Ladies and gentlemen, Good evening!
I am very happy to attend the inaugural launch of Mastermind Entrepreneurs Forum. On behalf of the Chinese Consulate General in Kolkata, I would like to extend my warmest congratulations to the success of the forum!
I learned that most of the members are local young entrepreneurs, who are the most dynamic and creative group in business and play an important role in economy. I believe that the forum will provide you with an important platform of instant information, expanded network and more opportunities for business growth.
Today I’d like to share some information on the trade between China and India, and the current economic situation in China.
1. China-India Economic and Trade Cooperation
Whether it is national economic development or corporate growth, cooperation is a must. I know many business persons in Kolkata and they have very close ties with China. Economic and trade cooperation between the two countries provides important opportunities for companies on both sides. In recent years, due to the impact of the pandemic, border disputes, suspension of direct flights and India’s visa policy towards China, some difficulties and problems have arisen in the economic and trade between the two countries.
Despite this, in 2023, bilateral trade reached 136.22 billion US dollars, a year-on-year increase of 1.5%, reaching a new high. (China's exports to India were US$117.68 billion, a year-on-year increase of 0.8%; China's imports from India were US$18.54 billion, a year-on-year increase of 6%.) We mainly exports mechanical and electrical products, chemical products, base metals and its products to India, while importing mineral products, raw materials and chemical products from India. In general, the economies of China and India are highly complementary, and the prospects for economic and trade cooperation are broad.
Talking about the world economy environment, various forms of protectionism have clearly risen in recent years. The "DE-globalization" disrupts global industrial and supply chains, hinders the healthy development of the world economy, and causes harm to the interests of all countries. Therefore, China advocates the concept of "inclusive economic globalization that benefits all", supports countries in finding development paths that suit their own national conditions, opposes all forms of unilateralism and protectionism, resists discriminatory and exclusive standards and rules, and promotes free trade and facilitate investment, maintain the stability and smoothness of global industrial and supply chains, promote mutual understanding of each other's interests and concerns.
2.The Current Economic Situation in China
Recently, some Wester politicians and media repeatedly advocate that China's economy will "fall from the peak" or "collapses". After more than 40 years of rapid growth, China's economy encounters some fluctuations and challenges, but "China's development prospects are bright, and China has capability and confidence to achieve the goal”. This is the a clear and powerful answer to the question of China's economic, by Chinese President Xi Jinping when he met with a delegation from U.S. business community and strategic academia in Beijing on 27th March.
First, China’s economic recovery continues to consolidate and strengthen. In the past year of 2023, China's economy has generally recovered with a GDP growth of 5.2%, higher than the expected target of 5%. From January to February 2024, the added value of industrial output increased by 7.0% (year-on-year, the service industry production index increased by 5.8%, the total retail sales of consumer goods increased by 5.5%, the manufacturing investment increased by 9.4%), the total import and export of goods increased by 8.7%. China’s economy continues to recover and improve. In March, China's manufacturing Purchasing Managers' Index (PMI) rebounded sharply to 50.8%, returning to above the critical point for the first time in 6 months, indicating that the manufacturing boom is picking up.
Facts have fully proved that China's economy is healthy and sustainable. China has the institutional advantages of a socialist market economy, the demand advantages of a very large-scale market, the supply advantages of a complete industrial system, and the talent advantages of a large number of high-quality workers and entrepreneurs. Its economic development has strong internal power, resilience and potential. The long-term positive fundamentals have not changed.
Second, new industries, new models, and new growth driving forces in China are accelerating. China's total society R&D investment and investment in high-tech industries have maintained 2-digit growth for many years in a row. Emerging technologies such as cloud computing, big data, artificial intelligence, and block chain are increasingly put into application. New momentum for development is in formation, and is providing a new impetus for the development of China and the world.
Third, China's opening up and development bring more opportunities for win-win cooperation to the world. At present, China's middle-income group has exceeded 400 million people, and it is expected to reach 800 million people in the next 10 years. There is strong demand for goods and services and consumption upgrading; Further urbanization will bring huge benefits in transportation, energy, telecommunications, housing, medical care, etc. Green and low-carbon transformation will form a large-scale development increment in green infrastructure, green energy, green transportation and other fields. The release of these market demands continuously expands its import scale of high-quality products and services from around the world. A more open China will definitely bring more opportunities for mutual beneficial and win-win cooperation to the world and make greater contributions to the sustainable development of the world.
Finally, I’d brief you on Chinese visa facilitation measures and this year’s important trade fairs in China.
In 2023, the Chinese Embassy and Consulates in India issued approximately 180,000 visas to Indian citizens, providing convenience for everyone to travel and do business in China. We recently provide visa-free benefits to 3 Asian countries, including Singapore, Malaysia, and Thailand, and 11 European countries, including France, Germany, Belgium, Switzerland, and provide solutions for more convenient e-payment by foreigners in China. You could find detail information at the official websites of the Chinese Embassy and Consulates.
In terms of main trade fairs, the 135th Canton Fair in Guangzhou (April 15th April - 5th May); the China International Sport Expo in Chengdu (23rd-26th May); and the 7th China International Import Expo in Shanghai (CIIE, 5th-10th November) will be held this year. You are welcome to take part in these mega business events, and the Chinese Consulate General in Kolkata is willing to assist for your trip.
Finally, I wish this forum a complete success!