A Chinese clerk counts renminbi yuan banknotes in Nantong, East China's Jiangsu province. [Photo/IC]

Global Times-The data released by China's National Bureau of Statistics (NBS) on January 17 shows that the country's gross domestic product (GDP) in 2024 reached a record 134.9084 trillion yuan (about $18.77 trillion), which was 5 percent higher than the previous year. The main goals and tasks of economic and social development were successfully accomplished. When talking about how to evaluate China's economic performance in 2024, the NBS used the term "hard-won" five times in a row, which shows that the 5 percent growth rate conveys a wealth of information. So, how should we objectively view China's 5 percent economic growth?

Whether it's the 5 percent growth rate that is among the highest in the world's major economies, or the GDP exceeding 130 trillion yuan for the first time and steadily sitting at second place globally, it is not easy to realize this achievement under the complex and severe situation of increasing external pressure and internal difficulties last year. And that makes this "report card" even more inspiring. As NBS head Kang Yi said at the press conference, this means that China's economic strength, scientific and technological strength and comprehensive national power have leaped to a new level. It also means that the country's development is based on a firmer foundation, under better conditions as well as with more dynamism and greater resistance to risks.

Previously, some believed that China's economic performance "exceeded expectations" due to luck. However, China's economy has always "exceeded expectations," which obviously cannot be explained by "luck." This means that China still has a lot of effective tools in its policy "toolbox," particularly the introduction and implementation of the policy package following the Political Bureau of the Communist Party of China Central Committee's meeting on September 26, 2024, which led to a strong upturn in the economy in the fourth quarter. At the same time, China has insisted on a parallel focus on exports and imports, with zero-tariff treatment on 100 percent of tariff lines to the least developed countries with which it has diplomatic relations and a number of consecutive successful import exhibitions. It should be said that China has, for some time now, presented well its characteristics as a "major economic power," contributing to the systematic circulation of the world economy and realizing its own development in the process. This is the deep-rooted certainty of China's economy, and it is also the basis for our confidence in China's future.

In recent years, China's annual contribution to global economic growth has consistently been around 30 percent. In 2024, the economic increment alone is equivalent to the annual economic output of a medium-sized country. China's large economic scale, significant growth increment, and vast market are natural advantages for its economic development.

More importantly, China is the only country with industries across all categories in the UN industrial classification. Moreover, we are accelerating the upgrading of traditional industries and fostering new growth drivers through technological innovation. Several sets of data from the past year's "report card" stand out: China's production of new energy vehicles, integrated circuits and industrial robots grew by 38.7 percent, 22.2 percent and 14.2 percent, respectively, while investment in high-tech industries grew by 8 percent. This demonstrates that we have greater confidence in addressing risks and challenges and stronger, higher-quality capabilities to make new contributions to the global economy.

It is worth highlighting that China achieved its 5 percent growth target, with import and export data standing out prominently. Over the past year, China has continued to provide high-quality and affordable goods to the world, helping some countries ease inflationary pressures while supporting the development of green energy in others. At the same time, China's imports have also maintained growth, contributing to global economic expansion.

From a medium-term perspective, China continues to be the largest contributor to global economic growth. This reflects the true interaction between China's economy and the rest of the world. Precisely because China still holds the advantage of "timing" and "momentum" in development, the dynamism of the Chinese economy serves as a positive catalyst for the global economy.

The Chinese people place great emphasis on practical action. Once a goal is set, they work steadily and diligently to achieve it. This year marks the final year of the 14th Five-Year Plan (2021-2025), and many regions across the country have demonstrated a strong determination to "make doing our top priority" and "break waves and forge ahead." This reflects the drive and pioneering spirit of Chinese society.

Currently, many countries are emphasizing the importance of confidence, but true confidence can only arise from solid efforts. In a nation with a population of over 1.4 billion, the internal driving force for development continues to surge forward with vigor. For the world, China's mega-market is still unleashing its energy for global trade, and the rapid rise of various sectors, including the digital economy, green energy and advanced manufacturing, will become a key force leading future development.

China's economy remains stable and continues to achieve breakthroughs and advancements. A recent global opinion poll on China's international image conducted by Global Times, involving more than 51,000 respondents from 46 countries, revealed that more than 90 percent of foreign respondents believe that China's economy will continue to grow in the next decade, and nearly 60 percent believe that China is a major driving force of world economic growth. The giant ship of China's economy has always confidently navigated through storms and waves. As a major engine of world economic growth, China's firm promotion of high-quality development and high-level opening-up will make the world feel such certainty and gain more confidence from it.