China's Economy: A Stable Growth Trend

China's economy continues to recover and improve. The Chinese government has united and led Chinese people of all ethnic groups to overcome difficulties, intensified macroeconomic regulation, focused on deepening reform and opening up, expanded domestic demand, and optimized the economic structure. As a result, China’s economy was generally stable with steady progress, market expectation was boosted, and positive factors promoting the recovery of economy were accumulated. In the first three quarters of 2024, China’s Industrial production registered stable growth and the total value added of industrial enterprises above the designated size grew by 5.8 percent. Equipment manufacturing and high-tech manufacturing grew fast, and the value added of these two industries up 1.7 percentage points and 3.3 percentage points faster than that of the whole industrial enterprises above the designated size respectively. Service sector continued to recover with the total value added went up by 4.7 percent. Modern services enjoyed sound development. The Business Activity Index for industries like postal services, telecommunication, broadcast, television and satellite transmission services, internet software and information technology services, and monetary and financial services were within the high expansion range of 55.0 percent and above.

China’s economy has great potential and strong resilience. The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on Sep 26th to analyze and study the current economic situation and make further arrangements for economic work. Xi Jinping, general secretary of the CPC Central Committee, presided over the meeting. The Chinese government took a comprehensive, objective and sober view of the current economic situation, faced the difficulties squarely and remain confident, enhanced the sense of responsibility and urgency in doing a good job in economic work. The meeting accelerated the introduction of a package of incremental policies, which greatly enhanced market confidence and stimulated market vitality. In particular, data from the first three quarters showed that the general trend of solid progress in China’s high-quality development has not changed. Investment in high-tech industries maintained a relatively fast growth rate, and the value added of high-tech manufacturing above designated size went up by 9.1%.

China's steady economic progress is a shot in the arm for the world. As the world's second largest economy, China's sustained economic improvement is good news for the world. At present, global trade barrier has increased, the geopolitical situation is complicated, and the world economic recovery is weak. According to the latest forecast of the International Monetary Fund, the global economy will grow by 3.2% this year, which is lower than last year. And based on the performance of China's economy in the first three quarters and the effect of the implementation of incremental policies, the positive factors driving China's economy to stabilize and rebound are increasing, and the confidence in achieving the expected target of 5% GDP growth is strengthening. Undoubtedly this will bring power and hope to global economic growth. Meanwhile, the expanded opening up of the Chinese market has created win-win opportunities for all countries.

In recent years, China and Iran have made continuous progress in practical cooperation in various fields, including politics, economic and culture etc. China has remained as Iran's largest trading partner for many years in a row and is also the most important export market for Iranian goods. China has the world's most promising mega market which will provide more development opportunities for all countries in the world, including Iran. The 7th China International Import Expo (CIIE) will be opened in Shanghai on November 5th, and Iranian enterprises are welcome to actively participate in it to further explore the opportunities in the Chinese market and strive to cultivate new highlights of China-Iran cooperation.