China's economic recovery is of great significance to the world, according to a report by Xinhua News Agency.

In December last year, China optimized its control measures for the COVID-19 pandemic, which stimulated economic recovery in various fields including international trade and tourism.

Many international institutions have upgraded their projections of the Chinese economic growth rate for this year.

'China engine' in the face of global change

As more Chinese-made new energy vehicles are driving to more countries and regions in the world, the global economy is increasingly feeling the impetus of the "China engine".

A new energy vehicle rolls off the assembly line every 60 seconds at BYD's global headquarters in Pingshan district, Shenzhen, South China's Guangdong province.

BYD sold a total of 10,409 new-energy passenger cars overseas in January, exceeding 10,000 overseas sales for three consecutive months.

On Feb 6, China restarted overseas group travel after three years of restrictions, which boosted confidence in the recovery of tourism industry. Thailand alone expects to welcome more than 7 million Chinese tourists in 2023.

The International Monetary Fund, the United Nations and the World Bank projected that China's economy would grow by 5.2, 4.8, and 4.3 percent in 2023.

A full recovery of China's domestic demand will boost global GDP to grow about one percent by the end of 2023 and the growth momentum will continue until 2024, according to a report by Goldman Sachs.

'China link' in the global industrial and supply chains

Chinese manufacturing is increasingly interacting with the world, demonstrating its own strength and resilience, by making great improvements like building overseas factories apart from just establishing overseas subsidiaries, and exporting technology in addition to merely exporting products.

With the most complete industrial system in the world, China is an important link of the global industrial and supply chain. China ranks first in the world in the output of more than 220 industrial products.

In the past year, China's value-added industrial output reached 40.2 trillion yuan ($5.87 trillion), the added value of manufacturing industry was 33.5 trillion yuan and the total value of its import and export of goods exceeded 40 trillion yuan for the first time, ranking first in the world in both cases.

These demonstrated the importance of the "China Link" in the global industrial and supply chains.

'China's magnetic force' with hypermarkets

As the world's second largest consumer market and largest trader of goods, China is a key hub in global economic circulation. With the economic recovery, the "magnetic force" of China's super-large market has been further released with strong momentum.

The sixth CIIE is expected to be held offline in Shanghai from Nov 5 to 10. More than 500 enterprises have signed up to participate in the annual event, covering an exhibition area of more than 200,000 square meters.

A great number of multinational companies including Procter & Gamble, Panasonic, Honeywell and Coca Cola are attracted to continuously increase their investment in China with hypermarkets.

No other country or region in the world is adding as many middle-class families each year as China. A growing number of households earn more than 160,000 yuan ($23,379.04) a year, giving a strong boost to consumption, according to the 2023 China Consumer Report by McKinsey.