Beijing: In 2024, China’s economy demonstrated resilience and adaptability, maintaining its growth momentum and achieving a year-on-year growth of 5.0 percent at constant prices despite domestic challenges and a complex global landscape.
According to Namibia Press Agency, the Chinese government has implemented numerous policy measures to balance short-term support for domestic demand with long-term financial stability goals, yielding positive outcomes. Significant growth was observed in key economic indicators, including industrial output, while progress was made in stabilizing the real estate market.
Through targeted reforms, fiscal support, strengthened trade relations, advancements in innovation, and strategic economic initiatives, China bolstered domestic confidence. These developments underscore the resilience and recovery of China’s economy, reinforcing its stability and growth trajectory. Moreover, in 2024, China accounted for nearly 30 percent of global economic growth. This contribution reaffirms China’s status as a leading economy and highlights its critical role in advancing international trade, fostering investment, and driving technological innovation globally.
China’s sustained growth generates ripple effects across multiple sectors, including manufacturing, technology, and services. Its strong economic performance stabilizes global markets, creates demand for other countries’ exports, and aids the economic recovery of regions most affected by the pandemic. This underscores China’s significance as a driving force in the global economic landscape.
China’s import growth in 2024 provided significant support to many developing countries. By granting zero-tariff treatment to 100 percent of tax lines for all least-developed countries with diplomatic ties to China, China demonstrated its commitment to fostering global economic development and acting as a responsible economic partner.
A major driver of China’s foreign trade continues to be the Global South, particularly countries involved in infrastructure projects under the Belt and Road Initiative (BRI). In a significant milestone, BRI-participating countries accounted for over 50 percent of China’s total foreign trade value for the first time in 2024, reaching 50.3 percent. This underscores the growing importance of the BRI in strengthening trade ties and economic cooperation between China and developing countries, further solidifying China’s role in global trade and infrastructure development.
China is actively expanding its trade with the Global South, creating a mutually beneficial and win-win situation. On exports to the United States, China remains a cost-effective source for many products imported by the United States, benefiting U.S. consumers by lowering costs and providing cheaper components for U.S. manufacturing and export industries.
China is diversifying its export portfolio by focusing on high-tech products, including electric vehicles, 3D printers, and industrial robots. This shift highlights China’s transition from a manufacturer of low-cost goods to a global leader in advanced technology and innovation.
The global significance of China’s economic performance is undeniable. Amid rising protectionism, trade tensions, and geopolitical challenges, concerns about the future of globalization are growing. However, free trade remains a cornerstone of a competitive economy, as it fuels prosperity, generates socioeconomic benefits, and drives job creation.
The United States and Europe should focus on fostering healthy competition with China rather than relying on protectionist strategies that may hinder innovation and economic progress. By prioritizing open markets, strategic partnerships, and innovation-driven policies, they can create sustainable economic opportunities that benefit businesses and citizens alike.