By Aidoghie Paulinus
Recently, the international community has been highly concerned about the development of the Chinese economy. Many international institutions, media outlets, and think-tanks have published reports or commentary analyzing the economic situation in China. Among these analyses, there are both rational and objective voices, as well as narratives that paint a negative picture of the Chinese economy such as “the end of the rise,” “foreign capital flight,” and “Structural Problems”.
However, the “China economic collapse theory” has long been proven to be a subjective assumption, and the resurgence of such views is driven more by political considerations than economic reality. So, what is the trend of China’s economy?
Economic data shows China’s Economy goes on steady trajectory to further growth.
As of 2023, China achieved a Gross Domestic Product (GDP) exceeding 126 trillion yuan, a year-on-year growth of 5.2 percent. Compared to the growth rate in developed economies, 5.2 percent growth rate is impressive. Urban employment has increased by 12.44 million, and the consumer price index has risen by 0.2 percent , maintaining a mild upward trend.
The total import and export of goods reached 41.8 trillion yuan, and foreign exchange reserves exceeded 3.2 trillion US dollars by the end of the year.