China has released a series of positive economic indicators, including strong exports, a new monthly high in foreign trade, improved social financing data, and a rebounding consumer situation. These indicators signal that China’s economy is withstanding external pressure and is on a path to sustained recovery, backed by supportive policy measures.
The anticipated growth in China’s economy is expected to provide a significant boost to the global economy, which has been facing downward pressure and restrictive trade policies from some Western economies. Upcoming events like the Belt and Road Forum for International Cooperation, the Canton Fair, the China International Import Expo, and the China International Supply Chain Expo present opportunities for the world to participate in China’s growth.
Chinese experts believe that policy measures, along with improving endogenous growth drivers, will help China reach its annual GDP growth target of about 5 percent in 2023. Chinese Premier Li Qiang chaired a symposium with experts and entrepreneurs, emphasizing the importance of maintaining confidence and seeking stability while focusing on high-quality economic development.
China’s trade data for September showed month-on-month growth for a second consecutive month, with trade volume reaching a new monthly high for the year. Exports rose 0.6 percent year-on-year, while imports fell 1.2 percent year-on-year.
Chinese exporters are optimistic about the trade situation, reporting that the market is showing positive changes and that exports increased significantly in recent months. Emerging markets are expected to dominate exports.
An improved domestic economic performance, with a rise in the domestic PMI index, accelerated growth in industrial added value, and robust retail sales, contributes to China’s economic stability. China’s consumer price index (CPI) remained flat on a yearly basis in September but rose 0.2 percent compared to the previous month, reflecting recovering consumption. The producer price index showed the smallest drop in seven months. Chinese banks issued a significant amount of new yuan loans in September, indicating the effectiveness of policy stimulus.
Experts believe that China’s economy is stabilizing and recovering despite ongoing challenges, and this recovery could support China in achieving its annual economic growth target of 5 percent. The positive economic indicators from China signal resilience and potential global economic growth contributions amid a challenging global environment.
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