BEIJING, Jan. 16 (Xinhua) -- Uncertainties and rising protectionism worldwide might fuel China skeptics' pessimism, but the country's economic resilience underscores why confidence in its growth potential remains well-founded.
As the Year of the Dragon draws to a close, the Chinese economy has manifested the legendary cultural symbol of might in 2024. A thorough review of the country's 2024 economic performance will be possible as some key growth figures are about to be released on Friday.
A set of disclosed data already pointed to solid advances in its pursuit of high-quality development. Grain output, new energy vehicle production, railway passenger trips and trade volume, among others, all logged new highs.
These robust figures, however, did not come easily. China's economic growth last year traced a fluctuating trajectory: after a strong start, the economy faced increasing downward pressure in the second and third quarters, before rebounding in recent months.
In a timely and well-coordinated response to the evolving economic landscape, Chinese authorities have rolled out a comprehensive set of policies to stimulate growth since late September, while the implementation of reforms outlined in a key July meeting has been unlocking growth potential.
These combined efforts have buttressed the economy, with the manufacturing purchasing managers' index staying in expansionary territory for three consecutive months since October. Meanwhile, the housing market experienced positive shifts in both transaction volumes and prices. The country's fiscal revenue growth turned positive in October, with recent momentum continuing to build.
China's ability to tide over difficulties in 2024 is not a rare instance. In recent years, the Chinese economy has consistently navigated a range of risks and obstacles, demonstrating remarkable resilience. For years, it has contributed around 30 percent to global economic growth.
In 2025, China will wrap up its 14th Five-Year Plan, which calls for a steady GDP expansion and more proactive efforts in the face of economic pressures such as growing trade tensions and weak domestic demand.
Nevertheless, the country is confident and capable of surmounting challenges and securing a sustained economic recovery.
China's economic resilience is well-founded. It benefits from a strong capacity for innovation, a large domestic market, a well-developed industrial ecosystem, extensive infrastructure, and a vast talent pool, among others.
Beyond solid fundamentals, Chinese authorities, equipped with refined macro-control acumen and a robust policy toolkit, are poised to sustain economic growth while ongoing structural reforms will enhance its quality and sustainability.
While there are no certainties regarding a country's future growth trajectory, China's track record of resilience makes it a safe bet that the economy will continue to surpass expectations, defy skeptics and reward those who place their faith in its potential. ■
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