His Excellency LU Kun, the Chinese Ambassador to Ghana has shed light on the remarkable achievements of China’s economy amidst global uncertainties. The ambassador emphasized China’s commitment to high-quality development and debunked recent concerns raised by some foreign media outlets.
Ambassador LU Kun noted that China’s economy has been on a continuous upward trajectory, contributing more than 30% to global growth on average. He highlighted several key economic indicators showcasing China’s robust performance.
“China has made great efforts to promote high-quality development. China contributes more than 30% to global growth on average, with its per capita GDP exceeding 12,000 dollars. China adheres to the philosophy of people-centered development, creating 13 million new urban jobs on average each year and a middle-income group of over 400 million people,” he stated.
He also stressed that China has ramped up its efforts in science and technology, with the second-highest nationwide R&D spending globally. The recent release of HUAWEI’s Mate 60pro exemplifies China’s technological prowess.
Ambassador LU Kun acknowledged that, like many other countries, China has faced headwinds recently. However, he underscored that these challenges have been overstated in some foreign media reports. Notable achievements in the first half of 2023 including China’s GDP grew by 5.5%, outpacing most major economies.
“From January to July, retail sales of services increased by 20.3% year-on-year, the added value of major industrial enterprises increased by 3.8% year-on-year. One of the highlights in the first half of 2023 is the rebound in consumption, which contributed 77.2% of the growth. China continues to take up about 14% of the global export market. In the first half of this year, the import and export of goods increased by 2.1% year-on-year,” he explained.
“China’s automobile export surpassed Japan, ranking first in the world, and China has become the world’s largest automobile producer, consumer and exporter. Per capita disposable income rose by 5.8% in real terms, while the consumer price index (CPI) rose by 0.5% year-on-year in the first seven months. China’s renewable energy generation capacity has overtaken its coal-power capacity,” he added.
Moreover, China’s renewable energy capacity has surpassed coal power capacity, with leading positions in wind and solar power installations.
In contrast to global trends, overseas investment in China continues to surge. Notably, France, Britain, Japan, and Germany increased their investments in China significantly in the first half of 2023. Moreover, China saw the establishment of 24,000 new foreign firms during this period.
Ambassador LU Kun cited British economist John Ross’s findings, indicating that China’s economy has consistently outperformed major economies. While challenges persist globally, China’s growth remains robust. The World Bank, OECD, and IMF all project continued growth for China in 2023.
The ambassador urged the international community to dispel misconceptions about China’s economic performance, emphasizing that China’s economy continues to grow steadily. He cited BCA Research, which revealed that China contributed over 40% of global growth over the past decade.
Ambassador LU Kun further stressed the importance of global cooperation in the face of unprecedented challenges. He advocated for building connections, trust and prioritizing development for the Global South. In these trying times, the ambassador called for a united effort to create a shared future for mankind.
