China’s National Bureau of Statistics has announced that the Chinese economy maintained stable expansion in the first half of 2024 despite rising challenges from home and abroad which means that the country's gross domestic product (GDP) grew 5 percent year on year in the period to 61.68 trillion yuan (about 8.65 trillion U.S. dollars).
The report comes at a time when the Communist Party of China (CPC) has just concluded a third plenum under the leadership of its General Secretary Xi Jinping with the theme of deepening reforms and opening up for the advancement of Chinese modernization.
At the same time, the International Monetary Fund (IMF) has also revised China’s 2024 economic growth up to 5 percent in an update to its World Economic Outlook (WEO) from the 4.6 percent forecast in April.
These updates have provided a solid foundation for gaining the expected targets regarding Chinese economic growth and indicated a strong signal to the international community that the stable and long-term development trend of China’s economy will remain unchanged.
Now the message is loud and clear that China has been resolutely pushing forward the reforms and economic system that is the harbinger of positive results. China has aggressively intensified its economic activities both domestically and internationally by relaxing and even abolishing many kinds of restrictive policies, attracting foreign investments, thereby maintaining the momentum of economic growth.
China has a conducive environment, capacity, and commitment to foster economic activities domestically and globally with high-quality development and range.
While everyone has witnessed the rise in global geographic political conflicts since the start of this year, the ratio of China’s Gross Domestic Product (GDP) has performed well compared to the economies like US, Eurozone, and Japan in H1.
China’s economic progress highlights that the so-called Western theory of Chinese economic collapse has failed while neither the American and EU tariffs, geographical punching, technological wars nor trade conflicts have been able to block the high development progress of the country.
The economic activities in China have also once again rubbished China’s economic collapse theory that has been repeatedly pushed up by Western media and think tanks as China’s economic growth is 10 times higher than the Euro region.
Western countries have followed in the footsteps of the United States in imposing additional trade barriers against China which have scrutinized the EU’s trade activities and it has painted a gloomy picture of the European economy as well.
Now the message is loud and clear that China has been resolutely pushing forward the reforms and economic system that is the harbinger of positive results.
While on the other side, China has maintained to stay as a strong force in the global economic system even during the challenging global economic situation.
Right now, international political camps and the global economy are de-globalized and international governance is facing intense divisions while humanity is facing a choice to choose which economic system to be aligned with.
China with its vibrant economic performance is pushing up the vision of globalization for building a shared future for mankind while other Western nations under the vision of Americanization are pushing up the theories of anti-globalization and isolationist approaches.
From the US to NATO, they all consider China as their strategic rival, so in this situation, China does not need to prove its economic strength but the actions of Western nations are proof of China’s economic brilliance.
Following 45 years of reforms and opening up, China has achieved such economic achievements that have attracted the attention of the international community. China’s economy rose by 5.2 % in 2023 which was far bigger than the other larger economies. China contributed one-third to global economic development. Bloomberg Businessweek has also predicted that China’s economy will expand in the next 10 years and will become the single largest economy in the world while the Financial Times has also shed light that that China’s economy will emerge as an important driving force of the 21st century.
China with its vibrant economic performance is pushing up the vision of globalization for building a shared future for mankind while other Western nations under the vision of Americanization are pushing up the theories of anti-globalization and isolationist approaches.
It is not difficult to understand for the wise people that China carries a large operational market and complete industrial system while China’s economy is resilient with tremendous capacity. China’s government has the strong capacity to control and regulate the economy and also carries a capacity to control systematic risks and to further stabilize the economy by following various policy measures. Now China’s economy is shifting from the phase of fastest development toward high-quality development and its economic model is continuously changing and upgrading for better economic results.
The new driving force of development is on the rise with the new quality productive forces are in full swing. High-level opening up is expanding while the Chinese modernization is on the path of prosperity for the Chinese nation.
While keeping in view China’s economic performance, western manipulated theories about Chinese economic collapse are not more than a failed trap while Western psychological warfare cannot in any way stop the continuous development of the Chinese economy.
China enjoys the institutional advantages of a socialist market economic system while China’s long-term economic development trend has never been changed. These all have enhanced the confidence and firm commitment of China that the country’s economic system will always be secure and strong against all headwinds.
(Muhammad Zamir Assadi, the editor for China at Internews Pakistan, is a media fellow with the China International Press and Communication Center.)
