Beijing: Covid -19 epidemic effects are still felt worldwide, and in many countries still have a long recovery road ahead of them.
Despite this, the most recent reports of global financial institutions suggest that China's economy is ready to expand faster than the rest of the world.
The news is important for the clutches of the Chinese economy and what it means for the future of the global economy.
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China faces the challenges of similar development to other countries, but thanks to its internal flexibility, the Chinese economy has been able to produce stability despite the global energy crisis and increasing global inflation.
Global development has been severely interrupted by unprecedented global conditions, including epidemic and prolonged conflict in Ukraine.
Epidemates have affected global supply chains and production, disrupted trade stability, and conflict in Ukraine has increased the energy crisis globally.
The ability to maintain low central bank rates for rising economic activity was interrupted by horizontal spread of inflation. However, China's institutional structure has effectively responded to the epidemic, allowing it to fully feel its ability to strong economic development.
In its light, the world economic status and possibilities of 2023 encourage the signs of Chinese development from the UN notes. It predicts that this year, the Chinese economy will expand 4.8 percent.
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Despite increasing global protectionism and increasing international economic uncertainty, China is stable in its commitment to economic openness.
Due to this dedication, the nation has experienced a record -breaking foreign trade, maintaining its position as the top goods merchant in the world for six years. Apart from commitment to the nation trade, it is a major partner in multilateral cooperation initiative.
At least 151 nations, who signed cooperation agreements with China, supported the belt and road initiative, which was proposed first ten years ago.
In addition, according to the most recent World Economic Outlook report of the International Monetary Fund, the Chinese economy will expand at the rate of 5.2%. Understanding the characteristics of the Chinese economy that keep it strong despite all obstacles.
The degree of integration with the sheer size and global economy of the Chinese economy is the most important factor. The expansion of the Chinese economy will hurry in the expansion of the world economy. According to NGOZI Okonjo-Iwela, Director General of China World Trade Organization, the world economy is the main driver of development.
The implementation of RCEP has resulted in a significant increase in trade between China and other RCEP economies during the previous year.
The combined amount of imports and exports increased by 12.95 trillion yuan ($ 1.9 trillion), 7.5% from the previous year. The growth of dual -digit in imports and exports between China and other eight RCEP members is particularly notable and has a significant impact on the economic growth and stability of the region.
Other factors are also contributing to China's development in combination. A large domestic market, a large pool of highly efficient labor, low production costs, infrastructure and focus on technology investment, favorable government policies, and a growing medium -income groups are some of these factors.
In addition, the country is protected from the influences of economic recession in other countries, which is an important trading nation in the global economy and by integration by its adequate foreign exchange reserves.
However, the expansion of the Chinese economy has not been immune for the effects of economic crises and has faced significant difficulties, including a decline in exports, fall in investment, and low production during epidemic. However, the path of global economic reform will probably be protected by China's economic reform.
China is ready to work with the rest of the world to promote development and fight inflation. The purpose of China's proposed global development initiative is to keep interstate relations at the center of the global development agenda.
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China is ready to work as a source of assurance and strength to the global economy as it increases multilateralism and adopts people-focused philosophy.