Rebound stirs confidence in global growth
Print Edition
In a world of rising uncertainties, China is injecting certainty into the global economic landscape with a mix of targeted and effective policies that sustain a steady recovery and unleash new growth drivers.
Building up its impetus of high-quality development, the country has reinforced its role as a world growth engine while strengthening the global industrial chains and spearheading the global green transformation.
Chinese authorities have unveiled a slew of measures to stimulate growth this year, including a program that promotes large-scale equipment upgrades and consumer goods trade-ins, and the issuance of ultra-long special treasury bonds. A raft of incremental policies have been rolled out since late September to intensify counter-cyclical adjustments and support businesses.
The economic effect of these measures has been clear. In October, retail sales rose 4.8 percent year on year, accelerating from September’s 3.2 percent gain, official data showed.
Offline consumption, particularly in dining and lodging, recorded double-digit growth, signaling strong consumer activity. Additionally, online retail sales of home appliances grew over 40 percent for two consecutive months, driven by incentives targeting the replacement of older products with new, energy-efficient models.
Experts believe these measures will drive further gains. “The recent pro-growth policies effectively address insufficient demand. During the fourth quarter, a peak consumption season, these steps will further demonstrate their impact by supporting and accelerating consumption growth,” said Lian Ping, president of the China Chief Economist Forum.
Statistics also showed marked recovery in other key economic indicators, including foreign trade and manufacturing activity, as well as steady performance in investment and industrial production.
Based on the improved recovery momentum, multiple foreign institutions, like UBS and Goldman Sachs, have revised up their 2024 growth forecasts.
With GDP expanding 4.8 percent on year in the first three quarters and on course to realize an annual growth target of around 5 percent, China remains the biggest growth engine of the world economy.
The incremental policy package has played a positive role in driving sustained economic recovery and improvement, further strengthening international investors’ confidence in holding Chinese assets, noted Mark Wang, CEO of HSBC Bank (China) Co Ltd.
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