China Anticipates 5% Growth, Surpassing World Bank, IMF Forecasts

The Chinese government's work report for 2024 sets an ambitious 5% economic growth target, surpassing not only previous forecasts by the IMF and World Bank but also the projected growth rates for the United States and Europe. Chinese Ambassador to Cairo, Liao Liqiang, highlighted this target as a robust indicator of developmental optimism.

During a press conference on Sunday, Liqiang emphasized the positive implications of this target. The IMF's representative in China concurs, predicting that China's economy will account for a third of the global economic expansion in 2024. The British Economist Intelligence Unit foresees a strengthening of China's economic fundamentals in the year ahead. Similarly, the American Center for Strategic and International Studies acknowledges China's formidable export presence in electric car batteries, electronics, metals, and other industries with strong international competitiveness.

Liqiang noted that China's GDP has soared to a record ¥126 trillion, marking a 5.2% increase and placing it among the top-performing major global economies. The country has also celebrated two decades of abundant grain production, consistently exceeding 650 billion kg for the past nine years. Moreover, for the first time, China's automobile exports have outpaced Japan's, securing the top spot worldwide.

The ambassador underscored China's role in invigorating the global economy through its innovative prowess. The widespread adoption of Chinese fifth-generation technologies is bolstering communication and internet capabilities across numerous countries.

China's dominance in the production of computers, laptops, and phones supports the ongoing evolution of the information industry and the digital economy globally.

Additionally, Liqiang pointed out that China has emerged as the world's largest robotics market. In 2022, sales of industrial robots in China reached 290,000 units, claiming 52.5% of the global market share-a stark contrast to Japan's 50,000 units and second-place ranking.

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