HEADS OF the World Trade Organization (WTO), the United Nations Conference on Trade and Development (UNCTAD), the International Trade Center (ITC) and other international organizations headquartered in Geneva, Switzerland, have expressed their optimism about China's economic fundamentals and China's economic development trajectory in recent interviews with Xinhua.
Recovering
economy
UNCTAD Secretary-General Rebeca Grynspan said that China's
contribution to global economic growth is higher than those of other major
economies.
China's economic growth has been built on advantages in
industrial production, infrastructure, logistics and technology, which means
that China plays an important role in global trade and value chains, and with
the successful completion of structural adjustments in the economy, industries
and trade, the Chinese economy will continue to grow in the future, Grynspan
said.
Optimistic about China's economic prospects, Pamela
Coke-Hamilton, executive director of the ITC, said that China has a huge
consumer market of 1.4 billion people, and from the economic data released by
the National Bureau of Statistics of China in the first three quarters of 2023,
China's consumer demand has begun to pick up, which will stimulate the
sustained growth of economy and trade.
China's research and development and investment in new
technologies and industries continue, and economic transformation will bring
sustained growth, and meanwhile, China continues to open up and embrace
economic globalization, she said.
WTO Director-General Ngozi Okonjo-Iweala said that China's
opening-up, new development pattern and domestic consumption will help promote
sustained economic recovery.
Transformation
China's leading position in many cutting-edge areas such as
battery technology, artificial intelligence and electric vehicles, as well as
the ongoing transformation and upgrade of the Chinese economy all point to
continued growth in the future, Grynspan said, viewing the Chinese government's
efforts to boost domestic demand as crucial to promoting accelerated economic
growth.
The global trade structure is currently being shaped, with
trade in goods declining and trade in services, especially those related to the
digital economy, growing, she said.
China's economy is in the process of transforming itself into
one driven by consumer demand, led by the service sector and enabled by
technology, Grynspan said, adding that at the same time, China will remain the
world's leading exporter of goods and services.
China's industrial structure has changed significantly, with
explosive growth registered in the industry of electric vehicles, said
Coke-Hamilton.
China ranks among the top exporters of electric vehicles in
the world, generating new opportunities for China and global economic
development, Coke-Hamilton said, voicing hope that small and medium-sized
enterprises (SMEs) in developing countries can participate in this process and
share the benefits.
Global
trade growth
Earlier in November, Grynspan visited China and attended the
sixth China International Import Expo (CIIE). She believed that the expo has
created valuable opportunities for foreign enterprises, particularly SMEs from
developing countries, to enter the Chinese market.
SMEs account for 90 percent of the global business landscape,
provide 60-70 percent of jobs and produce 50 percent of the world's GDP, she
said, referring to it as vital for SMEs to be able to benefit from China's
growth, trade and market dynamics.
Coke-Hamilton also attended the sixth CIIE. She believed that
the CIIE has played a great role in helping enterprises from the least
developed countries enter the Chinese market, deeming the expo as an
"important opportunity" for the world, especially developing
countries.
Since 2008, China has become the main export destination for
the least developed countries, receiving more than a quarter of their exports,
which is "quite a large proportion," she said.
In Coke-Hamilton's view, one of the most important ways to
achieve the UN Sustainable Development Goals is to promote sustained export
growth in the least developed countries, which is conducive to their economic
and social development. "The CIIE is actually part of the solution,"
she said.
Okonjo-Iweala said that as the world's second-largest economy,
China plays a pivotal role in international trade. China's good trade
performance, she said, will help promote the economic and trade development of
other countries and regions, especially developing economies. (Xinhua)
