China expected to continue contributing over 30% to global growth in 2024: economist
Release time：2024-05-01 05:18:37 Source：International Identities news portal
(ECNS) -- Global economic growth is projected to decrease to 2.7 percent, and if China maintains a growth rate of 5 percent, it is expected to continue contributing over 30 percent to global growth, thereby driving global demand, said Zhu Min, vice chairman of China Center for International Economic Exchanges (CCIEE) and former deputy managing director of the International Monetary Fund (IMF), on Wednesday.
Zhu said at a book launch that 2024 will be a year of mediocrity for the global economy and financial risks would accumulate, with the greatest coming from politics. However, he expressed optimism about the future under the technological wave represented by large models like GPT.
Zhu specifically pointed out that the primary technological focus in 2024 is the capitalization of data. In the second half of 2023, the Chinese Ministry of Finance introduced provisions on enterprise data resources, allowing data to be recognized as assets on the balance sheet, which is a fundamental change.
Speaking about China's contribution to global economic recovery, Zhu said that in 2023, its economic growth rate hit 5.2 percent, significantly higher than the global economic growth of around 3 percent. The expected contribution to global growth is anticipated to exceed 30 percent, which he described as "significant." In 2024, the momentum is expected to continue.
In 2023, China's total retail sales of consumer goods amounted to 47.1495 trillion Chinese yuan(about $6.58 trillion), showing a growth of 7.2 percent compared to the previous year. Zhu Min emphasized that the enhancement of domestic consumption in China has a significant impact on the world.
Additionally, in the new year, China plans to increase investments in technology and green infrastructure, constructing more digital centers, blockchain infrastructure, 5G facilities, and supporting global dataization. This is expected to be a major driving force for China's contribution to the global economy, he said.
- Previous：Workers' paychecks grew faster in the first quarter, a possible concern for the Fed
- Next：Finnish hacker imprisoned for accessing thousands of psychotherapy records and demanding ransoms
Related articles
- Family appeals ruling that threw out lawsuit over 2017 BIA shooting death in North Dakota
- 13th National Women's Congress concludes in Beijing
- China's top political advisor calls for boosting patriotic united front at National Day reception
- CPPCC members interviewed before closing meeting of 2nd session of 14th CPPCC National Committee
- Paris Olympic athletes to feast on freshly baked bread, select cheeses and plenty of veggie options
- Xi stresses winning tough, protracted battle against corruption
- Macao SAR Legislative Assembly approves chief executive election law amendments
- Disputed penalty gives Man U draw at Bournemouth as CL qualification slips further away
- Workers' paychecks grew faster in the first quarter, a possible concern for the Fed
- National political advisors discuss environment protection, building Beautiful China
- Tunisian opposition wants political prisoners freed before taking part in presidential election
- CPPCC wraps up annual session, Chinese modernization in focus
- Advisory: Schedules for China's two sessions on March 4
- Xi stresses winning tough, protracted battle against corruption
- Refugee agency chief warns that the number of Syrians leaving Lebanon is likely to rise
- Bayern ends 2
- Food quality, safety underscored in China's new draft law
- Chinese lawmakers deliberate work report of NPC Standing Committee
- Coleen Rooney gives a glimpse into her £20million Cheshire mansion as she employs a celebrity
- Anne Hathaway addresses claims Harry Styles inspired her age
Random recommendation