Resilience of Chinese economy hailed

China's economy has a stable structural foundation and possesses the necessary resilience to withstand external shocks, and it is heartening to see its emphasis on growth and supporting the economy this year, global experts said.

Premier Li Qiang delivered the Government Work Report to the National People's Congress recently and disclosed major targets for this year's development, including a GDP growth of around five percent.

He also outlined major tasks for this year, including striving to modernise the industrial system, developing new quality productive forces at a faster pace, invigorating China through science and education, continuing to deepen reform and pursuing higher-standard opening up of markets.

Modernisation drive

Charles Onunaiju, director of the Centre for China Studies in Abuja, Nigeria, said China has again demonstrated that the structured foundation of its economy is stable and sufficiently resilient to withstand external shocks.

China maintained the momentum of growth at 5.2 percent last year and is projected to continue on this trajectory, according to the report. The steady and stable trajectory of the Chinese economy, with the aim of creating more than 12 million new jobs in urban areas, demonstrates the soundness of its fundamentals, Onunaiju said.

Moving forward, China would accelerate endeavours in research on disruptive and frontier technologies, thereby putting science, technology and education at the forefront of its modernisation drive, he said.

"The forward-looking [outlook] and prospects of China's economy in the coming years give concrete expression to China as a major power with a high sense of understanding of its responsibility to the world, especially in maintaining and supporting global recovery and balanced development that delivers win-win outcomes to the world," Onunaiju said.

Xn Iraki, an associate professor at the University of Nairobi's faculty of business and management sciences, said the focus on disruptive and frontier technologies would make China a leader in areas such as artificial intelligence, nanotechnology, space technology, quantum computing and genetics, among others.

The focus on such technologies and innovations could help China achieve its targeted economic growth. That would also ensure more jobs and social stability, with China providing a boost to the rest of the world with its growth, Iraki said.

Confidence demonstrated

Rhys Whalley, executive director of the Manchester China Forum in England, said it is encouraging to see the prioritisation of growth and support of the economy, something that will undoubtedly be welcomed both domestically and within the wider international community. China's economic growth target for the year demonstrates both the leadership's ambition and its confidence, he said.

Perhaps most important for overseas observers was the Chinese government's commitment to the further opening up of markets to foreign companies. Given the continued global economic malaise and the challenges in stimulating post-pandemic recovery, the implementation of practical measures that serve to enhance the operating environment for foreign businesses on the Chinese mainland will undoubtedly be welcomed among leaders of foreign-owned enterprises, Whalley said.

Such measures will serve to reassure both existing and future investors and serve to support ambitions around creating a more stable, transparent and predictable policy environment – underpinning long-term ambitions to transform its economy, Whalley added.

Varut Kanchanapattana, treasurer of the Association of Thai Travel Agents, said according to the report, the country will make it easier for foreign nationals to work, study and travel in China.

"This is encouraging information for Thai people because many Thai students are looking for chances to study in China and China is among the top-popular travel destinations among Thai people," said Varut.

He also spoke highly of the agreement on mutual visa exemption between China and Thailand that came into force on 1 March for holders of ordinary passports and passports for public affairs. – China Daily

Quick facts

• China's per capita disposable income rose to 6.1% from the previous year (faster than the growth of GDP).

• Over 3 000 cooperation projects have been implemented by China and its partners under the Belt and Road Initiative.

• China’s per capita GDP has surpassed US$12 000, while the middle-income population has reached 400 million.

• Last year, China’s GDP surpassed 126 trillion yuan, an increase of 5.2%, ranking China among the fastest-growing major economies in the world.