People watch a smart mining system at the booth of CiDi Inc. in the Advanced Manufacturing Chain exhibition area of the second China International Supply Chain Expo in Beijing, capital of China, Nov. 27, 2024. (Xinhua/Zhang Haofu)
"China's economic performance in 2024 showcases resilience against global headwinds, with steady growth driven by strategic reforms and innovative policies. The overall trajectory points to stabilization and adaptability," said Evandro Carvalho, a professor at Brazil's prestigious Getulio Vargas Foundation.
RIO DE JANEIRO, Dec. 15 (Xinhua) -- China's contribution of around 30 percent to global growth underscores its role as a key economic anchor despite global challenges, said a Brazilian scholar in an interview with Xinhua.
China's GDP grew 4.8 percent in the first three quarters of 2024, highlighting the Chinese economy's sound fundamentals, favorable conditions, strong resilience and great potential have not changed, while its general trend of high-quality development and steady progress has been maintained, said Evandro Carvalho, a professor at Brazil's prestigious Getulio Vargas Foundation.
Looking ahead, China has decided to adopt a more proactive fiscal policy and a moderately loose monetary policy to stabilize the economy, boost consumption, and expand domestic demand, he noted.
Carvalho sees these measures as a strategic response to global slowdowns and domestic challenges. "Implementing a (more) proactive fiscal policy demonstrates China's commitment to sustaining the upward trend of its economy amidst uncertainties," he explained.
"I believe that this policy will likely boost consumption and expand domestic demand, reducing dependency on exports and improving internal economic dynamics," he said.
Alongside these fiscal measures, China is prioritizing scientific and technological innovation to strengthen its global competitiveness in sectors like green energy, artificial intelligence, and biotechnology. Carvalho noted these efforts are part of China's broader strategy to modernize its industrial system.
In addition to domestic strategies, China has made significant strides in further opening its economy to the world, exemplified by removing market access restrictions for foreign investors in its manufacturing sector.
This move will likely attract higher-quality foreign investments into the industry, and deepen China's integration into global supply chains, he said.
Meanwhile, he suggested that China continue to enhance domestic consumption and deepen financial reforms to maintain stability and progress.
"China's economic performance in 2024 showcases resilience against global headwinds, with steady growth driven by strategic reforms and innovative policies. The overall trajectory points to stabilization and adaptability," Carvalho noted.
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