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BEIJING, June 28, 2023 /PRNewswire-AsiaNet/ --

A report released by the United Nations in May raised this year's economic

growth projections for China to 5.3 percent from 4.8 percent predicted at the

beginning of the year.

According to the World Bank, China's economy is expected to grow by 5.6 percent

in 2023, an increase of 1.3 percent from the January projection.

China's economy has continued to rebound and improve since the beginning of

this year.

"China has been the power source of the steady growth of the world economy in

the past decade," Chinese Premier Li Qiang said at the opening ceremony of the

Summer Davos Forum in north China's Tianjin Municipality on Tuesday.

Highlighting that China's economy is deeply integrated with the world economy,

Li said China develops itself in globalization and becomes the firmest force of

maintaining globalization.

China's economic vitality

The better-than-expected performance of China's economic data has strongly

boosted the confidence of the international market.

In the first five months of this year, China's total import and export value

was 16.77 trillion yuan (around $2.32 trillion), a year-on-year increase of 4.7

percent. Among them, exports were 9.62 trillion yuan, an increase of 8.1

percent and imports were 7.15 trillion yuan, an increase of 0.5 percent,

according to the General Administration of Customs.

With the connectivity of regional economic exchanges, China's imports and

exports to other members of the Regional Comprehensive Economic Partnership

(RCEP) agreement grew steadily in the first five months of 2023, reaching 5.11

trillion yuan, a year-on-year increase of 4.5 percent.

"The Chinese economy still has huge potential," World Economic Forum President

Borge Brende told CGTN.

China is expected to achieve this year's economic growth target of around 5

percent, with the growth in the second quarter to surpass that in the first

quarter, Li said at the forum.

He highlighted that China will continue to provide strong dynamism to the

world's economic recovery and growth, and provide opportunities for mutual

benefit and win-win results for world investors.

Recently, executives from many multinational corporations such as Apple, Tesla

and BMW visited China to negotiate cooperation and look for business

opportunities, showing confidence in China.

As Allianz Group's Chairman and CEO Oliver Bate said when attending China

Development Forum in March, the international community needs China more than

ever.

China is acting on the new development philosophy, fostering a new development

paradigm at a faster pace, and working hard to achieve high-quality

development, the premier said.

Driving world economic growth

The continuously optimized business environment is a key factor for China to

continue to become a hot spot for foreign investment.

According to a report released by the China Council for the Promotion of

International Trade, 97 percent of the interviewed foreign companies rated the

foreign investment policies issued by the Chinese government since the fourth

quarter of last year as "satisfactory" or above.

Satisfaction with indicators such as obtaining financial services, resolving

commercial disputes and market access exceeded 80 percent.

Moreover, Tesla has announced that it will increase investment in China and

build a new mega factory in Shanghai, which will be dedicated to manufacturing

the company's energy-storage product Megapack.

France's Airbus announced to build a second production line in Tianjin. In

April, German's Volkswagen announced that it will invest 1 billion euros in

China to build a center for innovation, component procurement and research and

development of electric vehicles.

China stands ready to unswervingly uphold the market economy and support free

trade to steer the world economy toward a more inclusive, resilient and

sustainable future, the premier said.

Calling on the international community to firmly oppose the politicization of

economic and trade issues and jointly maintain the stability and unimpeded flow

of global industrial and supply chains, Li hoped the fruits of economic

globalization can benefit different countries and people in a more equitable

manner.

https://news.cgtn.com/news/2023-06-27/Premier-Li-China-will-continue-to-drive-global-economic-growth--1kYiF2MFgcw/index.html

SOURCE  CGTN