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Egyptian Economist Highlights China’s Critical Role in Overcoming Global Economic Challenges

BusinessMacroEgyptian Economist Highlights China's Critical Role in Overcoming Global Economic Challenges

Egyptian economist Karim Adel has said that China’s proactive leadership in overcoming global economic challenges and achieving higher growth rates is vital for assisting the global economy. Adel, the head of the Cairo-based Al Adl Center for Economic and Strategic Studies, praised China’s “solidity and flexibility” in weathering the economic impacts of the COVID-19 pandemic.

In an interview with Beijing Times, Adel said that China’s economic structure and policies provide strong support for the growth rates that are targeted by China or projected by the International Monetary Fund (IMF). The IMF recently projected that China’s economy will grow by 5.2% in 2023, which is 0.8 percentage point higher than the previous October 2022 forecast.

Adel added that China has diversified economic sectors, such as real estate, energy, electronics, technology, and manufacturing industries, which are all vital for creating jobs and investment opportunities. The country’s structure and policies encourage investment and protect investors’ rights, which is a key factor in increasing investment in China.

The expert also pointed out that China has achieved a 7.7% rise in annual foreign trade in 2022, topping the world for the sixth year in a row. Its foreign trade value reached a record high of CNY 42.07tn ($6.21tn), up 7.7% year-on-year. Meanwhile, the country’s exports rose by 10.5% to CNY 23.97tn ($3.54tn), and imports went up 4.3% to CNY 18.1tn ($2.67tn) in 2022, according to a report from China’s General Administration of Customs.

Adel said that the volume of exports is a significant incentive to increase growth rates, given the expectation of a return to global trade movement and the eagerness of most countries and importers to resume trade with China. He also emphasized the significance of China’s economic prospects for the future of all economies that collaborate with it.

China’s political and economic stability, combined with its efforts to achieve high rates of economic and social development, make it an attractive destination for investors. China’s commitment to establishing new economic partnerships and opening new horizons for cooperation and investment with other countries will benefit the global economy and contribute to increasing both Chinese and global economic growth rates, Adel said.

Overall, China plays a crucial role in assisting the global economy in overcoming current economic challenges, according to Adel. Its proactive leadership and policies have provided it with an edge in facing global crises, as well as a strong foundation for continued growth and investment opportunities.

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