According to the World Economic Forum’s recently released Lead Economists’ Outlook Report, global economic growth is expected to drop slightly from 3 percent in 2023 to 2.9 percent in 2024.In this context, the steady recovery of China’s economy and continued positive trends have aroused global attention.

Global economic growth is expected to decline

“The global economy showed a ‘weak recovery’ trend in 2023,” said Xu Huan, deputy director of the Economic Policy Committee of China Political Science Research Association, adding that inflationary pressures and geopolitical conflicts are the main factors. The global manufacturing PMI fell to 48.5% in 2023, reflecting the lack of global economic growth momentum.

Regional economic growth prospects

The report shows that the outlook for economic growth in South Asia, East Asia and the Pacific region in 2024 is relatively optimistic, while economies in regions such as the United States, Europe, the Middle East and North Africa are weak. Geopolitical conflicts such as the Ukrainian crisis, the Israeli conflict and the Red Sea crisis will continue to affect global trade, challenging global industrial chains and supply chain stability.

Chinas economic outlook is positive

Institutions such as the International Monetary Fund and the Organization for Economic Co-operation and Development (OECD) have increased their expectations for China’s economic growth in 2023 and are optimistic about China’s economic growth in 2024.

Macroeconomic Growth in China

Liu Qian, chief economist at HSBC Global Research in China, pointed out that the five main macro themes for Chinas economic development include the soft landing of real estate, sustained good domestic consumption, fiscal policy support, structural transformation and moderate price rise.In 2023, Chinas economic growth will be 5.2%, and it is expected to continue to show a steady recovery and sustained good development in 2024.

China promotes global economic recovery

Xi Jinping believes that the high-quality development of Chinas economy relies on innovation-driven, in the short term, through reverse cycle, cross-cycle policy coordination and efforts.China continues to promote high level of opening up to the outside world, and in structural adjustment, quality improvement, reform and innovation to launch important policy initiatives, inject new momentum to Chinas economic development, thereby providing support for the global economic recovery.

As China plays an increasingly important role in the global economy, its steady economic growth is expected to become a key force driving the global economy toward the better, especially in the context of the current global economy facing numerous challenges and uncertainties.