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China's Economic Confidence in a Changing World

In a significant meeting in Beijing, leaders of major international economic organizations lauded China's remarkable economic achievements. President Xi Jinping articulated his confidence in China’s ability to sustain its position as the leading engine of global growth. The gathering, part of the “1+10” dialogue, emphasized the collective belief that China will continue to play a pivotal role in driving the global economy forward.

Economic Stability and Ambitious Growth

President Xi highlighted China’s journey of over 40 years marked by sustained and rapid development, which has propelled the nation into a new phase of high-quality economic growth. He noted that China accounted for roughly 30% of global economic growth in recent times, according to a World Bank report. The Chinese economy's Gross Domestic Product (GDP) reached approximately 94.97 trillion yuan (around $13.09 trillion) in the first three quarters of 2024, reflecting a compelling year-on-year growth rate of 4.8% at constant prices.

Xi assured the attendees of China's unwavering resolve to achieve its economic growth targets for the year, positioning the nation as a cornerstone of global economic progress. He emphasized the country's commitment to increasing openness, aligning with high-standard international economic and trade rules, and fostering a market-oriented and legally governed business environment.

The Belt and Road Initiative: A Bridge to Development

One of the hallmarks of China’s proactive economic diplomacy has been the Belt and Road Initiative (BRI). Over the last decade, the BRI has emerged as a significant platform for enhancing development partnerships globally. President Xi welcomed the involvement of international economic organizations in this initiative, which aims to foster modernization and growth in various countries.

As of now, China has signed cooperation agreements related to the BRI with more than 150 countries and over 30 international organizations. According to the Ministry of Commerce, Chinese companies have established around 17,000 foreign enterprises within BRI participant countries, with direct investments surpassing $330 billion. The economic collaborative zones created under BRI have generated approximately 530,000 jobs across these regions.

Promoting an Open and Fair Global Economy

During the meeting, Xi addressed the significant challenges facing the international community, strongly condemning the blindfolding of ties and protectionism. He stressed the importance of global cooperation in constructing an open economic system that benefits all parties involved. By leveraging opportunities in digital economy, AI, and low-carbon technologies, countries can stimulate new growth drivers and bolster cross-border flows of knowledge and talent.

Xi also raised concerns about strategies that promote isolation and separation in supply chains, declaring that such approaches would inevitably harm all stakeholders involved. As global trade grapples with headwinds from protectionist policies and geopolitical tensions, China is steadfast in its efforts to broaden its opening-up policy and enhance its integration into the global market.

Noteworthy measures include the enactment of a new Foreign Investment Law in 2020, which bolsters intellectual property rights protection and ensures equitable conditions for foreign enterprises, leading to a more transparent and fair business landscape.

In recent years, China has significantly relaxed its restrictions on foreign capital investments, particularly in the financial services sector, allowing for greater foreign participation in banking, securities, insurance, and asset management. The total removal of constraints in the manufacturing sector further signals China's intention to create a more inclusive global economy.

Navigating Bilateral Relations

In the discussion concerning China-U.S. relations, Xi expressed readiness to maintain dialogue, extend cooperation, and navigate disagreements with the United States, fostering hope for steady and sustainable bilateral ties. He articulated that trade wars and technology conflicts contradict historical trends and economic principles, producing no winners in the process.

In summary, China is clearly committed to reinforcing its role as the global growth engine through a multi-faceted strategy that emphasizes openness, cooperation, and inclusive development. This commitment serves not only China but provides a pathway for shared prosperity for nations around the world. For further details, visit CGTN News.