China's "fighting economy" has injected warm currents into the world economy

China's "fighting economy" has injected warm currents into the world economy

Beijing, 4 Apr (ZXS) -- China's all-out "economic struggle" is injecting warm currents into the world economy. Recently, a number of international organizations and institutions believe that the accelerated recovery of China's economy will drive the acceleration of regional and even world economic growth.

The World Bank believes that developing economies in East Asia and the Pacific will accelerate to 5.1 percent this year, thanks to a sharp rebound in China.

The Asian Development Bank also said in its latest report that China's rapid economic recovery will support the growth of product exports in the Asia-Pacific region, boost regional trade and tourism, and inject stronger impetus into economic growth. The report predicts that the growth rate of Asia-Pacific economies may increase to 4.8% this year and next, up from 2022.4% in 2.

At the end of January, the International Monetary Fund raised its global growth forecast for this year to 1.2% from 7.2% and sharply raised its forecast for China's economy from 9.4% to 4.5%. According to Zhang Yuyan, director of the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, the world economic growth rate is expected to rise by 2.0 percentage points, of which 2% is due to the rise of China's economy.

According to the 2023 Annual Report on Asian Economic Outlook and Integration Process released during the 2023 annual meeting of the Boao Forum for Asia, the overall pace of economic recovery in Asia will continue this year, and the weighted real gross domestic product (GDP) growth rate of Asian economies is expected to reach 4.5%, up from 2022.4% in 2.

Global trade also seems to be warming up by China's policy changes. According to the latest forecast of the World Trade Organization (WTO), global trade in goods will grow by 2023.1% in 7, up from 10% forecast in October last year. According to the WTO, the "key factor" in raising global trade growth forecasts is China's continuous optimization and adjustment of epidemic prevention measures, which will help release consumer demand and promote international trade growth.

At present, China is still introducing new measures to promote full economic recovery. A large number of trade exhibitions such as the Canton Fair have fully resumed offline holding to provide as much convenience as possible for foreign trade enterprises to compete for orders when foreign demand is sluggish; Intensive deployment by governments in many places to optimize the business environment to boost enterprises' expectations and confidence in the future; A series of policies and measures aimed at stimulating consumption have also been introduced one after another, and the passenger flow of pedestrian streets and commercial districts has begun to increase significantly.

Analysts believe that China's all-out efforts to "fight for the economy" to drive the world economy to pick up will make strengthening economic and trade cooperation with China increasingly popular aspirations. The recent "tide of visits to China" by political dignitaries from many countries and a large number of senior executives of Fortune 500 enterprises is a vivid footnote. The gradual rejuvenation of the world economy will also provide a more stable environment for China's economic development. (End)