China a significant contributor to global recovery, says Thai banker

Trucks wait to load containers at a container terminal in Rizhao, east China's Shandong Province, March 28, 2022. (Xinhua/Guo Xulei)

Free trade cooperation and multilateralism have been and will be essential to global economic development, and "we're glad to see that China, as the world's second-largest economy, is taking a leading role in promoting multilateralism," said Thai banker Wichai Kinchong Choi.

BANGKOK, Oct. 31 (Xinhua) -- China's rapid recovery from COVID-19 has demonstrated its strong economic resilience and fundamentals, and the country has contributed significantly to global post-pandemic recovery by promoting international trade and further opening up its domestic market, a Thai banker has said.

China's economic figures are "better than market expectation," and a bright spot is in the manufacturing sector, which has shown that new growth drivers are picking up steam, said Wichai Kinchong Choi, senior vice president of the leading Thai bank Kasikornbank, in a recent interview with Xinhua.

The Chinese economy grew 3.9 percent year-on-year in the third quarter, 3.5 percentage points higher than that in the second quarter, official data showed. During the January-September period, investment in the manufacturing sector climbed 10.1 percent year-on-year while investment in high-tech manufacturing and services continued rapid expansion, rising 23.4 percent and 13.4 percent, respectively.

The Thai banker spoke highly of China's reform and opening-up policy, saying that its successful experience has benefited not only China but also the whole world.

Photo taken on Sept. 22, 2022 shows an intelligent production base of the Great Wall Motors (GWM) in Yongchuan District of Chongqing, southwest China. (Xinhua/Wang Quanchao)

The report of the 20th National Congress of the Communist Party of China said that China is committed to its fundamental national policy of opening to the outside world and pursues a mutually beneficial strategy of opening up.

"It means China will stay committed to openness and cooperation, which strengthens global investors' confidence and will attract more investment into China," Choi said.

Free trade cooperation and multilateralism have been and will be essential to global economic development, and "we're glad to see that China, as the world's second-largest economy, is taking a leading role in promoting multilateralism," he added.

China has been actively promoting international trade and further opening up its domestic market, sharing the dividends of its economic growth with countries around the world, especially developing countries, and contributing significantly to the global recovery, Choi said.

Photo taken on Oct. 5, 2021 shows a decorative installation near the National Exhibition and Convention Center (Shanghai), the main venue for the China International Import Expo, in east China's Shanghai. (Xinhua/Fang Zhe)

Over the past few years, China has hosted a series of trade fairs, including the China International Consumer Products Expo, the China International Fair for Trade in Services and the China International Import Expo, serving as excellent gateways for foreign goods to enter the Chinese market, Choi added.

Looking forward, he pointed out multiple challenges that the Chinese economy might face, including the pandemic and the weak global demand.

"However, I do firmly believe that the Chinese government is working on a long-term master plan for China, aiming at achieving sustainable and quality growth for more years to come," he said.