Wednesday, May 29, 2024

China’s Trade with BRI Countries Grows 5.5% in Q1

In the first quarter, China’s imports and exports with the Belt and Road partner countries grew by 5.5 percent, accounting for 47.4 percent of the total value of imports and exports, data from China’s National Bureau of Statistics (NBS) showed on April 16.

“National economy made a good start in the first quarter,” noted Sheng Laiyun, deputy director of  NBS.

As per NBS, China’s gross domestic product (GDP) reached 29.63 trillion yuan (~4.17 trillion U.S. dollars), witnessing a 5.3 percent growth year on year in the first quarter of 2024.

Muhammad Zamir Assadi, a Research and Media Fellow at the China International Press Communication Centre, underscored the transformative potential of China’s emerging new quality productive forces, highlighting their wide-ranging benefits for the global community.

Assadi emphasized that nations connected with China through the Belt and Road Initiative (BRI), such as Pakistan, stand to particularly gain from these advancements. Assadi posited that these developments have the capacity to revolutionize global economic growth, which has languished in the wake of the pandemic. “When China grows, the world grows and when the Chinese economy moves, the world economy moves,” remarked Assadi.

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