China Reaffirms Economic Confidence Amid Global Growth Discussions

In a pivotal meeting held in Beijing on December 12, 2024, major international economic leaders convened to discuss the remarkable economic achievements of China and its future role in global growth. This dialogue, known as "1+10", saw Chinese President Xi Jinping addressing the attendees and reinforcing China's commitment to deepening its economic influence worldwide.

Highlights of the Meeting

President Xi highlighted China's significant contributions to the global economy over the past four decades. He proudly declared that China's economic growth currently contributes approximately 30% to the world's overall growth, asserting that the country is on track to meet its economic growth targets for the current year. A World Bank report indicated that from 2013 to 2021, China accounted for an average of 38.6% of global economic growth, surpassing the combined contributions of G7 nations, solidifying its position as a key economic powerhouse.

According to statistics released by China's National Bureau of Statistics, the GDP for the first three quarters of 2024 reached 94.97 trillion yuan (around 13.09 trillion USD), reflecting a year-on-year growth rate of 4.8%. President Xi's optimism about China's economic capacity continues to rise, with increasing commitments to expand its openness to global markets.

Commitment to Global Growth

During his address, Xi reinforced China's determination to enhance its global economic engagement. He stated that the nation would align itself with high-level international trade and economic regulations while fostering a market-oriented business ecosystem built on legal frameworks. This strategy aims to enhance opportunities not only for China but also for the global economy.

Promoting the Belt and Road Initiative (BRI), Xi invited international economic organizations to collaborate in fostering shared development. Since the launch of the BRI, China has signed cooperation documents with over 150 countries and 30 international organizations. As of the end of 2023, Chinese enterprises had set up 17,000 overseas businesses participating in the BRI, creating around 530,000 local jobs globally.

A Call Against Protectionism

Xi Jinping also addressed the challenges facing global economic cooperation, firmly opposing practices like economic decoupling and protectionism. He emphasized the need for global collaboration to establish an open economic system. Recognizing the pivotal role of innovation, he urged countries to tap into emerging fields such as digital economies, artificial intelligence, and low-carbon technologies to generate new economic growth engines.

The President’s remarks came against a backdrop of rising protectionist sentiments and geopolitical tensions affecting global trade. Nevertheless, China remains steadfast in its policies of economic openness, having introduced various reforms to integrate its economy better with international standards.

The 2020 foreign investment law, for instance, aims to enhance intellectual property rights and foster a fair competitive environment for foreign enterprises. Additionally, recent adjustments have further relaxed restrictions on foreign capital in the financial services sector and lifted all investment barriers in manufacturing.

Future Relations with the U.S.

Addressing Sino-U.S. relations, Xi expressed China's willingness to engage in dialogue, enhance cooperation, and manage differences. He remarked that trade wars and technological hostilities deviate from historical economic trends, warning that there would be no winners in such conflicts.

As China continues to advocate for a more open, inclusive, and equitable global economic framework, its leaders remain committed to fostering international partnerships that prioritize mutual benefits for all nations involved. As the discussions at the