China's steady economic growth adds certainty to global development

Amid profound changes unseen in a century, the global economy is experiencing a weak and uneven recovery, and the world is calling for practical actions to re-energize the global economy and drive it forward.

Under the guidance of "Xiconomics," the economic philosophy of Chinese President Xi Jinping, China has been working steadily to prop up the real economy, strengthen its innovation capacity and enhance practical cooperation with the rest of the world, which has further consolidated the foundation of the country's economy and improved its anti-risk capacity.

China's solid growth has not only served as a stabilizer and a driving force for the world economy, but has offered other countries inspiration for reviving economies, boosting development and achieving strong and sustainable growth.

With a strong focus on production, manufacturing and innovation, Xi's economic thought injects impetus into global growth that is wrestling with numerous uncertainties.

 

STRONG SUPPORT FOR REAL ECONOMY

"The real economy is the foundation of a country's economy and source of wealth. Advanced manufacturing is one key area of the real economy and the economic development cannot be separated from the real economy at any time," Xi said during his inspection tour of China's southern Guangdong Province back in 2018.

The Chinese president, on many occasions, has highlighted the importance of supporting the real economy, setting a clear direction for China's economic development and enlightening the international community about global growth. His thoughts bear a special significance against the backdrop of the ravaging COVID-19 pandemic.

In the early months after the onset of the pandemic, many Chinese companies, including carmakers and energy enterprises, have transformed their businesses to cater to the surging demands both at home and abroad for anti-virus products including masks and disinfectants, contributing to the stable operation of global supply chains.

These have reflected the different roles the real economy plays in China and Western countries, overseas observers have said.

As the world's largest manufacturing country, the top trader of goods, as well as the second largest consumer of goods, China has contributed over 30 percent to global economic growth in recent years, and withstood the tough test brought about by the pandemic.

Under Xi's leadership, China has emerged as the only major economy with positive growth in 2020, a demonstration of the vitality and resilience of the country's economy amid the global public health crisis. In 2021, China's gross domestic product saw a year-on-year increase of 8.1 percent, exceeding 110 trillion yuan (17.3 trillion U.S. dollars) and beating most market expectations.

Being estimated to account for over 18 percent of the global economy in 2021, China's economy is in an increasingly prominent position in world development.

Wichai Kinchong Choi, senior vice president of the leading Thai bank Kasikornbank, told Xinhua that China has played a crucial and irreplaceable role in supporting the global supply chain.

"China's comprehensive advantages, such as the vast and promising market, abundant human resources, sound infrastructure and complete industrial facilities, all make it attractive to foreign investment," the banker said.