Country's strategic priorities reflect Chinese wisdom

The economic evaluations and valuable suggestions of the annual Central Economic Work Conference and the Political Bureau of the Communist Party of China Central Committee during recent meetings have successfully mitigated false propaganda from the West against China's economy and its so-called poor prospects.

This has further enhanced the confidence of investors, business owners and even manufacturers in the region and around the world.

It also has rightly disseminated a message of economic stability, sustainability and healthier prospects to local, regional and international markets.

In addition, the nation's recently announced strategic priorities — science technology, innovation, development of a modern industrial system, the boosting of domestic demand, support for agriculture and rural farmers, integration of urban-rural development, coordinated regional development, immense social development, high-level opening-up and prevention of risks in key areas — vividly reflect the economic wisdom of Chinese policymakers.

Moreover, the advancement of ecological conservation and green, low carbon development will hopefully further enhance China's economic productivity in the next year and beyond. This would be a value addition in fighting global warming in the days to come.

It is a good omen that upward revision of China's GDP growth forecast for 2023 by numerous international financial institutions, including the International Monetary Fund (5 to 5.4 percent), the Organization for Economic Cooperation and Development (5 to 5.2 percent), Morgan Stanley (4.8 to 5.1 percent) and Citigroup (5 to 5.3 percent), clearly demonstrated the real strength and diversification of the Chinese economy during 2023.

These published reports have also expressed optimism about China's growth outlook for 2024, as the institutions believe that domestic consumption will continue to recover, investment will continue to increase and exports will improve. So, all in all, the Chinese economy will be in good shape, creating lots of good things for the global economy and productive channels in 2024 and beyond.

China's macroeconomy remained resilient, strong, stable and sustainable during 2023. Hopefully, it will be further developed and diversified in 2024 and beyond because of its huge base and productivity channels.

According to China's official figures released in December, the nation's economy has again contributed about one-third to global economic growth, showing again its global outreach and comparative advantage in industrial supply chains, green energy and electric vehicles.

The comparative study of the latest Chinese statistical data shows that it achieved its agriculture targets — 695 million metric tons of grain output in 2023, further enhanced by 1.3 percent from last year — and thus its food security is intact. In the first three quarters of 2023, expenditure of end consumers contributed 83.2 percent of economic growth, and the total exports of electric passenger vehicles, lithium-ion batteries and solar batteries reached 798.99 billion yuan ($112 billion), up 41.7 percent year-on-year.

The increase in the amount of foreign direct investment that China received in 2021 and 2022, to 12 percent and 15 percent of the global amount, respectively, showed global confidence in China's vast market. In the first nine months of 2023, new foreign invested enterprises registered in China increased 32.4 percent year-on-year to 37,814.Last but not least, China-Europe freight trains made 16,145 trips during the first 11 months of 2023 reconfirming China's passion for greater transregional connectivity and its positive role in the global economy.

It seems that China's economic diplomacy, transregional connectivity, numerous free trade agreements, integrated regionalism, qualitative industrialization, digitalization, green transformation and, above all, the Belt and Road Initiative are successfully mitigating propaganda from the West about China's so-called economic collapse.

Luckily, China possesses business — and investment-friendly policies, innovative apparatus, a big and vibrant consumer market, advanced infrastructure, a complete industrial chain and unlimited, high-quality human resources. This, along with policies of openness, modernization, qualitative industrialization, international cooperation and economic globalization, counter Western propaganda of a so-called slowdown or soft landing of China's economy during 2023.

The implementation of 25 measures to boost financial support for private enterprises, including efforts to diversify financial channels for private businesses, has further enhanced the capacity and growth of the private sector.

China's colossal market, complete industrial system, advanced infrastructure and enhanced supply chain will continue to contribute to economic resilience and digital transformation.

Chinese policymakers should continue to implement proactive economic structural reforms, proactive fiscal policy and prudent monetary policy.

The author is executive director of the Center for South Asia and International Studies in Islamabad, Pakistan.