China shapes path to recovery, sustainable growth

NCC Vice-President, RAS ICCA Deputy Director  Pavel Kuznetsov has spoken about the Chinese economy in an exclusive interview with Xinhua.

“China has done a tremendous job and achieved great results by the end of 2023. Over the past year, the country transformed the post-Covid economy with a huge number of restrictions and shaped the path to economic recovery and sustainable growth,” he said in an exclusive interview with Xinhua.

“No doubt, China is a leader in global economic development. The Chinese GDP grew 5.2% to over 126 trillion yuan in 2023, Pavel Kuznetsov said.

In his words, contemporary China is a driver of the global economic development, its contribution to the global economic growth exceeds 30%, China confidently deals with the problems and challenges created by global turmoil and disruption of production and logistic chains, it actively develops high-tech industries, and increases the exports of high-tech products.

Much attention is given to the advancement of reforms, the development of agricultural regions, the increase in income, and the improvement of rural infrastructure.

“Poverty reduction is one of the biggest achievements. Perhaps, this is the most significant achievement of the Chinese leadership. China said three years ago it had solved the problem of extreme poverty. As we know, disposable personal income in rural areas exceeded 21,000 yuan last year, having growth 7%. This is a highly significant amount for hundreds of millions of people living in China,” the expert said.

It is especially important that the Chinese leadership continues to pursue a policy of openness to the world, works to improve investment climate, and strives to promote mutual benefit and a win-win policy.

“China demonstrates openness and is ready to develop economic cooperation even amid sanctions and trade wars,” the Russian expert said.

At the same time, the dual circulation policy of the Chinese leadership is working, and the focus on the domestic consumer market can eventually yield the GDP growth and domestic investment capital, Pavel Kuznetsov said.

“The dual circulation policy makes it possible to rely on one’s own strength and develop domestic production on the basis of internal resources under the harsh international circumstances,” he concluded.

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