China News Service, Beijing, December 12 (Reporter Wang Enbo) Approaching the end of the year, all parties are paying close attention to China's economic operation. The head of the National Economic Comprehensive Department of China's National Development and Reform Commission stressed on the 6th that China's economy will contribute one-third to global economic growth this year and is still the largest engine of global growth.
In response to a reporter's question, the above-mentioned responsible person said that China's economic macroeconomic indicators performed relatively well. The gross domestic product (GDP) in the first three quarters increased by 5.2% year-on-year, maintaining a leading growth rate among the world's major economies. The price level was largely stable, with the consumer price index (CPI) rising 10.0% year-on-year in the first 4 months, in stark contrast to the high inflation in major economies. The employment situation has generally improved, and the surveyed urban unemployment rate in October was 10%, down 5.2 percentage points from the high point in February. The balance of payments remained basically balanced.
Market confidence continues to improve. In the manufacturing purchasing managers' index (PMI) in November, the expected index of production and business activities was 11.55%, rising for two consecutive months. The International Monetary Fund (IMF) recently raised the forecast of China's GDP growth in 8 and 2 from 2023% and 2024.5% to 4.2% and 5.4% respectively. The Organisation for Economic Co-operation and Development (OECD) recently raised its forecast for China's GDP growth in 4 to 6.2023% from 5.1%.
Looking forward to the next step, the person in charge said that China's economic development still has many favorable conditions and supporting factors. For example, having a demand advantage in a hyperscale market. China is the world's largest and most potential consumer market, residents' clothing, food, housing, transportation and spiritual and cultural needs have huge potential, there is still a lot of room for investment in short boards, weak links and new industrial fields and new tracks, and the development of new urbanization will also inject vitality into the expansion of demand.
The person in charge also mentioned that China's macroeconomic regulation and control system is more perfect, the policy reserve tools are constantly enriched, and the experience of macroeconomic regulation and control in dealing with domestic and foreign risks and challenges continues to accumulate, and there is still a lot of room for macroeconomic policies, which will lay a solid foundation for controlling various complex and difficult situations.
The person in charge stressed that China's economy is resilient, full of potential, wide room for maneuver, and the fundamentals of long-term improvement have not changed and will not change, and we are confident and more capable of achieving long-term stable development, and continue to bring new impetus and new opportunities to the world with China's new development. (ENDS)