ZAGREB, June 17 (Xinhua) -- The Chinese economy is continuing its steady recovery, Ivan Milic, a Croatian economic analyst, said in an interview with Xinhua on Monday.
According to latest government data from China, the country's economy extended an upward recovery trend in May, as shown by faster consumption growth and steady expansion in industrial production.
In May, retail sales of consumer goods expanded 3.7 percent year on year to 3.92 trillion yuan (about 551 billion U.S. dollars). From the perspective of foreign trade, China's goods imports and exports increased by 8.6 percent year-on-year in May, 0.6 percentage points faster than the previous month.
"The Chinese economy is no doubt recovering. China has shown that it has the economic strength to withstand all pressures and that its economy is healthy and resilient," Milic said, adding that China's 2024 GDP growth target of around 5 percent is "realistic and achievable."
Milic noted that the World Bank has recently raised its forecast for China's 2024 economic growth to 4.8 percent, 0.3 percentage points higher from the previous forecast. The International Monetary Fund also revised up China's economic outlook to 5 percent, 0.4 percentage points higher than the previous forecast.
This shows that the international community is optimistic and confident about China's economic prospects, Milic said. "I am convinced that China's economic growth will remain stable in the future," he added.
After decades of rapid economic development, China has now become the second largest economy in the world, Milic said. The country has become an important engine for world economic growth, and "today its economy is indispensable for the world."
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