On 9 February, Brunei’s largest English newspaper Borneo Bulletin published the article entitled Bright Prospect for Chinese Economy and Broad Future for China-Brunei Cooperation, by Mr. Wang Haitao, Chargé d’Affaires a.i. of the Embassy of China in Brunei Darussalam. It presents a panorama of Chinese economy in the past year while looking into the bright future of Chinese economy as well as the broad prospect of China-Brunei cooperation. The full text is as follows: 

Among the fresh breath and vigor of the new spring, we bid farewell to the year 2022 which is extraordinary and deeply etched in history, and usher in the year 2023 which is full of hope and bring us confidence and energy.

In 2022, the 20th National Congress of the Communist Party of China (CPC) was successfully convened, drawing up a grand blueprint for advancing the rejuvenation of the Chinese nation on all fronts through a Chinese path to modernization. Throughout the year, the world underwent the once-in-a-century pandemic and the unprecedented global changes at the same time, with the global economy facing increasing downward risks. The Chinese economy was repeatedly hit by multiple factors exceeding expectations, including the frequent and sporadic outbreaks of pandemics and extreme heatwave, with the complexity, severity and uncertainty of the developing environment rising. Under the strong leadership of the CPC Central Committee with Comrade Xi Jinping as the core, and under the scientific guideline of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the Chinese people from all ethnic groups have worked hard in unity, effectively handled the unexpected impacts and made remarkable achievements in economic fields.

Firstly, the overall macroeconomic performance was stabilized. Under the extremely severe situation last year, Chinese government promptly introduced and implemented a package of policies and follow-ups to stabilize the economy. In the second quarter, the goal of positive economic growth and an quick drop of the unemployment rate was achieved. In the third quarter, the economy rebounded significantly. In the fourth quarter, the economy fluctuated while the recovery momentum was maintained. Against the backdrop of a complex and severe external environment and the repeated impact of the domestic epidemic, an annual economic growth of 3% was realized.

Secondly, the commodity prices and employment were generally stable, food security was effectively secured and new achievements was made in improving people’s livelihood. Compared to the record-high Consumer Price Index(CPI) in many other countries, China’s annual CPI rose by 2% over the previous year, around 3% lower than expected. In the face of prominent downward pressure of the economy, the newly increased employed people in urban areas totaled 12.06 million, exceeding the expected annual goal of 11 million. The total grain output reached 1373.1 billion catties (amount to 686.55 billion kilograms), an increase of 7.4 billion catties (amount to 3.7 billion kilograms), making 2022 the eight consecutive year in which the total output exceeding 1.3 trillion catties (amount to 0.65 trillion kilograms) and the Chinese “rice bowl” was firmly filled by its own people. More needy groups were included into the scope of basic livelihood guarantees, and investment in the social sector increased by 10.9% over the previous year, among which the investment in health and social work increased by 26.1%, an increase of 6.6 percentage points over the previous year.

Thirdly, the performance of foreign trade exceeded expectation, the utilization of foreign investment grew steadily and new drivers for growth were enhanced. The total import and export of goods for the year was US$6.31 trillion, up by 4.4%, enabling China to maintain its position as the world’s top goods trading country for the sixth consecutive year, and the balance of international payments was also in good shape. In 2022, the actual use of foreign investment registered US$189.13 billion, up 8% year on year. Foreign investment to China from EU, Belt and Road partners and ASEAN grew by 92.2%, 17.2% and 8.2% respectively. The structure of foreign investment was constantly optimized. The actual use of foreign capital in high-tech sector grew up 28.3% year on year, accounting for 36.1% of the country’s total. The value added of the high-tech manufacturing went up by 7.4 percent, 3.8 percentage points faster than that of the overall industrial enterprises above the designated size. Investment in high-tech manufacturing grew by 22.2% and 12.1% in high-tech services. A large number of new technologies, new industries and new forms of business are gaining momentum.

Only ride winds across the hardships and set sail against the waves can we be greeted with light and success. 2023 is the starting year to fully implement the spirit of the 20th National Congress of the Communist Party of China and build China into a modern socialist country in all respects. The international community is generally optimistic about China’s economic development. In its World Economic Outlook Report released on January 31, the International Monetary Fund sharply raised its forecast for China’s economic growth to 5.2% this year. Morgan Stanley, Goldman Sachs, HSBC, UK Barclays Bank, Natixis Bank and many other international investment banks and financial institutions have also raised their expectations for China’s economic growth. As the world’s second largest economy with a population of more than 1.4 billion, the biggest manufacturer, top trader in goods and the biggest holder of foreign exchange reserves, China has sufficient strength and confidence to achieve steady economic growth in the new year. China’s new development will provide the world with new opportunities, offer more stability and positive energy into the recovery of the global economy, benefiting the people of all countries.

China and Brunei are close neighbors across the sea, trustworthy friends and partners of common development. The two countries have set an example of harmonious coexistence, mutually beneficial and win-win interactions between countries of different sizes. With the guidance and care of President Xi Jinping and His Majesty, China-Brunei relations have been developing rapidly and pragmatic cooperation has been expanded and deepened in recent years. In 2022, the China-Brunei strategic cooperative partnership made new progress. The heads of state of the two countries met in Bangkok, Thailand, which strategically charted the course for the future development of bilateral relations. Hengyi Industries, Muara Port and other cooperative projects under the framework of Belt and Road Initiative were promoted with high quality. The bilateral trade volume increased by 7.5% year-on-year, hitting a record high of US$3.08 billion and breaking the US$3 billion mark for the first time, bringing tangible benefits to the two peoples.

 The year 2023 marks the fifth anniversary of the establishment of the strategic cooperative partnership between China and Brunei as well as the 10th anniversary of the Belt and Road Initiative proposed by President Xi Jinping, bringing new opportunities for the development of relationship between China and Brunei. It is believed that under the strategic guidance of the two state leaders and with the joint efforts of all walks of life of the two countries, especially after China adjusts its epidemic prevention and control measures to resume the personnel exchanges, the China-Brunei relationship will surely embrace an even brighter spring. The bilateral practical cooperation in various fields especially the high-quality joint-building of BRI, will embrace even broader prospects and bring more tangible benefits to the two countries and peoples.