China's economic growth in 2024 has delivered a significant boost to the global economy, despite challenges, Zimbabwean economists have said.
HARARE, Jan. 23 (Xinhua) -- China's economic growth in 2024 has delivered a significant boost to the global economy, despite challenges, Zimbabwean economists have said.
According to data from China's National Bureau of Statistics released last Friday, the world's second-largest economy grew 5 percent year-on-year in 2024, with its gross domestic product reaching 134.9084 trillion yuan (about 18.77 trillion U.S. dollars).
The data highlights China as one of the world's top-performing economies despite facing domestic and global challenges, Prosper Chitambara, a Zimbabwean economist, told Xinhua in a recent interview.
"It is a very strong performance compared to the economies of developed countries," Chitambara said.
He attributed the growth to several factors, including China's ability to establish strong economic institutions, maintain macroeconomic stability, and build substantial foreign currency reserves to stabilize its currency.
"No country is able to sustain a high growth rate without strong and accountable institutions and I think that's one thing China has been able to do well, and that's what Africa needs to learn from," he said.
"That combination of strong institutions plus macroeconomic stability has created a very conducive environment for the private sector to invest. So investments, in particular foreign direct investment inflows, have been quite significant," he said, adding that the huge foreign direct investment inflows have helped anchor growth and macroeconomic stability in the world's second-largest economy.
Gibson Chigumira, executive director of Zimbabwe Economic Policy Analysis and Research Unit, a local think tank, cited several drivers of China's economic growth, including its strong focus on value addition, supportive fiscal and monetary policies, and innovative strategies to stimulate domestic demand while encouraging foreign investment.
Chigumira noted China's extensive trade relations with countries worldwide, emphasizing its positive impact on the global economy. "China is a trading partner of so many countries which means trade with China, either through imports or exports, is a key driver in many economies including African countries," he added.■