The theme of the World Economic Forum (WEF) Annual Meeting 2024 is "Rebuilding Trust", with key topics including achieving security and cooperation in a divided world, creating growth and jobs for a new era, artificial intelligence driving economic and social development, and implementing long-term climate, nature and energy strategies. (PHOTO: XINHUA)

By?Staff?Reporters

China's overall trend of long-term growth would not change, and the country's steady economic progress can handle highs and lows and would continue to provide global impetus.

Chinese Premier Li Qiang made the comments while delivering a special address at the World Economic Forum (WEF) Annual Meeting 2024 held in Davos, Switzerland on January 16.

The theme of this year's meeting, "Rebuilding Trust," resonates well with people's concerns, Li said in the event hosted by Klaus Schwab, founder and executive chairman of the WEF. China neither walks away from agreements or pulls out of organizations, nor does it ask other countries to pick sides, and it has always been a staunch supporter of multilateralism, he said.

China's gross domestic product (GDP) posted a growth of 5.2 percent year-on-year in 2023, higher than the annual target of around five percent, data from the National Bureau of Statistics (NBS) showed on January 17.

The country's GDP reached a record of 126.06 trillion RMB (about 17.71 trillion USD) in 2023, the NBS data showed.

Despite external pressure and internal difficulties, China has successfully achieved the major targets set for 2023 and recorded a rebound and improvements in the economy, Kang Yi, commissioner of the NBS, told a press conference.

Some Western outlets, which have been pessimistic about the Chinese economy, have predicted that its economic growth is set to slow in 2024.

However, according to UBS analysts, there's still growth potential in China, specifically in further movement of workers from rural to urban areas, as well as investment in manufacturing, services and renewable energy. The pace of China's growth remains faster than that of developed economies.

Weijian Shan, the chairman and CEO of PAG, a leading Asia-focused private equity firm, commented on South China Morning Post斜 last November, that the growth of the Chinese economy matters, not only to China but also to the rest of the world. China is now the main trading partner of more than 140 nations and regions. Its share of the world economy is about 18.5 percent, contributing about 35 percent of global growth in 2023, Shan added.

As the second-largest economy in the world, China can contribute to rebuilding trust due to its significant economic and trade heft, as well as its desire to build a more peaceful world, WEF President Borge Brende said. "The steps that China takes are incredibly important for the world."

Deloitte China Chair Jiang Ying told Xinhua China can create more opportunities for global economic growth and employment, by further opening up its market and promoting international trade and investment. At the same time, China's large-scale infrastructure projects under the Belt and Road Initiative, also help promote economic development and employment in countries along the routes.

Achieving security and cooperation in a fractured world is one of four key themes of the Davos' annual meeting. Klaus Schwab called on the international community to rebuild trust, and take strong and effective global measures to invigorate the ailing world economy.