FLASH NEWS
CMG: Viewing the Chinese economy in the international coordinate system
2023-12-07 16:16:35 / BOTA
" At an electric vehicle center in China, Volkswagen engineers seek ideas and experience to speed up production... " reads an article titled: "Western auto companies are learning to catch up with Chinese counterparts on electric vehicles." published in recent days on the website of the American newspaper "The Wall Street Journal".
For eight years in a row, China has ranked first in the world for the volume of production and sales of new energy vehicles. This is an overview of the booming Chinese economy. Through the international coordinate system, the Chinese economy can be better understood, China Media Group (CMG) said in an article.
The rate of economic growth is an obvious indicator. In the first three quarters of this year, the Chinese economy grew by 5.2 percent compared to the same period last year, while the United States and the Eurozone grew by 2.4 and 0.5 percent, respectively. The IMF and the Organization for Economic Co-operation and Development raised the forecast for the Chinese economy in 2023 to 5.4 and 5.2 percent respectively. As a result, many well-known financial institutions, such as "JP Morgan", "Morgan Stanley", "City Bank", etc., raised their forecast for the growth of the Chinese economy above 5 percent. The IMF also predicts that this year the contribution of the Chinese economy to the growth of the world economy will exceed 30%.
What is the outlook for the Chinese economy? Most of the international institutions have the same assessment, it is written in the commentary of the CMG.
Let's also look at multinational corporations, the article continues. From January to October, 41,947 new foreign-invested enterprises were established in China, a figure of 32.1 percent more than in the first ten months of last year. In the eyes of many foreign businessmen, "business with China" means ease. Where does this ease come from?
China has the most complete manufacturing sector in terms of categories and the most perfect in terms of system, and has ranked first for 13 consecutive years in this regard. Taking "Tesla" as an example, the CMG article states that now over 95 percent of the spare parts used in this company's super factory in Shanghai are made in China, and an electric vehicle rolls off the assembly line in less than every 40 seconds.
Ease has brought benefits. Thanks to China's number two consumer market in the world, as well as the world's largest online retail market, the rate of return on foreign direct investment in China over the past 5 years is 9.1 percent, in Europe and the US 3 percent, while in other emerging economies, such as Brazil, South Africa and India, 4-8 percent.
By placing it in the international coordinate system, the world has a clearer picture of the Chinese economy. "The Chinese economy has maintained great resilience and favorable factors for the continuation of this growth, and the government has plenty of tools to adjust policies. So I'm very optimistic about the Chinese economy," said Neil Bush, president of the George HW Bush Foundation for US-China Relations. These words are good for some people in the West to hear, concludes the CMG commentary.
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