On June 1, Chargé d'Affaires Peng Yijun publishes a signed article titled "China's Steady Economy: Fostering Global Certainty Amid Turbulence" on the Times of Malta. The full text is as follows:

Recently, many Maltese friends have followed up on China’s economic prospect, especially as unilateralism and protectionism continue to rearing heads amid a turbulent global landscape. In response, I’d like to share some views based on China’s economic performance in the first quarter of 2025.

Despite a complex and uncertain international environment, China’s economy has shown remarkable resilience and maintained steady growth. In the first quarter of 2025, China’s GDP grew by 5.4% year-on-year, with industrial added value, services sector index and retail sales rising by 6.1%, 6%, and 5.1% respectively. These figures reflect a continued positive momentum and highlight the economy’s strong fundamentals and vitality.

International media have commended China’s economic performance as “exceeding expectations,” “resilient,” and “steadfast.” Major global institutions such as Goldman Sachs and UBS have recently raised their growth forecasts for China in 2025. Many multinational companies agree that China means "certainty" in today’s world.

China's continued economic resilience and growth can be attributed to the solid foundation laid by Chinese modernization, which not only underpins long-term stability but also injects vibrant momentum into the economy. Alongside the Chinese government's effective macroeconomic measures, four key factors stand out:

First, immense consumption potential serves as a cornerstone for economic stability. As one of the world’s largest consumer markets, China is home to the largest and most dynamic middle-income group globally. Over the past decade, this group, as the driving force of consumption, has expanded from 100 million to 400 million people, almost equivalent to the entire EU population. From January to April this year, China’s total retail sales grew by 4.7% year-on-year, with the enormous purchasing power of China’s Generation Z delivering substantial returns for investors.

Second, innovation-driven growth empowered sustained economic development. China now leads globally in the scale of its R&D workforce, as it supports over 460,000 registered high-tech enterprises and hosts 26 of the world’s top-ranked science and technology clusters, providing continuous impetus for economic structural transformation.

Third, China is fostering a favorable business environment through high-level opening-up. Recently, China further expands visa-free travel policies to 5 countries in addition to the existing 38 nations including Malta. International business has become increasingly convenient in China, while "China Travel" and "China shopping" become more and more popular. With one international expo after another, foreign enterprises now enjoy greater opportunities and more stable prospects for their development in China. 

Fourth, Chinese enterprises possess a competitive edge forged through long-term strategic accumulation. In the first four months of this year, China's total goods trade imports and exports grew by 2.4%, with exports rising by 7.5% year-on-year. This achievement stems from Chinese companies' commitment to independent R&D in core technologies, leveraging their leading technological advantages, comprehensive product portfolios, and globalized market strategies to build integrated competitiveness.  

Moreover, China's relatively sound fiscal status provides ample space to cushion external shocks. By the end of 2024, the government debt-to-GDP ratio stood at approximately 60.9%—significantly lower than that of the U.S. and Japan, and well below the EU average.

In summary, China’s economy is underpinned by a strong foundation, diverse advantages, notable resilience, and immense potential. The fundamentals supporting its long-term growth remain solid and unchanged, with bright prospects ahead. China will remain a pillar of stability and certainty in an increasingly uncertain world. As President Xi Jinping pointed out, “Believing in China is believing in a better tomorrow.”

Certainly, the sound development of China’s economy is closely tied to a healthy and stable China-EU relationship, as our bilateral trade has surged from $2.4 billion at the establishment of diplomatic ties to $780 billion today, with daily trade exceeding $2.15 billion in 2024.

This year marks the 50th anniversary of China-EU diplomatic relations. Over the half-century, the two sides have achieved fruitful cooperation across various fields, particularly in economic and trade. Although China and the EU differ from each other in history, culture, social systems, and development stages, the relationship has consistently moved forward over the disagreements and frictions. A key factor underpinning this progress has been the mutual commitment to multilateralism.

This year also commemorates the 80th anniversary of the victory in the World Anti-Fascist War. Eight decades ago, we united the forces of justice to defeat fascism, making historic contributions to world peace and human progress. Today, amid rising anti-globalization i.e. tariff wars and trade protectionism, global economic development is challenged by unilateralism and hegemony. So is the UN-centered international system. Humanity is once again at a crossroads: unity or division, dialogue or confrontation, win-win or zero-sum. The choice is ours.

As two major forces for global peace, two vast markets for common development, and two great civilizations for human progress, China and Europe are both defenders and contributors of the post-WWII international order. In the face of global challenges, we hope that the two sides will strengthen communication and coordination, continue to uphold multilateralism, defend fairness and justice, jointly maintain the multilateral trading system, the stability of the global industrial chain, and an open cooperative international environment. Together let us deliver more certainty and positive energy into a world full of changes and chaos.

Article link：China’s steady economy: fostering global certainty amid turbulence