Aerial photo taken on January 26 shows Rizhao Port in operation in Rizhao, east China's Shandong Province (XINHUA)  

Newly-released economic data for the first quarter of this year show that China's economy remains stable despite downward pressure. 

Overseas experts and business leaders say the Chinese economy has shown strong resilience despite the pressure and global challenges and continues to have massive future growth potential.

A staff member works at a potash fertilizer company in northwest China's Qinghai Province, on April 1 (XINHUA) 

Steady growth 

Multiple risks threaten to weaken the world's economic recovery. These risks include military conflict, the pandemic, inflation and supply disturbance, said Liang Guoyong, a senior economist with the United Nations Conference on Trade and Development.

"However, China's economy is still relatively resilient and able to cope with challenges," Liang said.

According to data released by the National Bureau of Statistics on Monday, China's gross domestic product grew 4.8 percent year-on-year in the first quarter, exceeding market expectations.

China's consumer price index remains very low when major developed countries are facing the most severe inflation in four decades, Liang said.

It was no easy feat for China to record such a growth rate under the current and complex international and domestic situation, Liang said.

Despite the COVID-19 pandemic and geopolitical challenges, China's economy will keep its strong resilience and growth momentum, possessing the determination to overcome turbulence, said Francis Chua, chairman emeritus of the Philippine Chamber of Commerce and Industry.

A worker welds at a workshop in Shenyang, capital of northeast China's Liaoning Province, on March 24 (XINHUA) 

Effective policies 

Effective macroeconomic policies in response to global challenges have contributed to China's steady economic growth.

The Chinese economy prioritizes long-term structural growth over the short-term, Khairy Tourk, professor of economics with the Stuart School of Business at the Illinois Institute of Technology in Chicago, told Xinhua.

While the United States has flooded its market with cash, spurring inflation which now haunts its economy, he said China has kept interest rates constant to avoid hurting medium- and small-sized companies.

On the supply side, China has a blueprint for changing its economy from a low-end manufacturer to a high-end producer, while bolstering domestic consumption as part of long-term growth plans on the demand side, said the scholar.

This has advantages in raising people's living standards and acting as a hedge against external shocks, Tourk said.

Liang noted that since the pandemic's outbreak, China's macroeconomic policies have remained generally stable, avoiding the excessive stimulus policies of major developed economies.

"This means that the Chinese government has retained sufficient economic policy tools and macro-adjustment measures to ensure the smooth operation of the economy," he said.

Photo taken on December 21, 2021 shows a view of the new Tiexi Plant of BMW Brilliance Automotive (BBA) in Shenyang, northeast China's Liaoning Province (XINHUA)  

Promising prospect 

Oliver Zipse, chairman of the Board of Management of BMW AG, said the group is quite optimistic about the mid-and long-term prospect of the Chinese market.

"Looking ahead, we are encouraged by China's pledge to further open its market, as well as its efforts to promote green development and innovation," he said.

The BMW Group will continue its investment in China and expand its footprint, said the chairman, noting two new plants will open this year in Shenyang and Zhangjiagang.

Gu Qingyang, an associate professor at the Lee Kuan Yew School of Public Policy of the National University of Singapore, said China's economy still has growth potential and remains competitive despite the triple pressures of shrinking demand, supply shocks and weakening expectations.

Macroeconomic policy tools should ensure the Chinese economy continues to perform well this year, said Gu.