China is witnessing its economic prowess challenged by uncertainties and slowing growth, prompting government officials to adopt strategies to stimulate the economy.
Despite these challenges, the expansion of Chinese enterprises and financial institutions abroad has accelerated, aiming to make significant headway across various sectors globally. Ru Jing, Chairman and Vice President of Standard Chartered Bank (China), emphasized this expansion during an interview with Xinhua News Agency. He notes, "Chinese companies have already established themselves as global leaders across numerous industries, with their overseas expansion entering a new phase."
According to Ru, economic trade cooperation between China and Arab countries has become increasingly vibrant, with substantial investment projects from China to the United Arab Emirates (UAE) now branching out from traditional sectors like energy to innovative fields such as finance, information technology, new energy, and e-commerce.
Unlike previous years where Chinese brands were perceived merely as exporters, Ru highlights the shift where today’s Chinese firms are laying down roots abroad, achieving substantial performance improvements, and returning to China to enter new markets.
Standard Chartered is committed to viewing the Chinese market as strategically important, investing for the long-term and fostering positive outlooks on the medium and long-term development of the Chinese economy.
To support the challenges faced by Chinese companies abroad, Standard Chartered will strengthen its cross-border business capabilities and assist companies in establishing communication platforms for business exchanges.
Macau, another region under Chinese governance, reported positive economic developments with its gross regional domestic product (GRDP) showing steady growth, according to the Statistics and Census Service (DSEC). The region's total production rose by 8.8% year-on-year to 403.3 billion patacas (approximately 73.4 trillion won) for the year 2024. Economic production has rebounded to 86.4% of its pre-pandemic 2019 levels.
Service exports and domestic demand grew by 9.2% and 2.3% respectively compared to the previous year. Private consumption has been bolstered by continuous recovery of regional economic activities alongside stable employment, leading to a year-on-year increase of 4.9%.
Notably, China's copyright registration numbers have also recorded significant growth. The National Copyright Administration reported over 10.6 million registrations last year, marking a 19.13% increase compared to the previous year. Of this total, 7.8 million were literary works, demonstrating significant opportunities within the creative sector. Regions such as Beijing, Fujian, and Shandong led the country in registration numbers, each showing remarkable growth over the previous year.
Interestingly, registrations for computer software copyright rose by 13.31%, reaching 2.82 million, indicating the growing role of digital innovation within the Chinese economy.
Additionally, the nation's exports re-entered positive growth this February after experiencing setbacks, illustrating resilience amid economic fluctuations. The Ministry of Trade, Industry and Energy reported exports rose by 1% from the previous year to reach $52.6 billion, following 15 consecutive months of positive records leading up to December.
Notably, exports of automobiles surged by 17.8%, contributing to this resurgence, though semiconductor exports suffered due to significant price declines, resulting again in negative growth. Imports saw only marginal growth as well, recording $48.3 billion – representing just 0.2% growth, which resulted in favorable trade conditions with surpluses recorded earlier this year.
Clearly, with mixed indicators of economic performance, experts and government leaders continue to navigate the intricacies of global trade and internal investment, as the Chinese economy seeks stability and growth amid shifting conditions.