In the face of a global economic slowdown projected by the International Monetary Fund (IMF) to grow by 3.2% in 2024—slightly down from 3.3% in 2023 and beneath pre-pandemic levels—China remains a beacon of stability, driven by robust domestic demand.
While escalating regional conflicts, persistent trade tensions, and mounting debt challenges weigh on many economies, China's focus on internal consumption has become a pivotal factor in sustaining its economic growth. This strategic emphasis not only cushions the nation against external shocks but also paves the way for a more resilient and self-reliant economy.
Experts from the Research Center for Regional Coordinated Development at Zhejiang University note that China's ability to leverage domestic demand is crucial in navigating the complexities of the current global economic landscape. As nations grapple with uncertainties, China's internal market continues to play a significant role in maintaining global economic balance.
Reference(s):
cgtn.com
