In a recent discussion with CGTN, Li Daokui, the director of the Academic Center for Chinese Economic Practice and Thinking at Tsinghua University, shared an optimistic outlook for the Chinese mainland's economy. Contrary to beliefs that China may soon reach its economic peak, Li highlighted the country's strong economic fundamentals that continue to drive growth.
One of the key factors contributing to this positive forecast is China's impressive savings rate of 45 percent, which provides a substantial pool of capital ready for investment. This high savings rate is a catalyst for sustained economic development and infrastructure projects.
Moreover, Li emphasized the critical role of China's extensive research and development (R&D) capabilities. With the largest R&D workforce in the world, the Chinese mainland is at the forefront of technological innovation and advancement. This robust investment in R&D not only fuels domestic growth but also enhances China's competitive edge in the global market.
Additionally, the unparalleled size of China’s consumer market offers immense opportunities for businesses and investors alike. The vast and growing middle class continues to drive demand for a wide range of goods and services, further bolstering economic resilience.
Taking all these factors into account, Li Daokui projects that China's GDP growth rate will remain strong, estimating it to be between 5.7 to 5.8 percent in 2024. This outlook underscores the Chinese mainland's potential to maintain its position as a leading global economy in the coming years.
Reference(s):
cgtn.com
