past three years.

In addition, recently released data from the European Union shows that the GDP of the euro zone will grow by 3.5% in 2022, but dragged down by a negative growth of 6.1% in 2020, the overall performance may not be optimistic.

　　Why is the average annual growth rate of the Chinese economy in the past three years ahead of the United States, Europe and Japan, far higher than the average annual growth rate of the global economy in the past three years?

Data map: Chongqing Hongya Cave at night.

Photo by Han Lu

China's economic growth is impressive

　　"In the past three years, whether it is epidemic prevention and control or economic development, China has performed extremely well compared with Europe and the United States." Recently, Luo Siyi, a British economist and former director of the London Economic and Business Policy Agency, an expert on China, accepted pointed out in an interview with China News Agency.

　　In 2020, after the outbreak of the new crown epidemic, the economies of the United States, Europe and Japan have fallen into negative growth, and China will still maintain a positive growth rate of 2.2%. The GDP growth rate is as high as 8.4%, accounting for 18.5% of the world economy; in 2022, the Chinese economy will record a growth rate of 3.0%.

　　Wen Bin, chief economist of China Minsheng Bank, said that China's economy can achieve a growth rate of 3% in 2022, which is still relatively fast compared with major economies, and the total economic volume will reach 121 trillion yuan, which will reach a new level. It reflects the resilience, potential and vitality of the Chinese economy.

　　In 2022, China's grain production will achieve "nineteen consecutive harvests", and the total grain output will remain stable at more than 1.3 trillion catties for eight consecutive years; the role of industrial "ballast stone" will be effectively brought into play, and the added value of the entire industry will reach 40.2 trillion yuan. The added value of the industry reached 33.5 trillion yuan, ranking first in the world; the total retail sales of social consumer goods stabilized at around 44 trillion yuan, of which the online retail sales of physical goods reached 12 trillion yuan; the scale of fixed asset investment exceeded 57 trillion yuan, an increase of The annual growth rate is 5.1%, and the growth rate is 0.2 percentage points faster than that in 2021, providing strong support for sustained economic growth.

　　Moreover, when the prices of economies such as the United States and Europe are soaring, and they are deeply in the crisis of interest rate hikes and economic recession, China's prices are stable. In 2022, the national consumer price index (CPI) will rise by 2.0% year-on-year.

From 2020 to 2022, the average consumer price increase will be 1.8%, and the annual increase will always be lower than the expected target.

Data map: Shanwei Maritime Affairs strives to ensure the safety of the first voyage of automobile ro-ro foreign trade in Xiaomo International Logistics Port. Photo courtesy of Shanwei Maritime Safety Administration

Foreign capital continues to be optimistic about China

　　In 2022, when the epidemic is turbulent and the global economic situation is complicated and severe, China's actual use of foreign capital is 1,232.68 billion yuan, a year-on-year increase of 6.3% (equivalent to 189.13 billion US dollars, an increase of 8%) on a comparable basis, maintaining a steady growth.

　　In the past year, a number of new foreign-invested projects have sprouted in China.

The global beauty giant L'Oreal announced the establishment of its first investment company in the Chinese market, and its world's first self-built intelligent operation center also laid the foundation stone in Suzhou.

In an interview with Zhongxin Finance, L'Oreal North Asia President and China CEO Fabril said that L'Oreal continues to be optimistic about the Chinese market and will continue to increase investment in China.

　　"The continuous deepening of financial opening up has created an important period of strategic opportunities for the development of foreign financial institutions in China." Wang Yunfeng, President and Chief Executive Officer of HSBC Bank (China) Co., Ltd., told Sino-Singapore Finance and Economics. The new investment in the mainland is expected to exceed 3 billion yuan.

HSBC is full of confidence in the long-term development of the Chinese market.

　　"Foreign companies still have a strong interest in investing in China." Hu Run, the founder and chief researcher of "Hurun Report", said in an interview with China News Agency recently.

Under the current complex economic situation, the stability and vitality of the Chinese market and the innovative and upgraded manufacturing capabilities continue to attract the attention of foreign investors.

　　According to data released by the National Bureau of Statistics of China, the total retail sales of consumer goods in 2022 will stabilize at around 44 trillion yuan. China is still the world's second largest consumer market and the largest online retail market, and the advantages of a super-large-scale market are still obvious.

　　Not only that, in the past few years, the Chinese government has continued to accelerate high-level opening up to the outside world, supporting enterprises to stabilize production, stabilize orders and expand markets.

　　Zheng Yi, president of the American Chamber of Commerce in Shanghai, pointed out in an interview with China News Agency that China has world-class infrastructure and ecosystems, and its manufacturing capabilities are very competitive.

China will continue to play the role of "world factory" and "world market" for many years to come.

Data map: Tesla Shanghai Super Factory.

Photo courtesy

China's economic recovery prospects make the world look forward to

　　"The air ticket from Beijing to Sanya has increased by several thousand yuan, and it is hard to find a room in popular hotels." The Chinese New Year that just passed witnessed a strong rebound in China's tourism market. The bustling scenic spots and crowded business districts showed the vitality of the economy.

　　According to data released by the Ministry of Culture and Tourism of China, there will be 308 million domestic tourist trips during the Spring Festival holiday in 2022, a year-on-year increase of 23.1%, returning to 88.6% of the same period in 2019; domestic tourism revenue will be 375.843 billion yuan, a year-on-year increase of 30%, returning to 73.1% of the same period in 2019.

　　The US "Foreign Exchange Street" website issued a document on January 17 that China's economic activities have exceeded market expectations. Economists generally believe that the current signal from China is very clear. Strong rebound from the quarter.

　　Xing Ziqiang, chief China economist at Morgan Stanley, pointed out that it is expected that by the end of the first quarter of 2023, China's economic liquidity and economic activity will rebound to the level of June and July 2022; in the remaining three quarters of 2023, The Chinese economy will continue to recover above pre-pandemic levels.

　　"Under the extremely challenging global economic background, China will become the only major world economy that is expected to complete economic recovery and accelerate development." Akas, deputy director of the World Bank's East Asia and Pacific Region Macroeconomics, Trade and Investment Bureau, said According to the press conference, the World Bank predicts that China's economic growth rate of 4.3% in 2023 will still be much higher than other major economies in the world.

　　The "Global Economic Prospects 2023" released by the World Bank in January lowered the global economic growth in 2023 from 3% predicted six months ago to 1.7%, and said that the world economy may face the worst recession in nearly 30 years in 2023.

　　Luo Siyi said that when most international analysis agencies talk about the European and American economies in 2023, they are mostly concerned with the degree of economic slowdown and the risk of recession, while their forecasts for the Chinese economy focus on its growth rate.

Some Western institutions predict China's economic growth rate in 2023 at around 5%, 5.5% or 6.2%.

　　The International Monetary Fund (IMF) released an update to its "World Economic Outlook Report" on January 30, substantially raising its forecast for China's economic growth this year to 5.2%.

　　"China's economy will obviously accelerate in 2023," said Luo Siyi.

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