Experts agree that China's economy is on the brink of significant growth, thanks to a combination of robust domestic demand and abundant resources.
Massive Domestic Market Drives Growth
China's complete industrial system lays a solid foundation for expansion. The manufacturing sector's global share has surged from less than 3 percent in 1990 to nearly 30 percent in 2022. This robust supply chain is bolstered by a massive domestic market, positioning China as the world's second-largest consumer and import market. It's also the top market for automobiles, consumer electronics, and online retail.
A commentary in the national newspaper Economic Daily emphasized the untapped potential within domestic consumption. It noted that increasing resident consumption by 10 percentage points in the overall GDP to reach the average level of middle-income countries could translate to a significant 12.6 trillion yuan ($1.77 trillion) boost, strengthening the economy's internal growth engine.
Resource Concentration Unlocks Growth Potential
Experts highlighted that China's abundant resources, including its large urban population, are key to unlocking new growth opportunities. The country's key annual political meetings, the \"Two Sessions,\" will start in Beijing next week, with economists expecting a GDP growth target of around 5 percent for this year.
A January report by the Academic Center for Chinese Economic Practice and Thinking pointed out that the long-term growth potential of China's economy is mainly determined by potential demand and supply. On the demand side, there's considerable room for urbanization, rural population transfer, and resident income growth, which will drive continuous growth of consumption demand in the future.
On the supply side, the Chinese economy boasts significant advantages in national savings rates, scientific and technological innovation capability, and total human resources, bolstering its growth prospects.
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