Chinese companies are optimistic about the state of the global economy in 2024 despite uncertainties due to climate change, geopolitical conflicts, and supply chain restructuring that affected the world economy in 2023. This optimism is largely due to the growth potential of Chinese manufacturing, which has remained bullish even amid the complex and volatile political and economic situation.
According to a survey conducted in December 2023 among senior executives in China, Japan, and South Korea by the Global Times Research Center, the Maeil Business Newspaper, and the Nikkei, Chinese companies are more optimistic about the world economic situation and outlook in 2024 compared to their peers in Japan and South Korea. 67 percent of Chinese respondents believe that the world economy will grow in 2024, while only 46 percent of Japanese respondents and 34 percent of South Korean representatives hold the same view.
Chinese companies’ confidence in seeing further development in the world arena is evidenced by the strong performance of Chinese manufacturing in the global markets over the past year, particularly in tech-intensive items such as electric vehicles, lithium batteries, and solar batteries. These products have led the way in exports, with exponential growth.
Going global has become a natural choice for many Chinese industry chains amid changing international trade patterns and a new round of technological revolution.
Many Chinese companies are currently at a crucial stage of expanding and investing in overseas markets, driven by the competitiveness of their products and the potential for market development.
The robust performance of China’s new tech-intensive green trio – solar batteries, lithium-ion batteries, and electric vehicles shows the global market’s recognition of the technological progress of Chinese manufacturing, as well as the competitive advantages of Chinese companies when facing rivals from developed economies.
In 2023, exports of these products surged 29.9 percent to 1.06 trillion yuan ($149 billion), according to the General Administration of Customs.
Despite efforts by the US and Europe to reduce their dependence on Chinese products, there is no indication that China’s share in global supply and industry chains will decrease in the coming decade.