China's growth spurs optimism

China

China's commitment to fostering new quality productive forces and promoting high-quality development is set to provide investors with significant market opportunities and growth prospects amid rising global economic uncertainties, senior officials and executives said on Sunday at the opening of the China Development Forum 2024 in Beijing.

According to China Daily, China's economy - shortly after announcing its 5 percent growth target for the year - has embarked on a positive trajectory. This can be attributed to effective macroeconomic policies, stable production growth, and sustained recovery in demand. Zheng Shanjie, Head of the National Development and Reform Commission, emphasised that China's cultivation of new high-quality productive forces not only promotes its own economic growth but also injects momentum into global economic recovery and expansion.

Kristalina Georgieva, Managing Director of International Monetary Fund, noted that China is at the forefront of emerging economies in terms of artificial intelligence preparedness, with its well-developed digital infrastructure providing a head start. She added that establishing a robust AI regulatory framework and strengthening economic ties with other innovative countries will help China maintain its position as a key contributor to global economic growth in the medium term.

Finance Minister Lan Fo'an stated that China will reinforce fiscal policies to drive industrial upgrades, foster the growth of emerging industries, and cultivate future sectors. The government aims to shape new drivers and advantages for sustainable economic growth by adopting a region-specific approach to forging new quality productive forces.