Factors supporting China's high-quality development are increasing: FM spokesperson

(ECNS) -- The trend of China's economic rebound and sound long-term trajectory has not changed, while factors and conditions supporting high-quality development are increasing, Chinese Foreign Ministry spokesperson Wang Wenbin said at a press conference on Thursday.

Wang made the remarks following some international organizations revising up their 2023 growth projections for China.

Steven Barnett, the International Monetary Fund (IMF) senior resident representative for China, said in an interview the country will contribute one-third of global economic growth in 2023. He predicted that higher and more resilient growth is within reach for China in 2024.

Many international organizations like the IMF and the OECD have revised up their 2023 growth projections for China and are confident in its economic prospects next year, Wang said.

The IMF research shows that faster growth in China has positive spillovers on the rest of the world. A one percentage point increase in China would, on average, increase the level of output in other economies by 0.3 percent, he added.

The spokesperson noted that China has a hyper-scale market with the biggest potential in the world.

"Macroeconomic policies introduced by the Chinese government have given the economy a strong push. There is ample room for enhanced implementation of monetary and fiscal policies," he said, stressing that China’s deepening reform and opening up across the board provides a strong impetus for sustained economic development.

A new round of scientific and technological revolution and industrial transformation in the world also presents a broad stage for the Chinese economy, he added. "All in all, there are more favorable conditions than adverse factors for China’s development." 

China welcomes businesses from around the world to continue coming to the country for global success and will continue to expand high-level opening up, improve its business environment, step up intellectual property protection, form an open and globally competitive innovation eco-system and share with the world its development achievements, he concluded.