China’s 4.8% GDP growth rate demonstrates its ability to overcome challenges in a volatile environment (MF)
Wang Wenbin, spokesperson for the Chinese Ministry of Foreign Affairs. Photo: PCP
China’s hard-earned GDP growth rate of 4.8 percent in the first quarter of this year fully demonstrates continued economic recovery and unchanged economic fundamentals characterized by resilience, vitality and long-term sustainability, it said. Foreign Ministry spokesman Wang Wenbin said on Tuesday.
China has the ability and conditions to overcome difficulties and challenges to achieve sustainable and healthy economic development, Wang said.
In the first quarter, the country’s industrial production rose 6.5% year-on-year, according to data released Monday by the National Bureau of Statistics (BNS). Retail sales increased 3.3% on an annual basis over the same period, while fixed asset investment growth increased by 9.3% in the first three months of 2022, with investments in infrastructure up 8.5% year-on-year.
With major macroeconomic indices within a reasonable range, overall industrial and agricultural stability and a continuously optimized economic structure, the Chinese economy is showing a continuous recovery trend, Wang said.
He said the 4.8% growth rate in the first quarter is a hard-earned result in a turbulent world, impacted by a complex international environment and multiple Covid surges across the country.
It is worth mentioning that China’s imports and exports increased by 10.7% year-on-year, and the actual use of foreign investment increased by 25.6% year-on-year. Wang said the double-digit growth in both metrics reflected China’s contribution to stabilizing global industrial and supply chains around the world.
Many foreign companies have declared their confidence in China’s economic prospects. According to recent reports from the German Chamber of Commerce in China and the American Chamber of Commerce in China, 71% of German-funded enterprises and more than 60% of American enterprises plan to increase their investment in China.
In the first quarter of the year, foreign investment in China’s high-tech industry increased by 50% year-on-year, with the high-tech service sector showing growth of nearly 60%. Wang said all of this fully embodies the fact that “investing in China is investing for the future.”
Facts have proven and will continue to prove that China, with a complete industrial system, huge market size, reform and opening-up dividends, and strong economic management ability, will handle risks and challenges effectively. to achieve a healthy and sustainable economy. development and inject more energy into the global economic recovery, Wang said.