China has set its 2024 GDP growth target at around five percent at the 2024 "Two Sessions". In 2023, China's GDP hit 126,058.2 billion yuan, an increase of 5.2 percent over the previous year. In Lord (Neil) Davidson of Glen Clova KC's view, five percent growth seems quite a remarkable achievement given the headwinds impacting the global economy at the moment.
He said, "I think the world looks to China for growth, to keep the economy of the world moving. The performance of the Chinese economy over the last few decades has been breathtaking."
China's speed of modernization is a result of energizing the people's abilities
Having visited Guangzhou, Shenzhen, and Hong Kong, the thing that strikes Lord Davidson most, particularly about Shenzhen, is the remarkable amount of innovation that was taking place there.
"There are a lot of rather old-fashioned views in the West that China simply copies Western technology. Over the last few years, it's entirely clear that China is developing at a rapid pace," said Lord Davidson. He believes that China is well ahead of the West, quoting AI and quantum computing as two examples.
According to his observation, the speed of modernization has been remarkable, which is "a result of energizing the people's abilities".
De-risking or decoupling, doesn't reflect the trends in the globalized world
While the world is seeing the intensifying trade protectionism and the regression of globalization, China is opening up to a wider extent.
This year's government work report said that state-owned enterprises, private enterprises, and foreign-funded enterprises are all important forces in China's modernization. China vows to remain firm in deepening reform and spur the dynamism of all kinds of market entities.
"The global economy is so interlinked," Lord Davidson commented, "De-risking can be a reflection of the individual country's perception of the strategic position. Decoupling, I think, is just not going to happen."
He furthered, "If you say that we are not going to trade with China, what exactly are we left doing? The clothes one wears, the electronics one buys, and everything that one buys in the retail sector is likely to have a Chinese component to it."
In his opinion, the idea of decoupling is a political buzzword. "I think it's not a reflection of reality. Globalization has occurred, and I just can't see the chances of undoing globalization happening."
Lord Davidson stressed that the UK shares China's view that protectionism is bad for trade, growth, and the well-being of humanity.
Reporter | Hannah, Clarice
Video | Wingheng
Script | Hannah
Poster | Lulu
Editor | Olivia, Steven, Will, James
