Since the beginning of this year, China’s economy has been on a generally steady, sound and upward trajectory, showing both dynamism and resilience. In the first three quarters of this year, China’s trade volume with over 160 countries and regions increased, total import and export hit a record high, and China was leading major economies in the world in terms of GDP growth.
These speak volume about the booming Chinese economy, and prove once again that the overall trend of China’s steady growth in the long run has not changed. The package of incremental policies rolled out by multiple Chinese authorities recently further unlocks growth potential, spurs consumption and investment, and boosts the world’s confidence in China’s development. International financial institutions, including Goldman Sachs, J.P.Morgan, the Swiss National Bank, have raised their forecast for China’s economic growth this year. In a recent survey of over 100 Swiss businesses, the decision-makers of these firms largely maintain a high level of confidence in successfully doing business in China, and around 50 percent of respondents consider China to be among their top three global investment priorities.
The vitality of the Chinese economy also comes from its people, especially its entrepreneurs. China knows this and thus has been committed to creating a market-oriented, law-based and internationalized business environment to attract more enterprises and individuals with entrepreneurship worldwide to invest in China.
Data from various sectors of society seem to prove that a series of incremental policies introduced by the country will continue to create a better business environment. The country is committed to pursuing innovation-driven high-quality development, and striving to improve the market rules and legal environment to ensure economic entities under all forms of ownership have equal access to factors of production in accordance with the law, and participate in fair market competition, which will offer more opportunities for enterprises and individuals at home and abroad.
A recent International Monetary Fund report predicts that the world economic growth will be driven more by BRICS than by the West, with China contributing 22 percent to global growth over the next five years, more than the G7 countries combined. In the context of rising protectionism and escalating geopolitical tensions, the sustained resilience of China’s economy is drawing worldwide attention to its macroeconomic policies and growth drivers.
As global economic growth slows, China is determined to maintain stable growth through implementing more effective incremental policies, which will unleash more vitality, and offer new drivers to global growth.