The global economy braces for another year of uncertainty, and China's economic prospects are taking center stage at the World Economic Forum (WEF) in Davos, Switzerland this week.
\"The Chinese economy is hugely important and continues to be important,\" Mina Al-Oraibi, editor in chief of The National, told CGTN at Davos. She emphasized that the world economy needs China to remain steady and grow.
China's appeal to WEF observers lies in its significant market size and growth rate. In 2024, China's GDP grew by 5 percent year on year, according to the National Bureau of Statistics. The World Trade Organization also highlights China's substantial purchasing power in the global market.
Despite challenges, China is seeking new engines for growth. Zhu Min, a member of the senior expert Advisory Committee under the China Center for International Economic Exchanges, noted that traditional drivers like infrastructure, export, and real estate have slowed down. Instead, the country is focusing on domestic consumption, manufacturing, and green transformation.
At the WEF, Zhu stressed that manufacturing is the \"key competitiveness of China's economy.\" In 2024, China's manufacturing industry maintained its top global position in overall scale for the 15th consecutive year, according to the Ministry of Industry and Information Technology.
\"China is the manufacturing house of the world. We have to stay in good cooperation because China is a supplier to a lot of markets,\" Michael Suss, executive chairman of Oerlikon, a global technology group, told CGTN. \"If China is not producing, these markets have an issue because the goods are not coming.\"
Zhu expressed optimism about the future, stating, \"In the next 20 years, we will make sure made-in-China means cheap, good, and high technology.\"
As China pivots towards new growth drivers, its focus on manufacturing, innovation, and sustainable development is expected to play a crucial role in stabilizing the global economy amid ongoing uncertainties.
Reference(s):
cgtn.com
