2024-03-11 04:12:09
Elias Jabbour, associate professor at the Faculty of Economic Sciences of the State University of Rio de Janeiro and chief consultant to the New Development Bank, in an interview with KMG discussed the potential of China’s future economic development, Radio China reported.
“According to Western media and academic journals, China’s economy appears to be going through a huge crisis. However, this is far from reality. We see that China achieved economic growth of 5.2%, much higher than that of other major world economies.
Most interestingly, since 2020, China’s economic performance has consistently been above the level needed to achieve the country’s overall development goals by 2035, which it has set for itself in multiple areas. This means that China can achieve the level of development desired by the country’s leadership ahead of schedule.
China strives for “high quality growth”. This means expanding public services, such as improving rail transport, increasing investment in the new industrial revolution based on renewable energy and accelerating urbanization, and much more. As a result of the efforts of the central government and local governments, citizens now enjoy the convenience of modern hospitals, schools and smart cities.
All these new engines of growth are based on what Chinese leader Xi Jinping has called “new qualitative productive forces”, i.e. economic development based on new technologies in all areas of society.
That is why I am convinced that the Chinese economy will be able to maintain a growth rate in line with its and the world’s development needs and that in 2024 we will also witness the consolidation and confirmation of growth dynamics based on the so-called “new qualitative productive forces’.