Chinese economy remains promising: NDRC official

(ECNS)-- Overall, favorable conditions outweigh the unfavorable, supporting the stable and healthy development of the Chinese economy, an official said at a press conference over the country's macroeconomy on Thursday.

The basic trend of China's economic recovery and long-term improvement persists, and the future of the Chinese economy remains promising, said Liu Sushe, deputy director of the National Development and Reform Commission (NDRC).

Liu noticed that the potential of the domestic market is huge. As China promotes high-quality economic development, the demand for investment in areas like improving technological innovation capabilities, promoting future industrial development, facilitating green development, and accelerating the transformation of old and new drivers is enormous, he said.

The deepening of reform and opening up and innovation continue to strengthen the internal impetus of China's economic growth. Advancement of digital industrialization and industrial digitization is making progress, while the transformation of future technologies, including artificial intelligence and quantum technology is accelerating application, providing growth space, Liu said.

The opportunities in the international market are expanding. Global demand for green and low-carbon products continues to increase, driving rapid export growth of China's electric passenger vehicles, lithium-ion batteries, and solar cells.

The "three new export items" are just representatives of many high-quality, efficient, and cost-effective Chinese products that are exported to the world. While better meeting global market demands, this also creates some new growth sources.

Looking to 2024, China's development still faces both opportunities and challenges as the complexity, severity, and uncertainty of the external environment are increasing, Liu said