China, the driving force for the global economy

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"China has many, many years of good speedy growth. I firmly believe that China is the driving force for the global economy," said Zafar Uddin Mahmood, policy advisor to the secretary-general of BFA, on the sidelines of a news conference of the Boao Forum for Asia Annual Conference 2024 in Boao, Hainan province on Tuesday.

He said that while 1 percent GDP growth often brings satisfaction in developed economies, any slowdown in China, even at a 5 percent growth rate, is mistaken for a decline. He argued that China's economy remains robust.

He explained the context of China's rapid growth by saying that China's initial economic base was tiny, leading to seemingly exponential growth rates. However, as China's economy has matured and its base has expanded significantly over the past two decades, he emphasized that even a 5 percent growth rate represents substantial progress.