By Wisdom Deji-Folutile
Chu Maoming, China’s Consular General in Lagos, has said that the Asian country’s economic growth target for 2022 will help contribute to global recovery.
Maoming said this in a statement titled, “China Injects More Hope for Global Economic Recovery” released on Tuesday.
According to the statement, China has set its economic growth target for 2022 at 5.5 per cent.
In 2021, China’s GDP hit $17.7tn. This was estimated to account for over 18 per cent of the global economy.
According to Maoming, the target will help to resurge the global economic climate.
“In 2021, China’s GDP hit 114.4 trillion yuan or $17.7 trillion at the yearly average exchange rate. It is estimated to account for over 18 per cent of the global economy. The domestic value-added of the country reached $3 trillion, which is unprecedented in the history of global economic development.
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“To increase China’s 2021 GDP of 114.4 trillion yuan by 5.5 per cent is equivalent to realizing a 7.4 per cent growth five years ago, or a 10.5 per cent growth 10 years ago. The 5.5 per cent growth will contribute a considerable amount to the world economic growth,” Chu said.
The Consul General, admitting that China faces “more risks and challenges” in form of the pandemic and sluggish world recovery, however said that the country’s “economic fundamentals sustaining long-term growth remain unchanged.”
“I do not deny the fact that China is facing more risks and challenges in its development, such as the ongoing pandemic, sluggish world recovery, fluctuation in commodity prices, and increasingly more complicated domestic and external environment. However, the country’s economic fundamentals sustaining long-term growth remain unchanged.
“China is surely able to withstand downward pressure and maintain stable economic operation, and will inject more positive energy into the world economy to make it stable, healthy and sustainable, which is good for Nigeria,” he said.
Maoming also expressed that the political mutual trust between Nigeria and China has maintained sound momentum for development.
“Last year’s conference of the Forum on China-Africa Cooperation (FOCAC) in Dakar drew up a blueprint for China-Africa cooperation. China is full of confidence in the development prospects of bilateral relations, and is willing to work with Nigeria to follow the guidance of the important consensus between the leaders of the two countries,” he said.
He continued by saying that the goal was to continue to “engage in closer bilateral friendly exchanges, consolidate the foundation of political mutual trust, support each other more firmly, deepen practical cooperation in various fields such as trade, transportation, energy, digital economy, medicine, security and other fields under the FOCAC mechanism,” and “promote the continuous development of bilateral relations”.
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