China’s Economy Shows Resilience Amid Global Challenges
Despite a complex and ever-changing global environment as we enter 2024, China’s economy has demonstrated a stable and progressive development trend, driven by its unique resilience and vitality. In the first quarter, China’s GDP grew by 5.3 percent year-on-year, slightly higher than the full-year growth rate of 5.2 percent in the previous year. This indicates a dual impetus from consumption and exports, supported by a series of precise and effective macroeconomic policies.
Consumption as the Main Engine of Growth
In the first half of 2024, China’s domestic consumption market has shown significant signs of recovery, becoming the main engine of economic growth. With the dual effect of steadily increasing household income and the trend of “consumption upgrading”, consumer demand has continued to rise. After a period of adjustment, service industries including retail, catering, culture, and tourism have seen revitalization.
The integration of online and offline consumption models has further matured. Government measures such as consumer vouchers, employment support policies, and improvements in the social security system have effectively boosted market vitality and injected stimulus into the prosperity of the consumption market.
Continued Support from Macroeconomic Policies
China’s series of precise and effective macroeconomic policies have played a crucial role in supporting this growth. By focusing on stabilizing employment, finance, foreign trade, foreign investment, domestic investment, and expectations, these policies have created a favorable environment for economic development.
Outlook for the Future
Looking ahead, China’s economy is expected to continue its resilient performance. With ongoing efforts to promote high-quality development and deepen reforms, the country is well-positioned to navigate global challenges and sustain its growth momentum.
Reference(s):
cgtn.com
