The Chinese economy always receives attention from the international community. According to data released by National Bureau of Statistics on January 18, the Chinese economy maintained sound growth in 2017, better than expected.
China's economic development remains stable, ramping up confidence in global growth. There were some pessimistic views about China's economy. Especially when China's GDP growth went down in 2014, some international media and economists talked a lot about the bleak prospects of the Chinese economy. The latest data show that China's economy grew 6.9 percent year on year in 2017, well above the official target of around 6.5 percent. The predictions of China's economic bust have collapsed.
By deepening reform, the Chinese economy grows with improved quality and efficiency. The Chinese Government has taken a series of measures to hasten the shift from heavy pollution and high energy consumption to energy saving and environment friendly industries. China is embracing the boom in the fields of new energy, high technology and environmental protection. Some economists fear that the shutdown of so many polluting factories might lead to GDP plummeting and serious unemployment. Actually, while the energy consumption per unit of GDP is dropping significantly, earnings of enterprises, fiscal revenue of the government and residents' incomes are growing. Thus, shifting the economic growth model is beneficial to all.
China's growing investment abroad has a positive influence on the global economy. Many countries have expressed a warm welcome for China's investment. Throughout 2017, Chinese investors made direct investment of $120 billion in 6,236 enterprises in 174 countries and regions. The countries which participate in the Belt and Road Initiative remain the most attractive destinations for Chinese investment. China's investment is playing an important role in promoting shared development across the world.
Chinese companies have increasingly branched out in recent years. But China remains one of the most attractive countries for international investment. In the past two years, the assertion that capital was fleeing from China made headlines in some Western media for a time. But the statistics of foreign investment in China in 2017 proved this assertion wrong. Last year, the number of newly established enterprises in China by foreign investors reached over 35,000, up 27.8 percent year on year. Foreign direct investment that was implemented last year reached 877.56 billion yuan ($136.5 billion), up 7.9 percent year on year. While making efforts to improve its business environment, China has issued a policy to guide foreign investors to adjust their investment structure. Hi-tech industry has become the field that attracts foreign investment most.
It is a great contribution to the world as China, the second largest economy in the world, keeps its economic growth sound and sustainable. In a sense, the healthy Chinese economy is a boon to the whole world.