2024 is predicted to provide China an economic advantage

According to a research released on Friday, China will remain a major economic force in the world economy this year because to its successful growth-stabilizing policies. The study, which was published by the Chongyang Institute for Financial Studies at Renmin University of China, highlighted China’s persistent optimism regarding its long-term positive development as well as its country’s resilient economy. It stated that 2024 will be a turning point in the country’s transition to high-caliber development. The analysis estimates that China’s GDP growth in 2024 will be approximately 5%, higher than that of industrialized nations, and nearly matches the updated expectations of the International Monetary Fund. According to the IMF’s prediction, China’s economy would rise by 4.6 percent in 2024.

 

According to Zhao Xijun, co-president of the Renmin University of China’s China Capital Market Research Institute, “economic development will continue in a gradual recovery in 2024. With 5.2 percent economic growth in 2023, the nation laid the foundation for further advancement in 2024.” China’s GDP grew by 5.2% in 2023 to surpass 126 trillion yuan ($17.6 trillion), according to the National Bureau of Statistics. Compared to 2022, this growth rate is 2.2 percentage points faster.

 

Speaking on the recent swings in the stock market, Zhao stated: “Instead of a dramatic recovery, China’s economy last year was defined by a wave-like development process. As a result, there was a discrepancy with investors’ expectations, which undermined their faith in the stock market. Furthermore, throughout the current economic recovery, investors have not been immediately informed of beneficial macro-level policy developments, which has affected their assessment.” A number of initiatives have been put forth to strengthen the economy even further in 2024. According to Zhao, this can raise investor confidence and expectations.

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