Brazilian mining firm Vale buoyant on China's economy

Brazilian mining company Vale expressed optimism about the growth prospects of the Chinese economy and asserted its strategic position to contribute to China's high-quality development.

"Vale remains optimistic about the growth prospects of the Chinese economy and is well positioned to make greater contribution to China's new industrialization and high-quality development," said Tracy Xie, president of Vale China.

"China is already leading the energy transformation in the world, and we anticipate that more high-quality flat steel will be sought, which implies an increasing demand for high-quality iron ore."

Her comment came as the National Bureau of Statistics said that China's GDP grew 5.2 percent year-on-year to a new high of 126.06 trillion yuan ($17.52 trillion) last year. China's growth not only outpaces the estimated global growth of 3 percent, but also ranks top among major economies, said the NBS.

"It's encouraging, yet unsurprising, to see that China posted a robust GDP growth of 5.2 percent in 2023," said Xie.

"We are confident that China is much more resilient than many expect."