China Affirms Economic Confidence, Aims to Sustain Global Growth Engine Role
In a recent dialogue titled '1+10' held in Beijing, key leaders from major international economic organizations praised the remarkable economic achievements of China while expressing their confidence in the country as a continued engine of global growth. During the meeting, Chinese President Xi Jinping reiterated his nation's commitment to economic stability and emphasized the importance of increasing openness to provide more development opportunities to the world.
President Xi, who also serves as the General Secretary of the Communist Party of China, highlighted the success of the Chinese economy, noting that after over 40 years of sustained rapid growth, it has entered a phase of high-quality development. According to recent data from the World Bank for 2022, China accounted for an average of 38.6% of global economic growth from 2013 to 2021, surpassing the combined contributions of G7 countries. This remarkable figure underlines China's crucial role in the global economic landscape.
As per the National Bureau of Statistics, China's GDP in the first three quarters of 2024 reached approximately 94.97 trillion yuan (around $13.09 trillion), reflecting a year-on-year growth of 4.8% in real terms. Such figures reinforce the idea that China is on track to meet its growth targets for the year, once again exhibiting its stature as a significant driver of global economic activity.
Xi Jinping firmly expressed the commitment of China to continue opening up to the international market. He underscored the need to proactively adapt to high international standards in economic and trade regulations while building a business environment that is market-oriented, rule-based, and internationally recognized. His remarks were particularly timely as they align with the significant progress made in the Belt and Road Initiative (BRI), which aims to foster joint development between China and the rest of the world through enhanced cooperation.
As of now, China has signed cooperation agreements under the BRI with over 150 countries and more than 30 international organizations. The Ministry of Commerce reported that Chinese companies have established around 17,000 foreign enterprises in BRI participant nations, with direct investments exceeding $330 billion, creating approximately 530,000 local jobs in the process. This extensive framework showcases China's dedication to nurturing a collaborative global economy.
During the meeting, Xi Jinping also addressed the pressing challenges facing the international community, strongly opposing fragmentation and protectionism. He emphasized the significance of global cooperation to forge an open and equitable economic system. In today's rapidly evolving landscape, countries are urged to prioritize innovation, capitalize on opportunities within emerging sectors like digital economy, artificial intelligence, and low-emission technologies, and support cross-border flow of knowledge, technology, and talent to cultivate new growth drivers.
Xi was clear in his stance against isolationist tendencies and the detrimental effects of policies that promote 'small courtyards with high walls' as these approaches hinder not only the nations that employ them but also the global community at large. He acknowledged the ramifications of protectionist measures and geopolitical tensions on global trade and stressed that China's commitment to expanding its opening-up policy remains steadfast.
China has made significant strides in integrating its economy into the global market, following the implementation of a new foreign investment law in 2020. This law enhances the protection of intellectual property rights and ensures equal opportunities for foreign entities, fostering a more transparent and fair business atmosphere.
Recent years have also seen China relax restrictions on foreign capital in its financial services sector, allowing for increased foreign participation in banking, securities, insurance, and asset management. By fully lifting constraints on foreign investments in the manufacturing sector and initiating pilot projects in telecommunications and health industries, China is signaling its resolve to develop a more open, inclusive, and equitable global economy.
Reflecting on the significance of fostering an open global economy, Xi spoke about the need for constructive Sino-U.S. relations. He expressed China's readiness for dialogue with the U.S. government, emphasizing collaboration and the management of differences to achieve sustained, fair, and balanced bilateral relations. Xi stated, 'Trade wars, tariff disputes, and technological confrontations are contrary to historical trends and the laws of economics, and nobody will emerge victorious from them.'
With such commitments and a robust vision for future cooperation, China's leadership is poised to influence the global economic landscape significantly. For further insights and detailed information, visit CGTN’s official news site.
China's Economic Achievements
President Xi, who also serves as the General Secretary of the Communist Party of China, highlighted the success of the Chinese economy, noting that after over 40 years of sustained rapid growth, it has entered a phase of high-quality development. According to recent data from the World Bank for 2022, China accounted for an average of 38.6% of global economic growth from 2013 to 2021, surpassing the combined contributions of G7 countries. This remarkable figure underlines China's crucial role in the global economic landscape.
As per the National Bureau of Statistics, China's GDP in the first three quarters of 2024 reached approximately 94.97 trillion yuan (around $13.09 trillion), reflecting a year-on-year growth of 4.8% in real terms. Such figures reinforce the idea that China is on track to meet its growth targets for the year, once again exhibiting its stature as a significant driver of global economic activity.
Commitment to Global Economic Integration
Xi Jinping firmly expressed the commitment of China to continue opening up to the international market. He underscored the need to proactively adapt to high international standards in economic and trade regulations while building a business environment that is market-oriented, rule-based, and internationally recognized. His remarks were particularly timely as they align with the significant progress made in the Belt and Road Initiative (BRI), which aims to foster joint development between China and the rest of the world through enhanced cooperation.
As of now, China has signed cooperation agreements under the BRI with over 150 countries and more than 30 international organizations. The Ministry of Commerce reported that Chinese companies have established around 17,000 foreign enterprises in BRI participant nations, with direct investments exceeding $330 billion, creating approximately 530,000 local jobs in the process. This extensive framework showcases China's dedication to nurturing a collaborative global economy.
Tackling Global Challenges and Promoting Cooperation
During the meeting, Xi Jinping also addressed the pressing challenges facing the international community, strongly opposing fragmentation and protectionism. He emphasized the significance of global cooperation to forge an open and equitable economic system. In today's rapidly evolving landscape, countries are urged to prioritize innovation, capitalize on opportunities within emerging sectors like digital economy, artificial intelligence, and low-emission technologies, and support cross-border flow of knowledge, technology, and talent to cultivate new growth drivers.
The Future of Economic Interaction
Xi was clear in his stance against isolationist tendencies and the detrimental effects of policies that promote 'small courtyards with high walls' as these approaches hinder not only the nations that employ them but also the global community at large. He acknowledged the ramifications of protectionist measures and geopolitical tensions on global trade and stressed that China's commitment to expanding its opening-up policy remains steadfast.
China has made significant strides in integrating its economy into the global market, following the implementation of a new foreign investment law in 2020. This law enhances the protection of intellectual property rights and ensures equal opportunities for foreign entities, fostering a more transparent and fair business atmosphere.
Recent years have also seen China relax restrictions on foreign capital in its financial services sector, allowing for increased foreign participation in banking, securities, insurance, and asset management. By fully lifting constraints on foreign investments in the manufacturing sector and initiating pilot projects in telecommunications and health industries, China is signaling its resolve to develop a more open, inclusive, and equitable global economy.
Conclusion: A Call for Dialogue
Reflecting on the significance of fostering an open global economy, Xi spoke about the need for constructive Sino-U.S. relations. He expressed China's readiness for dialogue with the U.S. government, emphasizing collaboration and the management of differences to achieve sustained, fair, and balanced bilateral relations. Xi stated, 'Trade wars, tariff disputes, and technological confrontations are contrary to historical trends and the laws of economics, and nobody will emerge victorious from them.'
With such commitments and a robust vision for future cooperation, China's leadership is poised to influence the global economic landscape significantly. For further insights and detailed information, visit CGTN’s official news site.
Topics General Business）
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