Several international institutions have raised their economic growth forecasts for China, signalling confidence in the Chinese economy, according to the Chinese Foreign Ministry.
“We have noted the World Bank’s report and observed that the International Monetary Fund has once again increased its forecast for China’s economic growth this year by 0.4 percentage points compared to its April projection,” said Chinese Foreign Ministry spokesperson Lin Jian during a press conference on Thursday.
The World Bank’s latest Global Economic Prospects report has also revised China’s economic growth forecast for 2024, raising it from 4.5 percent to 4.8 percent.
The World Bank report cited stronger-than-expected economic activity in China, especially in exports, Lin Jian noted. According to the General Administration of Customs, China’s imports and exports of goods grew by 6.3 percent year-on-year in the first five months of this year.
“China has played a beneficial and substantial role as the world’s manufacturing powerhouse, bringing cost-effective items to global markets and as a big consumer, increasing demand for products from other countries.,” said Lin. “China, the world’s second-largest economy and a major part of the global economy, has historically contributed significantly to global economic growth.”
The sustained and steady growth of the Chinese economy has significantly contributed to global economic recovery, Lin Jian explained. According to the International Monetary Fund, every one percentage point of growth in the Chinese economy increases output levels in other economies by an average of 0.3 percentage points.
“Despite the complex and uncertain international environment, the Chinese economy is confident and robust enough to continue moving forward,” Lin said. “We are ready to share the benefits and possibilities of high-quality development with the rest of the world and work together to foster sustained global modernization.,” he added.
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