According to data released by the National Bureau of Statistics, China's gross domestic product (GDP) in the first three quarters of this year grew by 5.2% year-on-year at constant prices, indicating a sustained recovery of the national economy. International people interviewed by our reporter believe that in the external environment of weak world economic recovery and high and complex global inflation, the Chinese economy showed strong resilience and huge potential in the first three quarters, the vitality of the consumer market continued to increase, and high-quality development moved forward steadily.

"The effect of policy combination is gradually showing"

In a challenging international environment, China's economic data in the first three quarters sent a positive signal: the main engine of world economic growth is strong and resilient, and "the big ship of China's economy will ride the wind and waves and continue to move forward".

"The economic data of the first three quarters reflect the strong resilience of the Chinese economy, indicating that the combined effect of a series of policies introduced by the Chinese government is gradually showing." Dennis Munene, executive director of the China-Africa Center of the African Policy Institute in Kenya, told this reporter that with the expansion of domestic demand and promotion of consumption policies across China, the vitality of China's consumer market has continued to strengthen, laying a solid foundation for achieving the annual target.

"The latest economic data suggest that China is on track to meet its full-year growth target of around 5 per cent." Asongsi, an adviser to the Foreign Affairs Committee of the Thai Senate and associate professor of the School of Economics of Thammasat University, said that China's economy is shifting to high-quality development, and technological innovation is constantly emerging, becoming a stable source of economic growth. Asongxi, citing the Mid-Autumn Festival and National Day holiday as an example, said, "This once again shows that China's economy has strong resilience, great potential and full vitality."

Patricio Giusto, director of Argentina-China Research Center, believes that many indicators of China's latest economic data exceed analysts' forecasts, which indicates that China's economic recovery is more obvious, especially in domestic consumption.

"China has a huge domestic market and sound and efficient macro policies, which have greatly enhanced its ability to withstand external shocks." Fajar Shirawan, director of the Economic Department of the Center for Strategic and International Studies of Indonesia, said that under the encouragement and guidance of the government, the innovation capacity of market players has been continuously improved, and the endogenous growth momentum has continued to increase. "As China gradually improves its rules and regulations on intellectual property protection, market access and fair trade, the resilience of the Chinese economy and its ability to innovate will be further enhanced."

Data from the National Bureau of Statistics show that in the first three quarters, investment in high-tech manufacturing and high-tech services increased by 11.3% and 11.8% respectively, continuing to promote industrial transformation and upgrading. CAI Wei, chief strategy officer of KPMG China Consulting, believes that China's high-tech industry has strong investment momentum and new growth drivers maintain rapid growth. On the whole, as the Chinese economy returns to normal operation, the consumption potential is gradually released, and the service industry continues to improve, the Chinese economy will maintain the overall momentum of recovery.

Xia Huasheng, associate professor of international finance at Vargas Foundation University in Brazil, said that in the case of increasing external uncertainties and unstable factors, China's high-tech industry investment growth momentum is good, continue to promote the green transformation of development mode, showing that market players are focusing on improving independent research and development capabilities, and promote China's economic recovery. China's stable position in the global industrial chain and supply chain pattern and the accelerated development and expansion of emerging industries are all key factors driving China's economic growth.

"Provides broad opportunities for multinational companies"

New energy vehicle company Tesla will upgrade and expand the Shanghai Gigafactory, German chemical company Covestro started construction of its world's largest thermoplastic polyurethane production base in Zhuhai, Guangdong Province, German chemical and consumer goods manufacturer Henkel Group in Yantai, Shandong new adhesive technology factory... Against the backdrop of the continued downturn in global transnational direct investment, the scale of foreign investment attracted by China is still at a historic high, and foreign investment has actively deployed in China, fully demonstrating the "magnetic attraction" of the Chinese market. The UAE's "Gulf Newspaper" commented that China continues to relax market access and optimize the business environment, and more international enterprises are increasing their investment in China.

According to data released by China's Ministry of Commerce, 37,814 new foreign-invested enterprises were established in the country from January to September this year, up 32.4 percent year-on-year. The number of newly established foreign-invested enterprises has been increasing, most of them have achieved good profits, and the investment structure has been continuously optimized. In the third quarter of this year, the China Council for the Promotion of International Trade conducted a survey of nearly 700 foreign-funded enterprises, and 80% of the surveyed foreign-funded enterprises expect their profits to remain flat or increase this year, and nearly 90% expect their profits to remain flat or increase in the next five years.

China has always been one of the important strategic markets for the Danish Lego Group. Huang Guoqiang, senior vice president of Lego Group, told this reporter: "Lego Group sees the huge development space of the Chinese market, and also strengthens its long-term investment confidence. We have opened branded retail stores in more than 120 cities in China and continue to invest in digital transformation. The great enthusiasm and expectations that Chinese consumers have for LEGO products continue to inspire us to continue to deepen our development in the Chinese market."

Henkel Group Vice President Jie Rong said: "At present, China is paying more attention to achieving high-quality growth in a more efficient and sustainable way, promoting innovation and sustainable development. China's huge market offers vast opportunities for multinational companies."

In recent years, Takeda Pharmaceutical, a global biopharmaceutical company, has entered a new high-speed development cycle in the Chinese market, with a compound growth rate of more than 30% from 2020 to 2022. Riina Shirena, president of Takeda's Global Biopharmaceutical and International Markets Business Group, said that the policies and measures introduced by the Chinese government incentivize global biopharmaceutical companies driven by research and development. Having been deeply engaged in China for nearly 30 years, Takeda continues to invest and expand its business in China, and relies on an increasingly open market environment to build an integrated, innovative and valuable digital medical ecosystem, "We firmly believe that the Chinese economy has a good foundation and growth potential."

"Inject strong impetus into world economic development"

The Financial Times quoted Goldman Sachs analysts as saying that recent data showed "more green shoots" in the Chinese economy entering the fourth quarter. Bloomberg believes that judging from the momentum of the first three quarters, China's annual economic growth target is within reach. International people believe that the continuous improvement of China's economic performance will continue to provide important support for world economic development and provide more opportunities for the common development and prosperity of all countries.

"The Chinese economy is stabilizing and the momentum of recovery is consolidating, which is undoubtedly good news for the global economy." Mohammed Sadiq, a researcher at the Saudi Scientific Research and Knowledge Exchange Center, said that in recent years, China has adhered to the lead of scientific and technological innovation, continuously optimized and upgraded its industrial structure, and steadily improved the quality of development. The development of emerging industries such as 5G, new energy and artificial intelligence will create more value and inject more momentum into the Chinese economy, and bring opportunities for cooperation with other countries, and contribute to the common prosperity and progress of all countries in the world.

CAI Weicai, senior vice president of Kailthai Bank, said that the resilience of the Chinese economy and China's huge market have brought a lot of opportunities for the world economy and international trade. As the world's second largest economy and an important trading partner of ASEAN, China continues to open up to the outside world at a high level and actively promotes economic globalization, which plays an important role in promoting world economic recovery and economic development of ASEAN members.

"The Chinese economy is full of vitality." Marco Mendoza, a researcher in the Department of International Policy, Economic relations and Research at the Brazilian Institute of Applied Economics, believes that China's economic performance is attributable to a series of structural reform measures introduced by the government in recent years, and it also benefits from adhering to a high level of opening-up, "which will help promote the development of the domestic economy and inject vitality into the global economy."

Shirawan said that China's super-large domestic market, strong innovation capacity, complete industrial system, high-level labor force and the policy of continuously deepening reform and opening up are the solid foundation for the steady growth of the Chinese economy. China has not only benefited from economic globalization, but also contributed to it. He is confident about China's future economic growth: "The Chinese economy will maintain long-term stable and sustainable growth, and continue to inject strong impetus into the world economic development."

Source: Chinese government website