May 29, 2024
World Economy

Stable growth boon for global economy

High-rises dominate the skyline on both sides of the Huangpu River in Shanghai. [Photo by Gao Erqiang/China Daily]

The stable and reasonable economic growth of China specified by Premier Li Qiang in his Government Work Report to the National People”s Congress on Tuesday is good news for other economies, analysts say.

China’s aim for a GDP growth of about 5 percent this year is “quite reasonable” compared with other major countries, said Mey Kalyan, chairman of the Cambodia Development Resource Institute.

“China is playing one of the most important roles in the world economy right now,” said Kalyan, noting a resilient China is important for the world and especially Asia.

“Whatever is good for China is good for us too,” he said, adding that he believes the Chinese government is capable of handling domestic economic challenges.

China’s steady economic growth has increased the confidence of countries with strong connections to it, such as Thailand, which has a long-standing friendship and strategic partnership with China, said Narongsak Putthapornmongkol, president of the Thai-Chinese Chamber of Commerce.

Citing facts highlighted in the Government Work Report, Narongsak said the growth of China’s GDP at 5.2 percent last year is impressive, given that the country has just recovered from the fight with the pandemic for about three years.

“China’s innovation, the green technology in particular, has contributed to the sustainable development of Thailand and other ASEAN countries,” he said.

China has always been keeping its door open to the world and seeking win-win cooperation via international trade and special economic zones in areas such as Hainan and Guangdong provinces, he said.

“China is now a leading country in many fields, such as new energy and 5G technology. The country is also a big market with great potential. Thai enterprises should seize the chance and further boost its trade with China,” he said.

Last year saw a 30 percent increase in exports of the “new trio” — electric vehicles, lithium-ion batteries and photovoltaic products, the report said.

The sustained growth of China, though a slowdown compared with double-digit or high-speed before, will lead to continued investments in other economies, Yose Rizal Damuri, executive director of the Centre for Strategic and International Studies of Indonesia, said.

“China’s demand for Indonesian goods has remained high,” Damuri said. China’s investment in Indonesia is “significantly related to Indonesia’s employment opportunities”, he added.

Indonesia has so far enjoyed China’s great support mainly in its infrastructure development, he said.

“We should also look at China’s roles in Indonesia’s economic development. So far, there have been many investments from China.”

Josua Pardede, chief economist at Bank Permata in Jakarta, said China is overcoming challenges in the slowdown of the property sector and demographic problems to sustain development and high-quality economic growth. He also mentioned that Indonesia can have an opportunity to become a destination for global investments.

Karim Khanjeza, a parliament member of Kyrgyzstan, said the impressive development of China he experienced during his visits is evidence of the effective work of the two sessions.

The significance of the sessions is that they provide a stage for delegates to collect, listen and take into account the opinion of the people. The results and achievements are obvious, as the world can see economic development in all districts with its vast land and huge population, Khanjeza said.

Leonardus Jegho is a freelance journalist for China Daily.

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