High-quality development source of confidence in China's economy

BEIJING -- To gauge the strength of China's economy, focus should not only be placed on its speed, but also on quality and efficiency.

High-quality development is the first and foremost task in the Chinese modernization drive. A number of industry indicators highlight the new growth trend. China has full confidence and the capability to achieve steady and sustained high-quality development of its economy in a long time to come.

From January to May, the added value of the equipment manufacturing industry above designated size increased by 6.8 percent year on year, faster than the overall industrial growth. China's investment in high-tech industries increased by 12.8 percent year on year. The output of new energy vehicles increased by 37 percent, gradually forming a new economic growth point.

As new growth drivers continue to grow, the leading role of innovation has been strengthened, new industries and new forms of business have developed rapidly, and steady progress was made in high-quality development.

China's GDP grew 4.5 percent year on year in the first quarter. China's national economy made a good start this year, according to Fu Linghui, spokesperson for the National Bureau of Statistics.

China's economic growth in the second quarter is significantly faster than in the January-March period and the economic performance will return to the normal level in the second half, Fu said.

Take foreign trade, one of China's three growth drivers, for example. Faced with challenges brought by sluggish external demand, China's total imports and exports still expanded 4.7 percent year on year to 16.77 trillion yuan (about 2.32 trillion U.S. dollars) in the first five months of this year.

No wonder many international organizations and institutions have recently raised their forecasts for China's economic growth this year, which fully demonstrates the confidence of the international community in China's economic growth prospects.

The World Bank's latest Global Economic Prospects lifted its prediction of China's economic growth this year by 1.3 percentage points to 5.6 percent. The mid-year update of the World Economic Situation and Prospects 2023, released by the United Nations, projected that China's economy will grow 5.3 percent this year, up from the 4.8 percent forecast in January. In its May edition of the Asia-Pacific regional economic outlook, the IMF expects China's economy to grow 5.2 percent this year.

According to a report released by PwC, an auditing and consulting services company, China's high labor productivity, efficient logistics, and comparatively lower tariff rates enable it to stay competitive in the global manufacturing arena.

China has retained its commitment to high-level opening up, introduced an array of foreign investment policies and made continuous efforts to improve business environment, which have been applauded by foreign investors.

Since the beginning of this year, many senior executives of global multinationals have visited China and foreign enterprises have expressed willingness to continue to invest in the country.

Data from China's Ministry of Commerce showed that from January to May, a total of 18,532 new foreign-invested enterprises were established nationwide, up 38.3 percent year on year.

A recent report by the China Council for the Promotion of International Trade showed 97 percent of the surveyed foreign companies rated China's foreign investment policies since the fourth quarter of last year "satisfied" or above.

Global multinationals have showed their optimism about China's development prospects and cast a vote of confidence in China's economic development with concrete actions. The trust will surely translate into win-win outcomes for both China and multinationals. 

The views don't necessarily reflect those of Qiushi Journal.