As the global economy braces for another year of uncertainty, the spotlight at this year's World Economic Forum (WEF) in Davos, Switzerland, shines brightly on the Chinese economy. Experts agree that China's growth is pivotal for global stability.
Mina Al-Oraibi, editor in chief of The National, emphasized to CGTN, \"The Chinese economy is hugely important and continues to be important. The world economy needs China to be steady and to grow.\" Her sentiments echo the concerns of many who see China as a cornerstone of global economic health.
According to the National Bureau of Statistics, China's GDP grew by 5 percent year on year in 2024, highlighting its resilience and massive market potential. The World Trade Organization also recognizes China's significant purchasing power, making it a key player in global markets.
However, challenges remain. Zhu Min, a member of the senior expert Advisory Committee under China Center for International Economic Exchanges, noted at Davos that the traditional growth drivers—such as infrastructure, exports, and real estate—are showing signs of slowing. In response, China is pivoting towards new growth engines like domestic consumption, advanced manufacturing, and green transformation.
Zhu highlighted the critical role of manufacturing, stating, \"Manufacturing is the key competitiveness of China's economy.\" The Ministry of Industry and Information Technology confirmed that China's manufacturing sector maintained its position as the world's largest for the 15th consecutive year in 2024.
Global leaders recognize the importance of China's manufacturing prowess. Michael Suss, executive chairman of Oerlikon, shared in an exclusive interview with CGTN, \"China is the manufacturing house of the world. We have to stay in good cooperation because China is a supplier to a lot of markets. If China is not producing, these markets have an issue because the goods are not coming.\"
Zhu concluded with a forward-looking vision: \"In the next 20 years, we will make sure made-in-China means cheap, good and high technology.\" This commitment underscores China's dedication to evolving its economic landscape to meet future global demands.
Reference(s):
cgtn.com
