China expected to continue contributing over 30% to global growth in 2024: economist
(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.
Related articles
I'm a cruise ship worker...these are the FIVE things smart passengers always do onboard
A cruise ship worker has shared the five things that 'smart' passengers always do when they come abo2024-05-22The proof going vegan ISN'T better for you? Study finds plant
Going vegan won't improve your health, an experiment suggests.Researchers have discovered plant-base2024-05-22Why the royals are no fans of Buckingham Palace... and what it's really like to live there
Buckingham Palace has been the official residence of the monarch since 1837. It is the go-to place o2024-05-22Jazz singer set to invoke the sound of the steppes
Growing up in a small yurt in the Mongolian capital of Ulaanbaatar, Enkhjargal Erkham, known as Enji2024-05-22- Popular podcaster and influencer Joe Rogan has been accused of cashing in on brain health supplement2024-05-22
Chinese military spokesperson answers media questions during annual legislative session
A Chinese military spokesperson on Saturday answered media questions during the ongoing second sessi2024-05-22
atest comment