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Good start for China's economy is also good for world growth

China Daily | Updated: 2024-04-19 07:20

A view of Beijing's CBD area. [Photo/VCG]

China's GDP grew 5.3 percent year-on-year in the first quarter of this year, up 1.6 percent from the fourth quarter of last year, showing China's economy is on a solid footing for continued recovery, which will further enhance international expectations for China's development prospects.

A series of international financial institutions such as the Asian Development Bank, Goldman Sachs and Morgan Stanley recently raised their forecasts for China's economic growth this year. A report released by the Asian Development Bank anticipates China will contribute 46 percent to the economic growth of developing countries in Asia this year and the next, and will remain the largest contributor to global economic growth.

The "performance list" of China's economy in the first quarter also shows that the development of its new quality productive forces has achieved initial results in some industries, business activities and products.

In the first quarter, the added value of China's high-tech manufacturing industry above designated size grew by 7.5 percent year-on-year, 2.6 percentage points higher than that in the fourth quarter of last year; investment in high-tech industries grew by 11.4 percent year-on-year, 1.1 percentage points higher than that of last year; and investment in high-tech services grew by 12.7 percent. On the basis of rapid growth in previous years, the output of new energy vehicles increased by 29.2 percent in the first quarter of this year.

China's accelerated development of new quality productive forces has not only created new drivers and advantages for its own development, but also injected impetus into international cooperation.

The continued recovery of China's economy is an important driver of the world economy. For every 1 percentage point growth in the Chinese economy, the economies linked to China will grow 0.3 percentage points or more. China's promising economic prospects have also offered more multinational companies opportunities for cooperation. A China that continues to promote high-quality development will not only enable its people to live a better life, but also make a greater contribution to the recovery and development of the world economy.


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