The three "world's largest" reflect the attractiveness of China's economy

China News Service, Beijing, January 1 (Xinhua) -- The three "world's largest" reflect China's economic attractiveness

China News Service reporter Wang Enbo

According to the official schedule, China's economic report card for 2023 will be released on January 1. Although core indicators such as the annual gross domestic product (GDP) growth rate will only be released at that time, a reporter from China News Service combed through the available information and data and found that China's economy will lead the world in many aspects in 17. Among them, the three "world's largest" reflect the attractiveness of China's economy.

-- The largest growth engine

The relevant person in charge of the Central Finance Office said in an interview with the media that some institutions and experts and scholars predict that China's economy will grow by about 2023.5% in 2, and its GDP will exceed 126 trillion yuan (RMB, the same below). China remains the largest engine of global growth, contributing about one-third to global economic growth.

Looking back on the decade from 2013 to 2022, China's total economic output has risen from 12.3% to about 18% of the world economy, and the total trade in goods has ranked first in the world for six consecutive years, contributing more than 6% to world economic growth on average, and has always been the biggest engine for world economic growth.

In 2023, under the circumstance of insufficient momentum for world economic growth and arduous tasks for domestic reform and development, China's economy will rebound and the growth engine will continue to roar, which is even more commendable.

Zou Yunhan, deputy director of the Macroeconomic Research Office of the Economic Forecasting Department of the State Information Center, pointed out that according to the forecast of the International Monetary Fund, from 2024 to 2028, China's GDP growth rate will continue to be higher than the global growth level, significantly higher than the growth rate of developed economies, and continue to rank among emerging market and developing economies. The future development of China's economy can bring lasting impetus to the world economy.

- The largest exporter of automobiles

According to the China Association of Automobile Manufacturers, from January to November 2023, China's automobile exports reached 1.11 million units, a year-on-year increase of 441.2%. This figure is already more than Japan's estimated annual vehicle exports of about 58.4 million units, and there is little doubt that China will become the world's largest car exporter in 430.

Behind this "overtaking", the new kinetic energy is indispensable. In the past year, new energy vehicles, together with lithium batteries and photovoltaic products, have become the "new three" of China's exports, which have attracted much attention. From January to November 2023, China's NEV exports reached 1.11 million units, up 109.1% year-on-year, 83 percentage points higher than the export of gasoline vehicles.

From the other side, we can also see the strong rise of China's new energy vehicles. In 2023, the profits of Fortune Global 500 companies will generally shrink, but the profits of BYD and CATL, two Chinese companies from the new energy track, have risen against the trend and become the "dark horses" that soar on the list.

Jiang Jiang, director of the Innovation Strategy Research Office of the Institute of Industrial Economics of the China Academy of Macroeconomics, believes that China's new energy vehicle industry has begun to show strong competitiveness in overseas markets by virtue of the competitive advantages of products and services accumulated in the early stage. Its advantages such as a complete industrial ecology, a relatively complete and reliable localized supply chain, and long-term stable industrial policy support are constantly helping China stabilize and expand foreign investment.

- The largest logistics market

In 2023, China's total social logistics volume is expected to reach 350 trillion yuan, and the express delivery business volume will exceed 1200 billion pieces for the first time.

Express parcels and logistics vehicles convey the vitality of China's economy. The flow of goods from south to north not only reflects the rebound of production and consumption, but also provides support for the further release of demand.

Bian Zuodong, deputy director of the Market Supervision Department of the State Post Bureau, said that the delivery of the 1200 billion express delivery reflects that online business hotspots are becoming part of the expansion of diversified consumer demand, and new consumption models such as "online shopping", "Internet +" and "digital +" have shown new development momentum, and the trend of expanding consumption scale and structural upgrading is still continuing. In line with this, from January to November 2023, China's online retail sales of physical goods increased by 1.11% year-on-year, accounting for 8.3% of the total retail sales of consumer goods, an increase of 27.5 percentage points from January to October.

Deloitte China CEO Patrick Tsang believes that with the booming digital economy, China's economic growth model will shift from relying mainly on investment to private consumption, especially the consumption potential of the younger generation, and global businesses will continue to benefit from the Chinese market. (ENDS)