China News Service, Beijing, January 29 (Reporter Li Xiaoyu) The economic "report cards" of many countries in 2023 have been released intensively. In the competition of economic resilience, the performance of various countries continues to diverge.

　　China's gross domestic product (GDP) exceeded 126 trillion yuan (RMB, the same below) last year, a year-on-year increase of 5.2% at constant prices. Based on comparable prices, China's economic growth in 2023 will exceed 6 trillion yuan, equivalent to the annual economic aggregate of a medium-sized country. Officials say that China's economy is expected to contribute more than 30% to world economic growth in 2023, making it the largest engine of world economic growth.

　　The economic performance of the United States also exceeded expectations. In 2023, U.S. GDP will grow by 2.5% year-on-year, higher than the 1.9% growth rate in 2022. In the fourth quarter, GDP growth rate reached 3.3% on an annual basis, which surprised the market. In the past year, many experts and institutions had predicted that the U.S. economy would fall into recession. However, in the words of U.S. President Biden, "the current economic growth momentum is strong."

　　Russian President Vladimir Putin recently revealed that Russia’s GDP growth rate in 2023 is expected to exceed 3.5%. Growth is mainly driven by consumption and investment. In addition, industrial production, construction, agriculture and tourism "performed well".

　　However, the resilience of some major economies is facing tests.

　　According to preliminary estimates, Germany's economy will shrink by 0.3% year-on-year in 2023, which is far worse than the average level of developed economies and even less than the expected growth rate of the global economy of about 3%. The International Monetary Fund (IMF) bluntly stated that Germany has become the worst-performing major economy in the world last year. South Korea's economic growth rate dropped to 1.4% year-on-year in 2023, the lowest level in three years.

　　The resilience of major economies is different and is closely related to a series of factors such as market size, factor endowment, industrial structure, and degree of digitalization. For example, those with large market sizes tend to have stronger endogenous driving forces for economic growth; those with a highly export-oriented industrial structure are usually highly dependent on the international market environment of open cooperation and mutual benefit. Once the external environment changes and anti-globalization heats up, economic performance will deteriorate. It is inevitable to suffer heavy losses.

　　In 2024, "some families are happy and some are sad" will continue to be staged.

　　China's economy is expected to continue to rebound and improve. The IMF predicts that from 2024 to 2028, China's economic growth will not only be significantly higher than the growth rate of developed economies, but will also continue to be at the forefront among emerging economies and developing countries. Institutions and scholars such as the World Trade Organization, United Nations Conference on Trade and Development, OECD, UBS, and Goldman Sachs also believe that China’s economy has great potential for resilience and will maintain strong mid- to long-term momentum.

　　A research report from the Institute of World Economics and Politics of the Chinese Academy of Social Sciences believes that the U.S. economic resilience will still be strong in 2024, but affected by the geopolitical situation, the recovery process in Europe is worrying.

　　The continued divergence of economic performance among major economies will also promote further changes in the world economic landscape.

　　Some analysts believe that as economic resilience fully emerges, China's value to its economic and trade partners will become even more prominent. Strengthening cooperation with China to tap market opportunities and new economic growth points will also become the choice of more countries and multinational companies. (over)