Chinese Premier Li Qiang announced at the opening ceremony of the World Economic Forum (WEF) Annual Meeting 2024 that the Chinese economy continues to thrive and progress in the right direction.
The Gross Domestic Product (GDP) has witnessed a growth of approximately 5.2 percent in 2023, surpassing the annual growth target, as reported by CGTN.
In an address at the WEF’s annual meeting in Davos, Premier Li stressed the country’s pursuit of high-quality sustainable growth, highlighting the avoidance of short-term stimulus using debt.
Li also stressed the importance of rebuilding trust and the need to foster stronger relationships and restore confidence in the global economy.
“Chinese economy is making steady progress and will continue to provide strong impetus for the world economy. Last year, the Chinese economy was on the right track of recovery, with estimated growth of around 5.2-percent, higher than the around 5-percent target set at the beginning of last year,” the premier said.
Li Emphasizes China’s Tech-Driven Growth and Strong Economic Foundations
Li underscored China’s robust supply chain, manufacturing power, and the transition from a labor dividend to a talent dividend. He emphasized the leading role of high technology in driving the country’s growth, citing its vast market and ongoing urbanization as key drivers of further development.
“China has a super-sized market with demand being rapidly unlocked. It will continue to provide a big stage for various businesses and talents. In the face of weak global demand, the market has become the scarcest resource. The Chinese market with its vast space and growing depth will play an important role in boosting aggregate global demand,” said the premier.
Li also called for global macroeconomic coordination, supply chain management, technology cooperation, green collaboration, and inclusive growth, emphasizing the importance of both South-South and South-North cooperation.
“Chinese people believe benefits should be shared mutually. Only when the benefits are felt by all can it be considered true development. We should fully implement the UN 2030 Agenda for Sustainable Development, strengthen global development cooperation, bridge development gaps and create new cooperation highlights in areas including poverty alleviation, food security and industrialization, so as to better benefit people from all countries,” said Li.
The 54th WEF Annual Meeting is held in Davos from Monday to Friday with the theme of the conference “Rebuilding Trust”. The main topics at the forum range from achieving security and cooperation in a divided world, creating jobs and growth for a new era to long-term strategies for climate, nature and energy, according to WAM.
