Rebound, growth, China’s economy is on track

The economic development of China is set to witness more favorable conditions than unfavorable ones, while the underlying trend of economic rebound and long-term growth remains unchanged, a national political adviser said.

Yin Yanlin, a member of the 14th National Committee of the Chinese People's Political Consultative Conference, the country's top political advisory body, said China has the advantages of a super-large domestic market, a complete industrial system, abundant high-caliber workforce and growing technological innovation capacity, which inject strong impetus into the country's high-quality development.

He also refuted some Western media reports which claimed that the world's second-largest economy had peaked, saying such conceptions are groundless and untenable.

On the Government Work Report's GDP growth target of around 5 percent for this year, Yin, who is also deputy director of the Committee on Economic Affairs of the National Committee of the CPPCC, said it is conducive to stabilizing expectations and shoring up market confidence.

It is achievable via concerted efforts in light of favorable conditions and the country's immense growth potential, he added.

China is projected to contribute more than 30 percent of global economic growth, remaining a primary engine driving worldwide growth, according to the National Bureau of Statistics.

Yin underlined the significance of intensifying countercyclical and cross-cyclical adjustments through macro policies, continuing to implement a proactive fiscal policy and a prudent monetary policy, and strengthening coordination between policy instruments while developing new ones.

Regarding China's retail and services sectors, Yin said China's consumer market picked up steam in 2023 after the country optimized its COVID-19 response measures, with the service-based consumption sector witnessing rapid recovery.

Consumption has become a vital force for bolstering the country's economic rebound, he said.

Yin said he is bullish on the sustained growth and recovery of consumption this year, even as he called for more efforts to further increase household income, improve their purchasing power, cultivate new types of consumption and promote digital, environment-friendly and health-related consumption to stimulate consumer spending appetite.

As for new quality productive forces, which are mainly led by technological innovation, Yin said China's emphasis on advancing the construction of a modern industrial system and accelerating the development of such forces mean the country is shifting to an innovation-driven development model.

Strategic emerging industries and future-oriented industries will become new driving forces for economic growth, he added.

Jack Chan, chairman of global consulting firm EY China, said the nation's economy has shown strong resilience despite a grim and complex world environment, presenting an upward trend, and the country has made remarkable achievements in bolstering industrial upgrades, technological innovations and high-standard opening-up.

China's economic growth target of around 5 percent in 2024 reflects the country's adherence to the principles of pursuing progress while ensuring stability, Chan said.