Positive changes in China’s economy boost foreign companies’ confidence in “integration”

Many foreign investors see China’s recent expansionary package as a “catalyst” that will propel the Chinese economy to new heights. National economic data for the first three quarters of 2024 published by the Chinese government on Friday confirms the optimistic expectations of the outside world.

According to preliminary calculations, China’s gross domestic product reached RMB 94.97 trillion yuan in the first three quarters, up 4.8 percent year-on-year at constant prices. From the four market indicators of growth, employment, inflation and balance of international payments, China’s economy remained stable. In addition, sales in the Chinese market continued to grow, with total sales of consumer goods increasing by 3.3 percent year-on-year.

For foreign companies, China is not only a “big market” but also a platform for innovation. In the first three quarters of 2024, the growth rate of China’s high-tech manufacturing industry was higher year on year, and the production and consumption of wind power, nuclear energy and photovoltaic power generation also maintained rapid growth. According to this year’s report by the World Intellectual Property Organization, China rose one place in the innovation index ranking to take the 11th position.

In addition, stable prospects encourage foreign companies to “stay in China” in the long term. This is based on both growth and openness. Since the beginning of this year, there has been a new wave of opening policy, including an increase in the important change of macro policies, the expansion of effective home demand, the increase of support for enterprises, the promotion of the stability of the real estate market and the strengthening capital market. .

The 136th Canton Fair is currently being held in Guangzhou, with several record breaking events. The seventh China International Import Fair (CIIE) will open in two weeks. With the accelerated implementation of a series of opening measures of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, new opportunities will continue to open up for foreign companies to deeply integrate into China.

The current external environment is complex and the situation is dire. The foundation for China’s economic recovery and development has yet to be consolidated, but the long-term foundations for development have not changed. China is confident of achieving its expected growth target of around five percent. In this process, the world also wins together with China.