Global bodies bullish on China's economy

China has confidence and the ability to achieve steady and long-term economic growth, making a greater contribution to the global growth, Economic Daily reported on Thursday.

International organizations have raised their expectations for China's economic growth, reflecting confidence in its development prospects amid strong momentum attracting global attention.

World Bank President David Malpass recently said global growth is expected to be weak this year and China will be an exception, with GDP growth expected to exceed 5 percent in 2023.

The International Monetary Fund also predicts that China's economic growth will reach 5.2 percent this year, generating positive spillover effects.

China's economic recovery has been strong since the beginning of this year, with major economic indicators such as consumption and investment continuously improving, overall stability in employment and prices, and significantly improved market expectations.

In the first quarter, the country's gross domestic product rose by 4.5 percent year-on-year, reaching 28.5 trillion yuan ($4.15 trillion).

The economic data for March in China was even more optimistic. The purchasing managers' index for the manufacturing industry was 51.9 percent, expanding for three consecutive months.

China's logistics industry prosperity index was 55.5 percent, rebounding for two months in a roll.

These data demonstrate the vitality of China's economy. Some foreign media pointed out that a series of economic data from China is "full of hopeful signals", and China's steady economic recovery injects strong power into the world economy.

World Bank predicts the global economic growth rate to drop from 3.1 percent in 2022 to 2 percent in 2023, with developing countries (excluding China) experiencing a slowdown from 4.1 percent in 2022 to about 3.1 percent in 2023, amid multiple global challenges.

The managing director of the IMF, Kristalina Georgieva, described the global significance of China's economic recovery as extremely important.

IMF estimated that if China's economic growth rate increases by 1 percentage point, the growth rate of other countries will increase by about 0.3 percentage points, and China's contribution to the world economic growth rate this year is expected to exceed one-third.

China's economy is showing strong growth momentum and a positive trend, with certain development goals and prospects. The country is confident and has the ability to maintain steady and long-term economic growth, making a greater contribution to the world economy.

China's positive fundamentals have not changed, and international institutions' predicted growth rates align with the country's current economic potential. Moreover, its high-quality development and high-level openness will bring new development opportunities to the world.