China injects more positive energy into global economic development

According to a government work report presented at the fifth session of the 13th National People’s Congress (NPC) on March 5, China’s economic growth target for 2022 is around 5.5 percent.

This target, according to the international community, is science-based and reasonable, and it mirrors China’s initiative. It will assist in guiding public expectations, boosting confidence, and fostering development consensus, as well as promoting China’s high-quality development.

While working to achieve the growth target, China will continue to contribute to global recovery and growth.
When assessing China’s contribution to the global economy, the rate and increment of economic growth are important factors to consider.

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China’s GDP reached 114.4 trillion yuan ($17.7 trillion) in 2021, according to the yearly average exchange rate. It is estimated that it accounts for over 18% of global GDP. The country’s domestic value added surpassed $3 trillion, a record in the history of global economic development.

Increasing China’s GDP from 114.4 trillion yuan to 114.4 trillion yuan by 5.5 percent in 2021 is equivalent to achieving 7.4% growth five years ago or 10.5 percent growth ten years ago. The 5.5 percent growth rate will make a significant contribution to global economic growth.
To assess China’s contribution to the global economy, it is necessary to consider both the quantity and quality of its economy.

Global recovery is currently being hampered by a number of obstacles, and the process of global development has been severely hampered. It is a common task for all countries to provide people with a greater sense of fulfillment, happiness, and security through development.

For the 14th Five-Year Plan period (2021-2025) and beyond, China is fully, accurately, and comprehensively implementing a new development philosophy that emphasizes innovative, coordinated, green, open, and shared growth, as well as making high-quality development a theme of economic and social development.

The country has worked hard to change its growth model, optimize its economic structure, and shift growth drivers, thereby facilitating and energizing global development.

According to an international expert, China’s commitment to a path of high-quality development, despite its population of 1.4 billion people, is an important contribution to global economic development and reflects the country’s major country responsibility.

To assess China’s contribution to the global economy, one must look at the country’s growth and interactions with the rest of the world.

China is expanding its economic opening to more sectors in order to create a world-class business environment based on market principles and the rule of law. China is actively integrating itself into the global economy and continuously promoting win-win results through its own development, having reached $6 trillion in foreign trade for the first time, breaking new records in foreign direct investment inflow, and signing over 200 cooperation documents on the Belt and Road Initiative with more than 140 countries and 32 international organizations.

Meanwhile, China is a staunch supporter of the multilateral trading system, which is centered on the World Trade Organization (WTO). It is actively negotiating and signing more high-standard free trade agreements and regional trade agreements, as well as building a fairer, more just, and more reasonable global governance system, all of which contribute to the world economy’s strong, balanced, sustainable, and inclusive growth.

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Clearly, China is facing greater risks and challenges in its development, including the ongoing pandemic, a sluggish global recovery, commodity price volatility, and an increasingly complicated domestic and external environment. The country’s economic fundamentals, on the other hand, remain unchanged, implying that long-term growth is possible.

The country will undoubtedly be able to withstand downward pressure and maintain a stable economic operation, as well as inject more positive energy into the global economy in order to make it more stable, healthy, and sustainable.