The World Chinese Economic Forum (WCEF) is one of the most important collaborative platforms in the global Chinese economic field. The World Bank recognizes that China’s influence on other economies is gradually increasing. Several developments in China have implications for other countries as well. According to the International Monetary Fund’s World Economic Outlook Database, China’s nominal GDP in 2022 is approximately $18.1 trillion, making it the world’s second-largest economy. Since 2016, according to Purchasing Power Parity (PPP) calculations, China has consistently been the world’s largest economy. However, the spread of the COVID-19 pandemic in China slowed economic growth in 2022.
China achieved a real GDP growth rate of 8.1% in 2021, but by the fourth quarter of 2022, the growth rate had dropped to 2.9%, resulting in an overall economic growth rate of only 3% for the entire year 2022. With China’s recent reopening and the end of its zero-COVID policy, stagnant economic activity has started to rebound, paving the way for a faster-than-expected recovery.
In 2022, the Chinese government introduced the “14th Five-Year Plan,” shifting its economic development focus toward high-quality growth. In this plan, China emphasized the “innovation-driven development” strategy, positioning technological innovation as the core driver of economic development. In 2023, the Chinese government will continue to implement the “14th Five-Year Plan,” promoting high-quality economic development. China will increase investment in technological innovation, promote digital economy development, and push for green and low-carbon development.
In January 2023, at the Davos World Economic Forum, Chinese Vice Premier Liu He stated that China is confident in restoring economic growth to normal levels through hard work and expects a significant improvement in China’s economy in 2023. Additionally, at the forum, Liu He emphasized China’s commitment to reforms, with a particular focus on maintaining supply chain stability and supporting the private sector.
Given China’s national scale, any changes in China have global ramifications. In the Global Economic Outlook report released by the International Monetary Fund at the end of January 2023, the forecast for China’s economic growth in 2023 was updated to 5.2%, an increase of 0.8 percentage points from the October prediction.
Considering these developments and their global ripple effects, it is essential for everyone to maintain a vigilant attitude and exercise sound financial control to respond effectively to these situations. Meanwhile, the World Chinese Economic Forum provides a valuable platform for Chinese communities worldwide to collectively explore and share their insights and experiences in the economic field, fostering broader cooperation and understanding.
WHAT IS THE WORLD CHINESE ECONOMIC FORUM (WCEF)?
The World Chinese Economic Forum is an annual event consisting of government leaders, captains of industry, established and budding entrepreneurs, futurist leaders and young change-makers, towards discussing the future of our world with China’s global stewardship.
Objectives
To promote dialogue and exchange about China’s role in the new era amongst public intellectuals, government officials, the media and the private sector
To promote the creation of new business ventures that caters for the world’s digital future, under China’s economic stewardship
To create a counter-narrative on the China story from a third party perspective