Former Slovenian President Highlights China's Key Role in Global Economic Stability

China as a Pillar of Global Economic Stability

In a recent interview with GDToday, Danilo Türk, the former president of Slovenia and current president of the Club de Madrid, spoke passionately about China's essential role in maintaining global economic stability. As the country holds its annual 'two sessions' from March 4 to 11, Mr. Türk discusses the implications of China's projected GDP growth of approximately 5% for 2025, announced by Premier Li Qiang during the government's work report.

The Significance of 5% Growth

Mr. Türk asserts that a 5% increase in China's GDP equates to about one-third of the world’s entire growth. He argues convincingly that this substantial figure showcases China's stabilizing influence on the global economy. 'If you think about it, we can see how China’s stable growth benefits the entire world,' stated Türk, emphasizing the interconnectedness of today's global economy.

Despite some skepticism from Western media regarding China's economic trajectory, Türk underscores that structural changes within the economy do not imply a collapse. He notes, 'High levels of growth in China will naturally lead to structural changes; this means some sectors will develop more slowly while others will accelerate.' According to the government report, external trade has reached an all-time high, with a 7.1% year-on-year increase in export volumes, further reinforcing the positive indicators of economic health.

Transitioning to High-Quality Manufacturing

Particularly notable is the shift in China's export landscape. While traditional labor-intensive goods saw a decline, mechanical and electrical exports soared by 8.7%, now accounting for nearly 60% of total exports. Furthermore, advanced sectors such as electric vehicles, 3D printers, and industrial robots recorded significant jumps—13.1%, 32.8%, and 45.2%, respectively—illustrating the nation's transition from low-cost manufacturing to a more sophisticated, high-quality manufacturing paradigm.

Türk maintains that achieving the growth target of 5% is entirely feasible because China has demonstrated a history of credible policy implementation. He remarked, 'Every target they aim for has undergone rigorous examination by meticulous experts.' This concrete planning and implementation suggest a high likelihood of meeting their ambitious goals, especially as China enters the final year of its 14th Five-Year Plan (2021-2025).

Innovation and Societal Evolution

Amid growing concerns, particularly a rapidly aging population reminiscent of challenges faced by Europe, Türk emphasizes the potential when harnessing the dynamism of the younger generation. He believes that inspiring youth-driven innovation remains crucial in maintaining high development levels witnessed in recent decades.

Highlighting innovations such as the DeepSeek AI model, launched in 2023 and led by a young programmer, Türk notes how such advancements contribute to a more comfortable society and further cements China’s status in the global innovation arena. 'It’s no surprise that technological advancements come from the youth, and DeepSeek has amazed the world with strong youth engagement,' he expressed.

The Greater Bay Area's Unique Role

The Greater Bay Area of Guangdong-Hong Kong-Macao stands as a testament to this progress. Since being included in the government’s work report in 2017, this region has demonstrated unyielding development. Türk remarks on his extensive travels to China, recalling the unique experiences each visit provided. He describes the Greater Bay Area as a comprehensive model of exchange, trade, finance, and technology—an area where every segment contributes synergistically to its development. Mr. Türk anticipates that this region could become one of the world’s most fascinating areas due to its vast potential.

In conclusion, as we observe China's path forward, it is evident that lagging growth rates, when scrutinized, can instead highlight significant structural progress within the economy. The leadership of the Chinese government demonstrates a commitment to sustainable growth that not only benefits China but also contributes to global economic stability. Mr. Türk's remarks invite us to watch closely as China prepares for the next chapter in its economic narrative.