Envoys upbeat about China’s economic growth, seek to benefit from market potential

Editor's Note:
Amid all the chatter about China's economy, a recent meeting in Beijing cut through the noise. Envoys from different countries came together at the Ambassador Round Table Dialogue on "China's Economic Outlook" on Friday talking about China's economic outlook. They said China's economy is strong and full of promise, despite some Western media's slander. The timing of the roundtable just after Chinese policymakers outlined its economic plans at the two sessions. At the roundtable, the Global Times reporter (Yin Yeping) met with some of the envoys who shared their belief in China's potential and expressed their desire to work closely with China to capitalize on its vast market and burgeoning economy.

China's economy stands resilient and is full of promise, bolstered by the vast market potential of its 1.4 billion population and robust governmental policies supporting high-quality development, envoys told Global Times at the Ambassador Round Table Dialogue on "China's Economic Outlook" held in Beijing on Friday, defying slanders made by certain Western media regarding China's economic growth.

Envoys expressed their confidence in China's economy and their expectations for further tapping into the potential of China's market through closer cooperation.

They highlighted the robust economic and trade ties between their countries and China, suggesting how China's strong economy and its significant role as a major trading partner remain crucial for helping their own countries recover economically, especially amid uncertain global situation.

Confidence

China has made tremendous gains for the last four to five decades. "While every country has its challenges of this and that, but by and large, China's economy has been very successful," Khamis Mussa Omar, Ambassador of Tanzania to China, told the Global Times on Friday.

Omar said that he has reviewed China's 14th Five-Year Plan (2021-25) and its aspirations. Drawing on the experiences of the past two decades, marked by double-digit growth, "I believe that China's target of around 5 percent growth for this year is highly achievable," Omar said.

China is Tanzania's number one trading partner, both in terms of imports and exports, and is also the African country's main source of foreign direct investment. The ambassador said that there's a lot of investment coming from China to Tanzania, and "this trend will definitely continue in the foreseeable future as we are relying on our very warm, friendly diplomatic relations for further economic development."

What the Chinese economy has been through is remarkable, and as the Chinese government has made the strategy to improve the economy, he is confident that Chinese economy will continue to grow well, the Nepalese Ambassador to China Bishnu Pukar Shrestha told the Global Times at the meeting.

"I think China is leveling in terms of not growing as fast as it used to be, but the growth is very healthy, and it will continue that way," Alfredo Ortuno Victory, Ambassador of Costa Rica to China, told the Global Times, noting that the target of around 5-percent growth rate is a lot, especially given the size of the country.

The ambassador also noted China's new quality productive forces, which place the main focus on innovation and technological self-reliance. Victory said that China has opt for the path of high-quality development as the country that has for many years no longer only producing low-tech products and has been doing well in the industry transition.

"The only way that you can meet the rising market's expectations is by adding value and technology," Victory said. The ambassador also noted that the numbers of patents that China owns are now more than any other countries in the world.

Unny Sankar Ravi Sankar, Minister of Economic Affairs of the Embassy of Malaysia in China, told the Global Times that in general, the global economy will slow down, but Chinese market is a bit unique because the government can better manage the economic performance.

"The Chinese market is a huge market. We have noticed that the Chinese leadership has taken the dual circulation approach and more focus will be given to consumption," the Malaysian official said.

Untapped potential

The optimism from the envoys does not come out of the blue. Statistics show that China's manufacturing industry accounts for over 28 percent of total global output, while the US is at about 16 percent. According to data from China's National Bureau of Statistics, China's GDP posted a growth of 5.2 percent year-on-year in 2023, higher than the annual target of around 5 percent, which demonstrates the country's achievements in economic governance in the face of global uncertainty.

China's key economic goals were successfully achieved, with its contribution to global economic growth exceeding 30 percent, surpassing the total of the G7 countries.

Envoys said that there is still potential for greater economic growth and more economic activity, highlighting the increasingly important roles in some very important initiatives and cooperative partnerships including the China-proposed Belt and Road Initiative (BRI), which just marked its 10th anniversary last year, and the implementation of the Regional Comprehensive Economic Partnership, which has proved to be a big boost for regional economic development.

As the Nepalese Ambassador to China said that "China-Nepal economic and trade relations have been good in the past but there is potential for further expansion, and this year is going to be a good year for elevating the relations to a new high."

"Costa Rica is a very export-oriented country, and China is our second trading partner, and we have high expectations on new products coming and going from our countries," Victory also said, expressing his anticipation for closer economic ties with the world second largest economy.