China's economic vibrancy strengthens the global economy

China's National Bureau of Statistics has announced that the Chinese economy maintained stable expansion in the first half of 2024 despite rising challenges from home and abroad which means that the country's gross domestic product (GDP) grew 5 percent year on year in the period to 61.68 trillion yuan (about $8.65 trillion dollars).

The report comes at a time when the Communist Party of China (CPC) has just concluded a third plenum with the theme of deepening reforms and opening up for the advancement of Chinese modernization.

At the same time, the International Monetary Fund (IMF) has also revised China's 2024 economic growth to be up to 5 percent, and in an update to its World Economic Outlook (WEO) from the 4.6 percent forecast in April.

These updates have provided a solid foundation for achieving China's anticipated economic targets within the current year, sending a strong signal for the international community that the stable and the long-term development trajectory of China's economy will not be changed. The message now is loud and clear that China has been resolutely advancing its reforms, heralding an era of positive results. China has aggressively intensified its economic activities both domestically and in interactions with other nations, by relaxing and even abolishing restrictive policies. This helps attract foreign investments that helps maintain the momentum of economic growth.
China has a conducive environment, capacity and commitment to foster economic activities domestically and globally with high-quality development and range.

With the start of this year, everyone has witnessed the rise in global geographic political conflicts while in this scenario the ratio of China's Gross Domestic Product (GDP) has performed well compared to economies like the US, Eurozone and Japan and China is still the stable and strong engine of global economic growth with its performance in H1.

China's economic progress is highlighting that the so-called Western theory of Chinese economic collapse has obviously failed while neither the American and EU tariffs, geographical punching, technological wars or trade conflicts have been able to block the high development progress of the country.

Western countries have followed the footsteps of the United States in imposing additional trade barriers against China which have scrutinized the EU's trade activities and it has painted a gloomy picture of the European economy as well.

While on the other side, China has maintained to stay as a strong force in the global economic system even during the challenging global economic situation.
Right now, international political camps and the global economy is de-globalized and international governance is facing intense divisions while humanity is facing a choice to choose which economic system to be aligned with.

China with its vibrant economic performance is pushing up the vision of globalization for building a shared future of mankind while other Western nations under the vision of Americanization are pushing up the theories of anti-globalization and isolationist approaches.

Starting from the US to NATO, they all consider China as their strategic rival, so in this situation, China does not need to prove its economic strength, but the actions of Western nations is proof of China's economic brilliance.

Following 45 years of reform and opening up, China has achieved such economic achievements that have attracted the attention of the international community. China's economy rose by 5.2 percent in 2023 that was far bigger than the other larger economies. China contributed one-third in global economic development. Business weekly Bloomberg have also predicted that China's economy will expand in the next 10 years and will become the single largest economy of the world while Financial Times have also highlighted that that China's economy will emerge as an important driving force of 21st century.

It is not difficult to understand that China carries a large operational market and complete industrial system while China's economy is resilient with tremendous capacity. China's government has the strong capacity to control and regulate performing economy and also carry a capacity to control the systematic risks and to further stabilize the economy by following various policy measures. Now China's economy is shifting from the phase of fastest development towards high-quality development and its economic model is continuously changing and upgrading for better economic results.

The new driving strength of development is on the rise with the new quality productive forces are in full swing. High-level opening up is expanding while the Chinese modernization is on the path of prosperity for the Chinese nation.
While keeping in view China's economic performance, Western manipulated theories about the Chinese economic collapse are not more than a failed trap, while Western psychological warfare cannot in any way stop the continuous development of the Chinese economy.

China enjoys the institutional advantages of a socialist market economic system while China's long-term economic development trend has never been changed. This all has enhanced the confidence and firm commitment of China that country's economic system will always be secured and strong against all headwinds.

The writer is editor China desk with Internews Pakistan and media fellow of China International Press and Communication Centre. The views don't necessarily reflect those of China Daily.

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