Asian Development Bank claimed that China will remain the largest growth engine for the world economy in spite of its slowdown in GDP.
“China is obviously going to still be important for some time to come. They still account for nearly half of GDP in Asia Pacific,” ADB’s chief economist Albert Park said in a press conference for the bank’s Asian Development Outlook report.
“Although growth is moderating, and we are expecting it to continue moderating in the coming years… it’s likely to contribute the most growth of any economy in the world to global growth,” said Park.
ADB forecasts China to post annual GDP growth of 4.8% in 2024, lower than the government’s target of “around 5%.” China’s economy expanded 5.2% in 2023, matching the official target of around 5%.
China currently accounts for 18% and 48% of global and Asian GDP, respectively, based on purchasing power parities exchange rates, a metric used by the ADB, World Bank and International Monetary Fund.
Fourteenth five-year plan, the Chinese official economic plan for 2021-2035 clearly highlighted that they will further more open their county to the foreign investments and loose the tightness in some regulations which discourage the investors to come in to their land. Also through the project of One Road One Belt, which reminds the old story of Seda Mawatha, which kept as a norm of the economy hub in world, tries to gather the economies with low and middle GDP countries round China and initiate a sustainable corporate development. This honestly will help China to remain as the economy giant further more.
Attention towards making semiconductors in China has played an immense role behind bringing China as the most influencer for the world economy. When comparing to the Taiwan and South Korea, China was little bit behind the game of acquiring the semiconductor market, but consistent and leverages of R&D towards semiconductors development now have made a good opportunity to China attract the investors to their county.
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