Xi Jinping called China the most powerful engine of global growth

During the speech at the APEC Business Summit in San Francisco, Chinese President Xi Jinping said that the Chinese economy continues to demonstrate stable recovery and improvement, remaining one of the most important engines of global economic growth. 

The Chinese leader also noted that China accounts for a third of global economic growth this year – the country's economy has been steadily recovering since the beginning of 2023 and demonstrates one of the highest growth rates among the world's largest economies. 

Xi expressed Beijing's intention to continue to develop openness based on high standards and expand the access of foreign companies to Chinese markets.

The Chairman also invited business representatives from different countries to invest and expand their presence in China. The Celestial Empire intends to continue to promote the creation of a world-class market-oriented and legitimate business environment, as well as to provide equal and high-quality conditions for foreign investors.

Speaking about the Chinese economy as a whole, analysts note that in light of the active recovery after the pandemic, the official forecast assumes the growth of the Chinese economy in 2023 by 5.4%, followed by a slowdown to 4.6% in 2024. This decrease is mainly due to some problems in the real estate market and a decrease in external demand.