BCG says China crucial to global economic growth

(| Updated : 2023-06-28

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China has remained a major driving force for global growth and the country's strong economic recovery helps boost confidence in global economy, said Wu Chun, managing partner of Boston Consulting Group Greater China.

"Premier Li Qiang stressed the importance of making concerted efforts in resuming world economic growth through dialogue and cooperation. China has demonstrated its resolution to join hands with all stakeholders to tackle challenges and seek win-win outcomes, providing confidence and stability in an uncertain world," Wu said.

Wu made the remarks during the 14th Annual Meeting of the New Champions, also known as the Summer Davos Forum, in Tianjin. According to BCG's estimates, China is projected to contribute at least 25 percent of global economic growth by 2030.

"BCG will pledge long-term commitment to China's market, while empowering our partners to seize opportunities and strengthen their resilience throughout uncertainty and turbulence," she added.

"China's economy stabilized and rebounded to a good start this year… We believe that resilience will be the key word for China's economy and companies operating in China in 2023," Wu said, adding the lifting of global movement restrictions and increasing domestic demand in China will give a big boost to various industries, especially the consumer goods sector.

Wu noted that China's digital economy is rapidly expanding, with digital technology playing an increasingly significant role in driving economic growth. In addition, the country's dual-carbon goals present a new growth opportunity, facilitating economic upgrading, improving employment prospects and ensuring energy security.