China’s economy continues its steady ascent, defying pessimistic predictions and global pressures.
Despite forecasts of a sharp slowdown and even crisis from some Western economists and institutions, China’s economic growth remains resilient. Expanding at an appreciable pace of around 5 percent per year, the nation demonstrates a remarkable ability to withstand economic sanctions and political pressures.
Recent data from the International Monetary Fund (IMF) highlights China’s robust performance. In 2023, China’s economy grew by 5.2 percent compared to the previous year, significantly outpacing developed economies, which grew by 1.6 percent. The IMF forecasts a slight moderation for China in 2024, with growth expected at 4.6 percent, while developed nations are projected to grow by 1.5 percent.
This sustained growth means China’s share of the global economy continues to rise. Contrary to predictions of a reversal, short-term projections still show China increasing its relative economic size. Historically, a nation’s economic stature has been a key factor in its global influence.
The United States recognizes China’s expanding role on the world stage. Perceiving China as a major competitor, the U.S. has applied various pressures. Nonetheless, China’s GDP, measured on a purchasing power parity basis, has surpassed that of the U.S. for over a decade. Currently, China represents about 19 percent of the world economy on this measure, while the U.S. accounts for around 15 percent.
While the U.S. maintains a higher per capita GDP, China’s absolute economic size underscores its significant position in global affairs. The ongoing growth and resilience of China’s economy suggest that betting against it has been, and may continue to be, an ill-fated endeavor.
Reference(s):
China's economic rise continues to defy pessimistic predictions
cgtn.com
