On April 16, the National Bureau of Statistics of China released the figures of China's national economy in the first quarter of 2024. According to preliminary estimates, the gross domestic product (GDP) of China in the first quarter reached 29,629.9 billion yuan (about $4,115.3 billion), up by 5.3 percent year-on-year at constant price, or up by 1.6 percent over that in the fourth quarter of 2023. The figure is far beyond the estimation by many overseas agencies. By industry, the value added of the primary industry was 1,153.8 billion yuan (about $160.25 billion), up by 3.3 percent year-on-year; the secondary industry was 10,984.6 billion yuan (about $1,525.64 billion), up by six percent; and the tertiary industry was 17,491.5 billion yuan (about $2,429.38 billion), up by five percent.

Meanwhile, the market sales in China registered stable growth, and service consumption grew fast. Imports and exports of goods grew steadily and trade structure continued to optimise. Employment was generally stable and the surveyed unemployment rate in urban areas declined mildly, while consumer prices were stable and residents' income increased steadily, which kept the life quality of common people upwards. Immediately after the release of the data, the DBS Bank based in Singapore raised its full-year growth forecast for China from 4.5 percent to five percent, while Goldman Sachs raised from 4.8 percent to five percent and Citibank from 4.6 percent to five percent.

China is determined to work closely with Bangladesh in realising the Chinese Dream of the Great Rejuvenation of the Chinese Nation as well as the Bangladeshi Dream of Vision 2041 and Smart Bangladesh at an early date.

China's economic progress means not only GDP growth rate, but also quality improvement. The world today is confronted with accelerated changes unseen in a century, as well as a sluggish economic recovery. Against this backdrop, it is commendable that China can make such remarkable economic progress. The reason is not only the focused dedication in vigorously promoting the upgrade of the industrial chain and development of new quality productive forces, but also the long-term commitment to the national policy of reform and opening up. It is a vivid manifestation that the Chinese path to modernisation, under the leadership of the Communist Party of China, will enjoy an even more promising future.

As Chinese President Xi Jinping pointed out, the Chinese economy is not a pond, but an ocean. With a population of 1.4 billion, China boasts the biggest middle-income population in the world and a huge Chinese market pointing to an unlimited potential. China will not change its resolve to open wider at a high standard; we will not change our determination to share development opportunities with the rest of the world, and we will not change our commitment to an economic globalisation that is more open, inclusive, balanced and beneficial for all.

The 135th China Import and Export Fair, also known as the Canton Fair, which kicked off on April 15 and runs through May 5, will help global trade and commerce benefit from Chinese manufacturing development and create a platform for overseas companies to enter the Chinese market. The history of the Canton Fair showcases China's opening up process and its integration into the world economy. This year, the scale of the Canton Fair reached a new high. More than 29,000 exhibitors are taking part in the Canton Fair, including global companies from 50 countries and regions, of which 64 percent are from Belt and Road partner countries. Our Bangladeshi friends are surely indispensable for such a grand event. Mr Rezaul Karim, a Bangladeshi businessman who imports electronic products from China, told the media that Canton Fair is a huge event for those who are doing export-import business.

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'China never exerts pressure on any other country, but believes in diplomacy and dialogue'

As a matter of fact, China's efforts to expand opening up go far beyond holding large-scale exhibitions like the Canton Fair. The Chinese government has recently unveiled various key steps to expand high-standard opening up, covering cross-border trade in services, cross-border data flows and opening up in the financial sector. This January, the National Immigration Administration of China launched five new measures, including relaxing the requirements for foreigners to apply for port visas to China, to simplify relevant procedures for foreign visitors to China to the utmost.

In this connection, the Chinese Visa Application Service Center (CVC) in Dhaka opened on April 18. The launching of the CVC is another new measure to facilitate Bangladeshi citizens' travel to China and significantly enhance the efficiency and service. Air China is about to operate direct flights between Beijing and Dhaka in a couple of weeks, providing more choices for the two people.

Opening up brings progress and cooperation benefits all. This is the way that China and Bangladesh have been getting along for a long time during the process of promoting strategic partnerships of cooperation. In view of the 50th anniversary of the establishment of diplomatic ties between the two countries in 2025, China is determined to work closely with Bangladesh in realising the Chinese Dream of the Great Rejuvenation of the Chinese Nation as well as the Bangladeshi Dream of Vision 2041 and Smart Bangladesh at an early date.

Yao Wen is the Chinese ambassador to Bangladesh.

Views expressed in this article are the author's own. 

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