China’s Economy: Steady Progress with Long-Term Positive Outlook

RECENTLY, the International Monetary Fund (IMF) released its World Economic Outlook report, describing the current global economy as “in a sticky spot”.

Amid rising global turmoil and imbalanced development, China’s economic performance remains generally stable, with steady progress, providing stable expectations for global economic growth.

In the first three quarters of this year, China’s gross domestic product (GDP) reached 94.9746 trillion yuan, representing a year-on-year growth of 4.8 per cent at constant prices, positioning China among the world’s top major economies in terms of growth rate.

The current development of China’s economy is characterised by two key features. First, the fundamentals remain stable and show positive trajectory. A bumper grain harvest is expected for the entire year.

The total value added of industrial enterprises above the designated size grew by 5.8 per cent year-on-year, manufacturing production maintained good growth momentum; and the value added of service sector increased by 4.7 per cent year-on-year, with information transmission, software and information technology services surging by 11.3 per cent.

Second, the nurturing of New Productive Forces is accelerating. At the beginning of this year, China’s independently developed third-generation superconducting quantum computer was launched.

In April, China’s first self-developed general-purpose humanoid robot “Tiangong” was unveiled and in June, the Chang’e-6 probe achieved the world’s first sample-return mission from the far side of the moon.

In the first three quarters, the value added of  high-tech manufacturing industry increased by 9.1 per cent and investment in high-tech industries rose by 10.0 per cent year-on-year.

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Investment in aviation, spacecraft and equipment manufacturing grew by 34.1 per cent; and investment in electronic and communication equipment manufacturing increased by 10.3 per cent.

The production of major digital products like integrated circuits, service robots and smartphones, maintained double-digit growth rates.

As a result, international financial institutions including the World Bank have raised their forecasts for China’s annual economic growth. In a world facing increased geopolitical risks and rising protectionism, China’s economy has demonstrated strong resilience and vitality, serving as a crucial engine and stabilising force for global economic growth.

Recently, the Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting to analyse the current economic trends and plan the next steps for economic policy.

This will have far-reaching implications for China’s future economic development and the global economic landscape.

Overall, China plans to expand domestic effective demand, increase support for specific groups, promote the sustained expansion of major commodities consumption and expand consumption in areas such as elderly care and childcare services.

China will also increase investment, allocating 700 billion yuan from the central government budget and issuing 1 trillion yuan in ultra-long-term treasury bonds, to be used for the implementation of key strategic construction projects, large-scale equipment upgrades and replacement of old consumer goods.

The effects of a raft of incremental policies will gradually emerge, further unleashing development vitality and momentum and boosting market confidence.

This year marks a significant year for the further development of China-Africa relations. In September, the Summit of the Forum on China-Africa Cooperation was successfully held in Beijing, elevating the overall positioning of China-Africa relations to an all-weather China-Africa community with a shared future for the new era.

President Xi Jinping solemnly announced, “In the next three years, China will work with Africa to take the following ten partnership actions for modernisation to deepen China-Africa cooperation and spearhead the Global South modernisation. ” This marks the beginning of a new chapter in China and Africa’s joint pursuit of modernisation and leadership in the Global South.

As Tanzania’s largest trading partner, largest source of investment and largest engineering contractor, China is committed to working hand in hand with Tanzania.

Through platforms and mechanisms such as the high-quality Belt and Road Initiative, China aims to foster more high-quality and dynamic practical cooperation, tirelessly contributing to the well-being of people in both countries and to the promotion of global peace and development.

• The writer is Chinese Ambassador to Tanzania