Againstthedownwardpressureontheworldeconomy,Chinaisisbuckingthetrendandgainingsteam,demonstratingthestrongresilienceastheworld’ssecondlargesteconomy.China’sGDPisexpectedtogrowataround5%in2023,aratehigherthantheexpectedgrowthoftheworldeconomyandthatofemergingmarketsanddevelopingcountries.StronggrowthoftheChineseeconomywillprovidegreaterimpetustotheeconomicrecoveryoftheworld.AworldeconomyinurgentneedofnewdynamismTheglobaleconomyiscurrentlyexperiencingaconfluenceofshort-termproblemsandlong-termchallenges.Somedeep-rootedcontradictionsandstructuralissuesarecomingtotheforeatanacceleratedpace,andunfavorablefactorsareincreasingcomparedwiththepast.Intheshortterm,unilateralismandprotectionismareapparentlyontherise,thenegativespillovereffectsofmonetarytighteninginmajoradvancedeconomiesarebecomingmorepronounced,energyandfoodshortagesarenotresolved,geopoliticalconflictssuchastheUkrainecrisisarestillongoing,andmajornaturaldisastersareoccurringmorefrequently,bringingtheglobaleconomyintoamoreunstableanduncertainsituation.Inthemediumtolongterm,technologicalprogressstillfallsshortindrivingeconomicgrowth,theinstitutionaldividendofbynewroundofreformsinmanycountriesisstillquitelimited,andpopulationageingandlowfertilityrateinsomecountrieshavebecomeanalarmingtrend–theglobaleconomyfacesmanyconstraintsgoingforward.Lookingaheadto2023,globaleconomicgrowthwillcontinuethedownwardtrendin2022,andsomecountriesandregionsmayevenexperiencerecessionsofvaryingdegrees.InJanuary,theInternationalMonetaryFund(IMF)forecastedthattheglobaleconomywouldgrowby2.9%in2023,contractingby0.5percentagepointontopofthe2.8%declineineconomicgrowthofthepreviousyear.TheIMFhaswarnedthattheeconomiesofcountriesaccountingformorethanathirdofglobaloutputcouldcontractin2023.Theglobaleconomicrecoveryurgentlyneedsaboost.Chinahaslongbeentheworld’stopcontributortoeconomicgrowthbecauseitisasizabledevelopingnationwithalongrecordofeconomicexpansion.China’saveragecontributiontoglobaleconomicgrowthbetween2013and2021reached38.6%,12.9percentagepointshigherthanthatoftheGroupofSeven(G7)countriesputtogether,accordingtoaWorldBankreportfromOctober.TheworldurgentlyneedsChinatodriveinteractionsbetweeneconomiesandturnaroundthedownwardpressureastheglobalpowerhouseofgrowth.China’seconomicdynamismcontinuestogrowFollowingtheoutbreakoftheCovid-19pandemic,Chinahascoordinatedcontainmentmeasureswitheconomicdevelopment,minimizedtheimpactofCovidonlivelihoodswhileensuredthesmoothandorderlyoperationoftheeconomy.ByconstantlyoptimizingitsCovidmeasures,China’seconomicandsocialorderhasrestoredatanacceleratedpacewithever-growingdynamismandgrowthmomentums.China’sNationalBureauofStatisticsshowedthatitseconomygrewby3.0%in2022comparedtothepreviousyear,withaGDPexceedingRMB121trillionandpercapitaGDPhittingRMB85,698.Meanwhile,percapitadisposableincomeofChineseresidentsreachedRMB36,883,anominalgrowthof5.0%comparedtothepreviousyear.China’shigh-qualityeconomicdevelopmenthasbecomemoresolidwithamorepromisingprospect.Entering2023,thankstoapackageofpolicymeasures,China’seconomyispickingupwithgrowingmarketconfidenceandstrongsignsofrecovery,whichhighlightedtheendogenousresilienceoftheChineseeconomy.China’sNationalBureauofStatisticsshowedthatinFebruary2023,PMIreboundedbeyondexpectationsto52.6%,thehighestlevelsinceApril2012;thenon-manufacturingbusinessactivityindexandthecomprehensivePMIoutputindexreached56.3%and56.4%respectively.Allthreeindicatorshavebeenintheexpansionaryrangefortwoconsecutivemonthsandexceededmarketexpectations,showingthattheChineseeconomyispickingupacrosstheboard.Withregardstomarketexpectations,theproductionandoperationactivityexpectationindexwas57.5%inFebruary,up1.9percentagepointsfromthepreviousmonth,andreachinganewhighinthepast12months,andall21industriessurveyedareintheboomingrange.Thisindicatesthatthetriplepressureofcontractingdemand,supplyshocksandweakeningexpectationsinChina’seconomyhasimprovedsignificantly,andbusinessconfidencehascontinueditsrisingtrend.In2023,thesepolicieswillbecontinuedwithtargetedfocusandgreatersynergy.Theproactivefiscalpolicywillbemoreeffective,andtheprudentmonetarypolicywillbecomemoreprecise.Industrialpolicieswillfocusequallyondevelopmentandsecurity;policyonthesci-techsectorwillaimatgreaterindependenceandresilience.Socialpolicieswillholdthebottomlineoflivelihoodandbepositionedtowardsformingasynergyofhigh-qualitydevelopment.Chinawillalsoexpanddomesticdemand,acceleratetheconstructionofamodernindustrialsystem,supportbothSOEsandtheprivatesector,attractandutilizeforeigninvestmentwithgreatervigor,mitigatemajoreconomicandfinancialrisks,stabilizefoodproductionandpromoteruralrevitalization,seekagreentransformationofthedevelopmentapproach,andimprovebasiclivelihoodsandupgradesocialservices,andconstantlycultivategrowthmomentumstotapthepotentialofitseconomy.China’seconomicgrowthbenefitstheworldAsamajorglobaleconomywithagiganticdomesticmarket,Chinawillcontinuetoopenupitseconomytotheoutsideworldandembracethenewdevelopmentparadigmof“dual-circulation”,whichtakesthedomesticmarketasthemainstaywhilethedomesticandoverseasmarketsreinforceeachother.China’sdevelopmentwillcreatenewglobalopportunitiesandinjectconfidenceandmomentumintoworldeconomicrecovery.Chinacontinuestoexpandimportsandoutwardinvestmentandsharedevelopmentopportunitieswiththerestoftheworld.Intheglobalpathtomodernization,Chinahascreatedtheworld’slargestmiddle-incomegroup,labormarketandconsumptionpotential,makingitthemostimportantpowerhouseforglobaldevelopmentandcooperation.Withapopulationofmorethan1.4billionandamiddleclassofover400million,Chinaimportssome$2.5trillionworthofgoodsandserviceseachyear.China’sNationalBureauofStatisticsshowsthatitsimportsofgoodsexceeded18.1trillionyuanin2022,anincreaseof4.3%yearonyear.Duringthesameperiod,China’soutwardnon-financialdirectinvestmentamountedto785.9billionyuan,up7.2%overthepreviousyear.ThelaunchoftheChinaInternationalImportExpo(CIIE)hashighlighteditswillingnesstosharemarketopportunitieswiththeworldforsharedbenefits.ThroughtheBeltandRoadInitiative(BRI)andtheGlobalDevelopmentInitiative(GDI),Chinacontinuestospreadthemomentumofgrowtharoundtheworld.ItseconomiccooperationwithcountriesalongtheBeltandRoadhasgainedstrongmomentumandliftedtheeconomiesofthecountriesconcerned.AccordingtodatafromChina’sMinistryofCommerce,between2013and2022,China’stradeingoodswithcountriesalongtheBeltandRoadhadexpandedfrom$1.04trillionto$2.07trillion,withanaverageannualgrowthrateof8percent;two-wayinvestmentwithBeltandRoadcountrieshadaccumulatedtoover$270billion.Asofend2022,Chineseenterpriseshadinvestedatotalof$57.13billionineconomicandtradecooperationzonesoverseasalongtheBRIroute,creating421,000localjobstocountriesconcerned.ChinahasalsoputforwardtheGlobalDevelopmentInitiativesandintroducedaproject-pooltoadvancepovertyreduction,foodsecurity,vaccineresearch,developmentfinancing,climateactionsandgreendevelopment,aswellasindustrialization,digitaleconomyandconnectivitywithaviewtocreateacommunitywithasharedfutureformankind.(ContributedbyXuXiujun,Researcher,ResearchCentreforXiJinpingThoughtofSocialismwithChineseCharacteristicsforaNewEra,ChineseAcademyofSocialSciences;andResearcherofInstituteofWorldEconomicsandPoliticsoftheNationalThinkTankforGlobalStrategy)Editor:DisclaimerTheviewsandopinionsexpressedinthisarticlearethoseoftheauthor's,GMW.cnmakesnorepresentationsastoaccuracy,suitability,orvalidityofanyinformationonthissiteandwillnotbeliableforanyerrors,omissions,ordelaysinthisinformation.