Recovery or Recession? – Three Questions about China’s Economy

For some time, there have been some commentary in the international community that speak ill of China’s economy.

What is the trend of China’s economy?

Recently, the National Bureau of Statistics of China has published the statistics about China’s national economic performance in 2023.

It shows that China’s economy has rebounded and moved upward, with high-quality development solidly advancing, new economic drivers developing faster, market demand recovering steadily, green transformation forging ahead, and foreign trade becoming more resilient.

China’s economy will continue to provide strong impetus for the world.

Is China’s economy stagnating? As shown by the statistics, China’s economy is making steady progress, and remains the biggest engine of global growth.

The International Monetary Fund has stated that China will be the largest driver of global economic growth in the next five years, and one percentage point increase in gross domestic product (GDP) growth in China leads to 0.3 percentage point i
ncrease in growth in other economies.

As the only country encompassing all industrial categories in the United Nations industrial classification, China contributes to around one-third of world economic growth over the years.

The scale of China’s manufacturing industry has ranked first in the world for 13 consecutive years.

In 2023, the Chinese economy has achieved a year-on-year GDP growth of 5.2 per cent, outpacing most major economies.

China is now advancing Chinese modernisation on all fronts through high-quality development, delivering modernisation to more than 1.4 billion people.

It will be a remarkable achievement in human history, one that will provide continuous impetus to the development of China and the wider world.

Will China’s declining population pose economic challenges?

China’s demographic dividend is turning into talent dividend, as innovation is the primary driving force for development.

China now ranks first in the world in terms of the size of talent pool, human resources in scienc
e and technology and the total number of researchers.

China’s industrial optimisation and upgrading has achieved remarkable results and is moving up the mid-to-high-end value chain.

China’s expenditure on research and development and investment in high-tech industries have maintained double-digit growth for many years.

The number of China’s patent applications ranks first in the world, and the number of unicorn companies ranks second in the world.

China is pushing ahead green and low-carbon transformation, which will provide impetus for development in green infrastructure, green energy, green transportation and other fields, and generate a market of 10 trillion yuan per year.

Is China’s Door closing?

China remains firmly committed to opening up, sharing development opportunities with the world.

President Xi Jinping’s call for high-quality Belt and Road cooperation and the Global Development Initiative have provided the most inclusive and extensive international cooperation platform.

China is the major
trading partner of more than 140 countries and regions.

Our overall tariff level has been cut to 7.3 per cent, relatively at par with the developed members in the World Trade Organisation.

China is the world’s largest source of international development financing.

Since the beginning of this century, China has provided approximately $1.34 trillion in loans and grants to more than 20,000 projects in 165 low- and middle-income countries.

By opening up wider, China aims to develop together with all in the world.

Recently, there are some negative rhetoric against China’s economy.

Some countries want to shut out China in the name of ‘de-risking’, to ‘decouple’ from China, fragment industrial and supply chains, and build ‘small yards with high fences’.

However, facts speak louder than words. In the post-epidemic era, despite challenging international environment, increasing uncertainty of the world economy and insufficient growth momentum, China’s economy can still achieve its growth targets beyond expectati
ons with per capita disposable income continuing to rise, which is a strong demonstration of China’s resilience, vitality and potential.

To shut out China is to throw away opportunities, cooperation, stability and development.

Such a move would only create and spread risks, and no one would benefit from it.

As Premier Li Qiang has stated in the special address at the Opening Ceremony of the World Economic Forum Annual Meeting 2024, the world has entered a new period of turbulence and transformation, yet the overall direction of human development and progress will not change, the overall dynamics of world history moving forward amid twists and turns will not change, and the overall trend toward a shared future for the international community will not change.

After all the shifts and changes over the years, all should cherish communication the more and exchange, solidarity and cooperation, openness and sharing, peace and stability, forging ahead with a shared aspiration for a better future toward building a
community with a shared future for mankind!

Source: Ghana News Agency

Two siblings arrested for disturbing court sittings

Safianu Osumanu and Aishatu Osuman, two siblings who disrupted court sittings at the Ashiaman District Court, have been arrested by the Ashaiman police.

The two who accompanied their mother, Hamdiya Inusah, a landlady who has a case at the court, were arrested, handcuffed, and sent to the Ashiaman Divisional Police Headquarters after court proceedings.

Osuman, who stood up and started talking in the courtroom while the presiding judge, Mr Derick Eshun Parden, was giving his verdict on their mother’s case, was ushered outside by the police officer attached to the court after some resistance from him.

He, together with his sister, however, pushed and held the uniform of Inspector Tetteh Nartey, the prosecutor, hurling insults at him and alleging that he had taken a bribe from the complainant in their mother’s case.

Meanwhile, in the substantive case, the court heard that Inusah rented a room to a tenant at a cost of GHS2,400 for a number of years.

The prosecution said the tenant, who is the complainant in
the case, vacated the room before the expiration of the tenancy agreement following a misunderstanding between them and demanded a refund of the money paid.

Inusah paid GHS 400 out of the money after the tenant reported the case to the Rent Control Department.

The prosecutor said the case was subsequently put before the court after her refusal to refund the remaining money.

The court therefore ordered Inusah to pay GHS 2,000 to the complainant and an additional GHs 500 in costs to the court.

Source: Ghana News Agency

Clement Boateng is GloMeF’s new Country Director

The Global Media Foundation (GloMeF), a Sunyani-based human rights and media advocacy non-governmental organisation, has appointed Mr Clement Boateng, a communication expert, as its new Country Director.

With his appointment effective February 1, 2024, Mr Boateng steps into a key leadership role with a mandate to drive the organisation’s mission and new strategy.

A statement signed by Mr Raphael Godlove Ahenu, the Founder and Chief Executive Officer, GloMeF, issued to the Ghana News Agency (GNA) in Sunyani on Monday, described Mr Boateng as an accomplished leader who brings a wealth of experience to his new position.

With a background in community and international development, he had held prominent roles in a number of organisations where he had demonstrated a commitment to driving positive change and sustainable development.

In his new capacity, Mr Boateng would be responsible for overseeing all aspects of the organisation’s operations in Ghana, including strategic planning, programme implementation an
d stakeholder engagement.

His leadership would be crucial in guiding the organisation to address pressing social and economic challenges in the country, leveraging innovative solutions and partnerships to make a meaningful impact.

Mr Boateng, commenting on his appointment in a telephone interview with the GNA, expressed enthusiasm for the opportunity to serve and lead ‘a talented team of individuals dedicated to making a difference in the lives of the Ghanaian people’.

He said collaboration and inclusivity remained integral in driving progress, and pledged to work closely with local communities, government agencies and other stakeholders to achieve shared goals.

Mr Boateng has an extensive background in development communication, youth empowerment, advocacy, project management and resource mobilisation, with commitment to societal development.

He had worked with the Youth Empowerment for Life, Ghana Developing Communities Associations, Agriculture for Nutrition and Poverty Alleviation, and a Communicatio
ns Specialist for USAID, Advancing Nutrition at JSI Research and Training Institute Inc.

He holds a Master of Arts Degree in Journalism and Mass Communication from Amity University, India, and a Bachelor of Arts degree in Integrated Development Studies from the University for Development Studies, Ghana, among other achievements.

He is an Acumen West Africa Fellow, a Biosciences for Agriculture in Africa Fellow, and a member of both the African Network of Environmental Journalists and the Ghana Journalists Association.

Source: Ghana News Agency

Akatsi South: Fetish Priest allegedly murders son at Dzuefe-Hamekope

Afealete Dzreke, a fetish priest believed to be in his 50s, has allegedly shot and killed his son at Dzuefe-Hamekpoe, a farming community within the Akatsi South Municipality of the Volta Region.

The deceased, Lawson Agbenyega Dzreke, about 34 years old, was allegedly killed and buried in a nearby bush after the crime by his father, popularly known as ‘Hunor Akpatogui.’

Mr Selorm Bright Gligui, the Assembly member of the area, told the Ghana News Agency (GNA) that the entire community remained in a state of shock after an alarm was raised about the discovery of the buried body.

He said the police at Akatsi were informed after the discovery of the body on Sunday, February 4.

The suspect is in police custody for further interrogations.

Some eyewitnesses also told the GNA that the suspect, on Thursday, February 1, had a misunderstanding with the deceased, which could have led to the crime.

Chief Superintendent Isaac Baah, the Akatsi South Municipal Police Commander, who confirmed the act, however, said de
tails on the crime would be given later.

The body of the deceased is to be exhumed by the police on Monday, February 5, after following all due processes, the GNA learnt.

The deceased was married with three kids.

Source: Ghana News Agency

OLA Girls: Samira Bawumia cuts sod for construction of 700-bed dormitory

Mrs Samira Bawumia, Wife of the Vice President, at the weekend cut the sod for the construction of a 700-bed ultramodern dormitory block for the OLA Girls Senior High School in Ho.

The project comes at a time when the A-list school is facing numerous infrastructure challenges.

The facility is being spearheaded by the Past OLA Girls Association (POGA) as a legacy project to mark the school’s 70-years Anniversary.

Mrs Bawumia commended POGA for its commitment to ensuring the comfort of the students and promised to support its efforts to position the school as a centre of empowerment for the girl-child.

The groundbreaking ceremony was witnessed by Dr Archibald Yao Letsa, the Volta Regional Minister, and Dr Edem Sabah Welbeck, the Global President of POGA, among other dignitaries.

Dr Dela Mawutor, the Third Vice President of the Association, who heads the Public Relations, told the Ghana News Agency that the dormitory would be a four storey block with all the ancilliary facilities.

She said the facility, n
amed the ultra-modern ‘POGA Legacy Project,’ was estimated to cost 14 million cedis and construction would start immediately and called on all to lend their support.

She said the facility was expected to become a standard residence befitting the school’s reputation, and funds were raised at the event to support its realisation.

Madam Benedicta Agbezudor, the Head Mistress of the school, mentioned the numerous challenges, including staff deficit, limited student accommodation, classrooms and dining space.

Currently there were only five security officers and 16 kitchen staff for the over 4,000 students, which should be addressed, she said, and called for at least 2,000 sets of furniture and the renovation and equipping of its laboratory.

Mrs Gina Blay, Ghana’s Ambassador to Germany, an old student, chaired the ceremony and encouraged the alumni to support the school and unite with shared vision to help equip the students to realise their full potential.

Source: Ghana News Agency

Re-christen AfCFTA as ATU- Prince Mba

Renaming the African Continental Free Trade Area (AfCFTA) as African Trade Union (ATU) will re-invigorate the enthusiasm of Africans to effectively participate in the agreements, Mr Prince Bagnaba Mba, President of Forum for Equity has said.

‘The acronym AFCFTA is mouthful and will sound better as ATU, for African Trade Union. Issues of marketing need simple and catchy names that will attract participants and investors’.

Mr Mba who was speaking to the Ghana News Agency on the importance of the AfCFTA to the development of African countries, extolled the architects of the zone for coming out with such an important agreement that could bring a common market to Africans and beyond.

AfCFTA was established in March 2018, with the primary objective to create a single market to help facilitate the free movement of persons, goods and services, and investments which will help fast-track the creation of African customs union.

It also aimed to reinforce intra-African trade, harmonize the coordination of trade liber
alization and facilitation regimes and instruments across the Regional Economic Communities (RECs) and across Africa in general.

It is also to accelerate regional and continental integration procedures, and resolve multiple and overlapping memberships challenges and to augment industrial competitiveness through production, market access and resources reallocation.

Mr Mba said one of the greatest achievements of Ghanaians under the leadership of President Nana Addo Dankwa Akufo-Addo was the implementation of the African Continental Free Trade Agreement, creating a single united market with headquarters in Accra, Ghana.

‘From March 2018,Ghana galvanised continental support and to set the ball rolling and credit must be given to the Diplomatic Triangle, the President, his Vice and the then Minister of Trade and Industry’.

He said as Graduates of former President JA Kufuor school of Economics Diplomacy, they applied their high sense of negotiations and made sure common good and fruitful interest was secured,
but a careful observation showed lack of sensitisation at the grassroots, the market operators and industrialists.

‘The average African for whom, it was created does not know its present relevance’

He emphasized that the agreed pact should not be another bureaucratic establishment for technocrats or job for the boys in the corridors of power as a laudable organisation of that kind could be the realisation of the dreams of the founding fathers for a single unit African market where goods and services move unhindered.

Giving some examples, he mentioned the Federation of Football Associations (FIFA), United Nations (UN), African Union (AU) adding that making the name African Trade Union could bring in vibrancy and vigour into the agreements and investments.

Source: Ghana News Agency