China's economic growth provides driving force for global economy: FM spokesperson

(ECNS) -- China's National Bureau of Statistics published statistics about China’s national economic performance in 2023, sparking heated discussions about the 5.2 percent year-on-year growth rate, which is higher than the target set at the beginning of last year.

It fully shows that China's economy is picking up and high-quality development is making solid progress, said Chinese Foreign Ministry spokesperson Mao Ning at a press conference on Thursday.

It provided the driving force for the global economy, the spokesperson said, adding that China’s economic growth generates over RMB 6 trillion, equivalent to the annual GDP of a medium-sized country.

The report of the International Financial Forum demonstrates that China contributes 32 percent to global economic growth in 2023 and is the largest engine of the world economy.

It also brought stability to the global economy, Mao said. "China’s economy has had a steady growth, and sound and solid fundamentals over the years. In the face of an anemic global economy, China has stable domestic demand, low inflation, increasing imports and exports against the global trend, and has topped the world in manufacturing value added for 14 years in a row. It is an anchor for the world economy."

China will share new opportunities with all countries in the world, Mao added. 

In China, there are now over 400 million people in the middle-income bracket, and the number is expected to reach 800 million in the next decade or so, which will play an important role in boosting aggregate global demand. Mao said.

China is the major trading partner for over 140 countries and regions, with overall tariff level cut to 7.3 percent, relatively on par with the developed members of the WTO.

In the past five years, the return on FDI in China stands at around 9 percent, which is quite competitive globally. The market of China has become a big market shared by the whole world.

"We are confident that China’s continued high-quality growth and the continued progress of Chinese modernization will bring more benefits to the world and contribute more driving forces for global growth," Mao said.