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Promoting strategic confidence in high-quality development

By Qiu Ping Source: Updated: 2023-06-15

The Chinese economy continues to demonstrate its strong resilience, vast potential, and great vitality, and as its long-term positive fundamentals have remained unchanged, China's development still benefits from its solid foundations and favorable conditions.

Apparent advantage of China's socialist system

Against the backdrop of a complex and grave international environment and unexpected impacts to domestic development, China's socialist market economy has shown strong ability to withstand risks and pass tests. The institutional advantages of pooling social forces on major tasks and the policy effects of innovating and improving macroeconomic governance continue to emerge. The great ship of Chinese economy is cleaving the waves and sailing confidently into the future.

Solid foundations for development

China's economy is growing steadily. In 2022, it accounted for around 18% of the world economy and its per capita GDP reached US$12,741. With a complete industrial system and an increasingly complete infrastructure network, the foundation of sustainable economic development has become more consolidated.

Enormous market potential

With a population of 1.4 billion, and more than 400 million people in its middle-income group, China has a super large market with the great growth potential. Once the advantages of the market are fully utilized to facilitate to form a virtuous cycle between supply and demand, China's economic growth potential will keep on unlocking.

Continuously increasing development momentum

Statistics from the NBS show that, in January 2023, the Manufacturing Purchasing Managers' Index (PMI) was 50.1% and the Non-Manufacturing Business Activity Index was 54.4%, indicating that China's economic recovery has good momentum. As long as the potential and vitality of all aspects of society are stimulated, China's economy will have broad and bright prospects.