International organizations and agencies show confidence in China's development prospects

(ECNS) -- International organizations and agencies have revised up their 2023 growth projections for China, which demonstrates their confidence in China’s development prospects, Chinese Foreign Ministry Spokesperson Wang Wenbin said on Wednesday at the regular Press Conference. 

According to reports, the UN launched the World Economic Situation and Prospects as of mid-2023 on Tuesday. The report projects global economic growth to be 2.3 percent and revises up China’s growth forecast from 4.8 percent to 5.3 percent for 2023. World Bank and the IMF have also revised up their 2023 growth projections for China.

IMF Managing Director Kristalina Georgieva noted that with a strong rebound, the Chinese economy is expected to contribute more than one third of global growth this year.

According to the latest data from China’s National Bureau of Statistics, in April, the year-on-year growth for most production and demand indicators improved, services and consumption witnessed fast recovery, and employment and prices were generally stable. The national economy sustained the momentum of recovery with increasing positive factors, Wang said.

The Chinese economy’s strong resilience, ample potential and strong vitality and the fundamentals sustaining China’s sound economic growth in the long run stay unchanged. Various policies continue to produce positive results.

"We are convinced that as the vitality and potential of China’s economy is further unleashed, China will bring more confidence and strength to the world economic recovery. We welcome businesses of all countries to explore the vast Chinese market and benefit from the abundant opportunities that will lead them to a bright future," Wang said.