Challenges abound, but can't dim 2024

Despite pressures from a property downturn, lackluster demand both at home and abroad and a more complicated external environment, China's economic prospects this year remain bright; therefore, global business executives and economists said their confidence and optimism are undented.

They further said China's economy will perform better this year than in 2023, with the existing policies taking effect gradually and more stimulus in the offing, mainly fueled by a steady recovery in domestic demand. China will continue to remain a key growth engine for the world economy, given its ultra large domestic market, a complete industrial system and abundant high-quality workforce.

Cao Yang, global vice-president of Baker Hughes and president of Baker Hughes China, voiced confidence in China's future economic growth, saying China's manufacturing sector has demonstrated strong resilience and stability.

He said the global energy company has seen huge growth potential in the ultra large Chinese market, and the company has benefited from the continued recovery of the Chinese economy.

In recent years, Baker Hughes has maintained double-digit business growth in China, reaching a historic high in 2022. Cao highlighted that the company's procurement volume in China surged by over 60 percent in 2022 compared to 2021, underscoring China's pivotal role as a comprehensive supply chain hub.

"China is the world's largest producer of over 220 types of industrial products," he said in an exclusive interview with China Daily. The country boasts the biggest and most complete industrial system worldwide, he said.

Official data showed that China is also the only country to obtain all the industrial categories listed in the United Nations industrial classification.

Highlighting China's key role as a global hub for industrial manufacturing, Cao said the Chinese market is of great significance for applying the company's cutting-edge technologies.

Looking ahead, he said the focus will be on meeting China's need for energy in a better way and reducing carbon emissions as well as rendering improved services to China's manufacturing sector. "We firmly believe that the Chinese market will continue to be a crucial engine propelling global economic growth."

China's economy expanded by 5.2 percent year-on-year in 2023, above the country's preset economic growth target of around 5 percent, data from the National Bureau of Statistics showed, indicating that economic recovery is steadily gaining momentum in the post-pandemic era.

Notably, the country's value-added industrial output grew by 6.8 percent year-on-year in December, following a 6.6 percent growth in November.