MKsports South China's Guangxi Zhuang Autonomous Region on June 26, 2024. China's foreign trade in the first five months of 2024 recorded a yearly increase of 6.3 percent amid the country's steady economic recovery. Photo: cnsphoto" src="https://www.globaltimes.cn/Portals/0/attachment/2024/2024-12-11/a08de5f8-0b36-40ea-8202-63c92a0ae22c.jpeg" />

Trucks shuttle back and forth in a container terminal in Wuzhou, South China's Guangxi Zhuang Autonomous Region on June 26, 2024. China's foreign trade in the first five months of 2024 recorded a yearly increase of 6.3 percent amid the country's steady economic recovery. Photo: cnsphoto

China's economic fundamentals are stable, with many advantages, strong resilience and great potential, despite changes in internal and external environments and some challenges in economic operations, said Liu Jieyi, spokesperson for the third session of the 14th Chinese People's Political Consultative Conference (CPPCC) National Committee, China's top political advisory body, at a press conference on the session on Monday, one day before its annual session.

The remarks were made in response to a media question regarding views on the country's economy, with some claiming that the foundation for China's economic recovery is not yet solid. 

Commenting on China's economic prospects, Liu said that while the internal and external environments are undergoing profound and complex changes, and China's economic operation faces some difficulties and challenges, it is also important to recognize that China's economic fundamentals are stable, with many advantages, strong resilience and great potential.

The conditions supporting long-term positive growth and the fundamental trend for improvement remain unchanged, Liu further noted.

The spokesperson for the 14th CPPCC National Committee's third session provided examples, stating that China has significant institutional advantages and the advantage of a super-large market, with the potential for new types of consumption being rapidly unleashed, among other advantages. Also, the country has the advantage of a comprehensive and well-integrated industrial system, and the nation's manufacturing sector has ranked first in the world for 15 consecutive years, he said.

In addition to traditional sectors, Liu stated that new industries and business models are emerging rapidly in China, with intelligent manufacturing and smart products being two highlight sectors. Green productivity is also thriving, with China's wind power, photovoltaics and new-energy vehicles leading the world, he said. 

"China, with its world-leading and most comprehensive industrial chain, is undergoing transformation and upgrading, particularly in green and intelligent development... These developments are generating strong momentum for economic growth, adding certainties to the world economic recovery," Hu Qimu, deputy secretary-general of the digital-real economies integration Forum 50, told the Global Times on Monday.

Contrary to forecasts of a slowdown by some Western naysayers, the Chinese economy was well-positioned last year to sustain its recovery and maintain steady growth. In 2024, China's GDP reached a record 134.91 trillion yuan ($18.81 trillion), marking a 5-percent year-on-year increase, meeting the annual growth target of around 5 percent, data released by the National Bureau of Statistics revealed. 

At the upcoming national two sessions, the annual meetings of China's national legislature and top political advisory body, in Beijing, China will unveil its annual GDP growth target for 2025 and policy arrangements for high-quality development, the Xinhua News Agency reported.

During the two sessions, measures to expand domestic demand and promote sci-tech innovation and high-standard opening-up are expected to be outlined, according to the Xinhua report.

"High-quality development is the unyielding principle of the new era… The CPPCC National Committee will adhere to the high-level performance of its duties to serve high-quality development, contributing its strength to the writing of a new chapter for Chinese modernization," said Liu.