In recent exclusive interviews with Xinhua News Agency reporters, heads of international organizations such as the World Trade Organization, the United Nations Conference on Trade and Development (UNCTAD), and the International Trade Center headquartered in Geneva, Switzerland, generally expressed optimism about China’s economic fundamentals and expressed their optimism about China. Economic development trend.
The economy continues to recover and improve
UNCTAD Secretary-General Alan Greenspan said that China’s contribution to global economic growth is higher than that of other major economies. China’s economic growth is based on its advantages in industrial production, infrastructure and logistics, and technology, which means that China plays an important role in global trade and value chains. Once structural adjustments in the economy, industry, trade and other fields are successfully completed, China’s economy will continue to grow in the future.
Pamela Kirk-Hamilton, executive director of the International Trade Center, said she is optimistic about China’s economic prospects. She said that China has a huge consumer market of 1.4 billion people. Judging from the economic data for the first three quarters of 2023 released by the National Bureau of Statistics of China, China’s consumer demand has begun to pick up, which will stimulate continued growth of the economy and trade. China’s R&D and investment in new technologies and industries continue, and economic transformation will bring sustained growth. At the same time, China continues to open up to the outside world and embrace economic globalization.
Iweala, Director-General of the World Trade Organization, said that China remains open to the outside world, builds a new development pattern, and stimulates domestic consumption, which will help promote the continued recovery of the economy.
Solid progress in transformation and upgrading
Greenspan said that China is in a leading position in many cutting-edge industries such as battery technology, artificial intelligence and electric vehicles, and China’s economic transformation and upgrading continues to advance, which bodes well for continued growth in the future. The Chinese government’s efforts to boost domestic demand are critical to further accelerating economic growth.
Greenspan also said that the current global trade pattern is changing, with trade in goods declining, while trade in services, especially trade related to the digital economy, is growing. China’s economy is in the process of transformation. China is transforming into an economy driven by consumer demand, led by the service industry and empowered by technology. At the same time, China will remain the world’s major exporter of goods and services.
Kirk-Hamilton said that China’s industrial structure has undergone significant changes, and the electric vehicle industry has shown explosive growth. China’s electric vehicle export volume ranks among the top in the world, which provides new opportunities for China and even the global economic development. It is hoped that small and medium-sized enterprises in developing countries can participate in this process and share the dividends.
Benefiting from global trade growth
In early November this year, Greenspan visited China and attended the Sixth China International Import Expo. She believes that the CIIE creates valuable opportunities for foreign companies, especially small and medium-sized enterprises from developing countries, to enter the Chinese market. She said that small and medium-sized enterprises account for 90% of the global business landscape, provide 60% to 70% of jobs, and produce 50% of the world’s gross domestic product. It is vital that SMEs are able to benefit from China’s growth, trade and market dynamics.
Kirk Hamilton also attended the 6th CIIE. She believes that the CIIE has played a great role in helping companies from least developed countries enter the Chinese market and is an “important opportunity” for the world, especially developing countries. She said that since 2008, China has become the main export destination of the least developed countries, absorbing more than a quarter of their exports, “which is a considerable proportion”.
Kirk-Hamilton said that one of the most important ways to achieve the United Nations Sustainable Development Goals is to promote the continued growth of exports from least developed countries, thereby promoting their economic and social development. “The CIIE is actually part of the solution.”
Iweala said that as the world’s second largest economy, China plays an important role in international trade. China’s good performance in trade will promote the economic and trade development of other countries and regions, especially developing economies.