China’s National Bureau of Statistics have announced that Chinese economy maintained stable expansion in the first half of 2024 despite rising challenges from home and abroad which means that country’s gross domestic product (GDP) grew 5 percent year on year in the period to 61.68 trillion yuan (about 8.65 trillion U.S. dollars).
The report comes at a time when Communist Party of China (CPC) has just concluded a third plenum under the leadership of its general secretary Xi Jinping with the theme of deepening reforms and opening up for the advancement of Chinese modernization.
At the same time, the International Monetary Fund (IMF) have also revised China’s 2024 economic growth up to 5 percent in an update to its World Economic Outlook (WEO) from the 4.6 percent forecast in April.
These updates have provided a solid foundation for gaining the expected targets regarding Chinese economic system’s current year hopes and is a strong signal for the international community that the stable and the long-term development trend of China’s economy will not be changed.
Now the message is loud and clear that China has been determinedly pushing forward the reforms and economic system that is the harbinger of positive results. China has been aggressively intensified its economic activities domestically and interactions with other nations by relaxing and even by abolishing many kinds of restrictive policies, attracting foreign investments that is maintaining the momentum of economic growth.
China has conducive environment, capacity and commitments to foster economic activities domestically and globally with high- quality development and range.
With the start of this year, everyone has witnessed the rise in global geographic political conflicts while in this scenario the ratio of China’s Gross Domestic Product (GDP) has performed well as compare to the economies like US, Euro zone and Japan and China is still the stable and strong engine of global economic growth with its performance in H1.
China’s economic progress is highlighting that the so-called western theory of Chinese economic collapse has obviously failed while neither the American and EU tariffs, geographical punching, technological wars nor the trade conflicts have been able to block the high development progress of the country.
The economic activities in China have also once again rubbished the China’s economic collapse theory that have been repeatedly pushed up by western media and think tanks as China’s economic growth is 10 times higher than Euro region.
Western countries have followed the footsteps of United States in imposing the additional trade barriers against China which have scrutinized EU’s trade activities and it has painted a gloomy picture of European economy as well.
While on the other side, China have maintained to stay as the strong force of global economic system even during the challenging global economic situation.
Right now, international political camps and global economy is De-globalized and international governance is facing the intense divisions while the humanity is facing a choice to choose that which economic system to be aligned with.
China with its vibrant economic performance is pushing up the vision of globalization for building a shared future of mankind while other western nations under the vision of Americanization are pushing up the theories of anti-globalization and isolationist approaches.
Starting from US to NATO, they all consider China as their strategic rival, so in this situation, China does not need to prove its economic strength but the actions of western nations are the proof of China’s economic brilliance.
Following the 45 years of reforms and opening up, China has achieved such economic achievements that has attracted the attention of international community. China’s economy rises by 5.2 % in 2023 that was far bigger than the other larger economies. China contributed one third in global economic development. Business weekly Bloom Berg have also predicted that China’s economy will be expanding in next 10 years and will become the single largest economy of the world while Financial Times have also highlighted that that China’s economy will emerge as an important driving force of 21st century.
It is not difficult to understand for the wise people that China carries a large operational market and complete industrial system while China’s economy is resilient with tremendous capacity. China’s government have the strong capacity to control and regulate performing economy and also carry a capacity to control the systematic risks and to further stabilize the economy by following various policy measures. Now China’s economy is shifting from the phase of fastest development towards high-quality development and its economic model is continuously changing and upgrading for the better economic results.
The new driving strength of development is on the rise with the new quality productive forces are in full swing. High level opening up is expanding while the Chinese modernization is on the path of prosperity for Chinese nation.
While keeping in view the China’s economic performance, western manipulated theories about Chinese economic collapse are not more than a failed trap while western’s psychological warfare cannot in anyway stop the continuous development of Chinese economy.
China enjoys the institutional advantages of socialist market economic system while China’s long term economic development trend have never been changed. This all have enhanced the confidence and firm commitment of China that country’s economic system will always be secured and strong against all headwinds.
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The writer is editor China desk with Internews Pakistan and media fellow of China International Press and Communication Centre.
