#China #Xi Jinping #Beijing #Global Growth

China's Economic Promise: A Global Growth Engine

In a recent gathering in Beijing for the '1+10' dialogue, prominent leaders from major international economic organizations came together to discuss China's significant economic contributions. They praised China's remarkable achievements and expressed confidence in its continued role as a global economic powerhouse.

Economic Achievements Highlighted

President Xi Jinping, who also serves as the General Secretary of the Communist Party of China, outlined that China has seen over 40 years of rapid and sustained economic development. He emphasized that the Chinese economy is now transitioning into a phase of high-quality growth, which contributes approximately 30% to global economic expansion.

According to a report from the World Bank in 2022, between 2013 and 2021, China accounted for an impressive 38.6% of the world's economic growth. This outstripped the combined contributions of the G7 nations, establishing China as the leading driver of global economic growth.

As per data from the National Bureau of Statistics, China's GDP for the first three quarters of 2024 reached 94.97 trillion yuan (around 13.09 trillion USD), marking a year-on-year growth of 4.8% at constant prices. Xi reaffirmed that China is on track to meet its economic growth targets for the year and reaffirmed its commitment to serving as the world's primary engine for economic growth.

Commitment to Global Openness and Cooperation

During his address, President Xi promised to further open up China to the world and align closely with advanced international economic and trade rules. He plans to foster a market-oriented, law-based, and internationally integrated business environment to spur global economic growth.

He also reflected on the notable progress made under the Belt and Road Initiative (BRI) over the past decade, asserting that it serves as a bridge for shared development between China and other nations. Xi welcomed international economic organizations to participate in the BRI to promote modernization efforts globally.

As of now, China has signed cooperation agreements related to the BRI with over 150 countries and more than 30 international organizations. By the end of 2023, Chinese enterprises had established 17,000 overseas companies in BRI partner nations, with direct investments exceeding $330 billion. BRI initiatives have also resulted in the creation of 530,000 local jobs in various countries.

A Vision for an Open Global Economic System

During the recent meeting, Xi addressed the significant challenges facing the international community, firmly opposing decoupling and protectionism. He stressed the significance of global cooperation in building an open world economic system. He urged countries to prioritize innovation and seize opportunities in sectors like the digital economy, artificial intelligence, and low-carbon technologies. Additionally, he emphasized the need to facilitate cross-border flows of knowledge, technology, and talent to generate new avenues for economic growth.

Xi expressed strong opposition to concepts that suggest insulating economies, warning that such approaches are detrimental to both individual countries and the global community. Amid rising global protectionism and geopolitical tensions affecting trade, China has continuously expanded its openness policies, demonstrating significant steps to integrate its economy into the global market.

One landmark measure has been the implementation of the new Foreign Investment Law in 2020, which enhances intellectual property rights protection and ensures a level playing field for foreign businesses. Moreover, in recent years, restrictions on foreign capital in the financial services sector have dramatically been relaxed, allowing greater foreign participation in banking, securities, insurance, and asset management. Notably, China has fully lifted restrictions on foreign investment in manufacturing and initiated pilot projects in telecommunications and healthcare sectors to broaden foreign investment opportunities.

Strengthening China-U.S. Relations

Turning to international relations, Xi touched on the dynamics between China and the United States, indicating China's readiness to engage in dialogue, expand cooperation, and manage differences with the U.S. government. He expressed hope for a stable and healthy development of bilateral ties.

He cautioned that tariff wars, trade disputes, and scientific challenges are against historical trends and the laws of economics, emphasizing there will be no victors in such conflicts.

In conclusion, Xi Jinping's assurances at the '1+10' dialogue reflect China's steadfast commitment to not only enhancing its own economy but also contributing to a better economic future for the global community.