China Reaffirms Economic Confidence Amid Global Challenges and Growth Prospects

In a recent gathering in Beijing, leaders from key international economic organizations convened for the '1+10' dialogue, where they recognized China’s remarkable economic progress and expressed confidence that it will remain a global growth engine. This meeting emphasized a shared vision of cooperation and an optimistic outlook for the future.

China’s Economic Success and Global Role

Chinese President Xi Jinping emphasized the country’s extraordinary economic achievements, noting that after over 40 years of continuous and rapid development, China has transitioned into a phase of high-quality economic growth. He highlighted that China contributes approximately 30% to global economic growth, reinforcing its significance in the international economic landscape. According to a World Bank report released in 2022, China’s contribution from 2013 to 2021 averaged 38.6%, surpassing the combined contributions of the G7 countries, cementing its role as a critical driver of world economic development.

As per statistics released by the National Bureau of Statistics, China’s GDP reached 94.97 trillion yuan (approximately 13.09 trillion USD) in the first three quarters of 2024, representing a year-on-year growth rate of 4.8% at constant prices. Xi expressed full confidence in achieving this year’s economic growth targets and reaffirmed China’s intention to maintain its momentum as a pivotal contributor to the global economy.

Commitment to Openness and International Standards

Xi also committed to enhancing China’s openness by adhering to high international standards in economic and trade practices. He asserted that China would work towards creating a market-oriented, legal-based, and international business environment to support global economic growth. In reflecting on the Belt-and-Road Initiative (BRI), Xi pointed out the substantial progress made over the past decade, stating that the initiative serves as a bridge for mutual development between China and the world.

Currently, China has signed cooperation documents under the BRI with over 150 countries and more than 30 international organizations. Data from the Ministry of Commerce indicates that Chinese companies have established over 17,000 enterprises with direct investments exceeding 330 billion USD in BRI-participating nations. Additionally, over 530,000 local jobs have been created in zones for economic and trade cooperation established under the initiative.

Emphasizing Global Cooperation and Fairness

During the dialogue, Xi stressed the significant challenges facing the international community, vocally resisting de-coupling and protectionism. He urged countries to prioritize innovation and to seize opportunities in areas such as digital economies, artificial intelligence, and low-carbon technologies. In particular, Xi underscored the necessity for fostering cross-border flows of knowledge, technology, and talent, which are vital for generating new economic growth drivers. He strongly opposed approaches that advocate for “small courtyards with high walls,” asserting that such isolationist tendencies ultimately harm both the initiating party and others.

Despite the headwinds caused by global trade protectionism and geopolitical tensions, China has persistently expanded its opening-up policy and integrated its economy more comprehensively into the global markets. A pivotal development in this regard was the implementation of the new foreign investment law in 2020, which improved intellectual property rights protections and ensured that foreign businesses operate on a level playing field, thereby fostering a more transparent and equitable business environment.

Ongoing Reforms and Future Aspirations

In recent years, China has also eased restrictions on foreign investment in the financial services sector, paving the way for increased foreign participation in banking, securities, insurance, and asset management. The abolishment of restrictions on foreign investments in manufacturing, coupled with pilot projects in telecommunications and healthcare, signals China’s resolve to establish a more open, inclusive, and balanced global economy.

Discussions also touched upon the China-U.S. relationship, where Xi expressed China’s readiness to maintain dialogue, enhance cooperation, and address differences with the U.S. government. He voiced hopes for healthy and sustainable development in bilateral relations, underscoring that trade conflicts, technological wars, and tariff disputes contradict the historical trends and economic laws, declaring that there would be no winners in such confrontations.

In conclusion, president Xi Jinping’s recent statements and commitments underscore China's determination to uphold its role as a key global economic power while fostering a collaborative international environment for shared growth and development.

For further insights and updates on this topic, visit CGTN News.