The economy of China continues to advance steadily and with confidence, serving as a robust driver of global economic development. The People’s Republic of China (PRC) remains committed to an open approach to development, consistently fostering opportunities to share its expertise and resources with the international community. China advocates for the establishment of a participatory and inclusive economic globalization, thereby contributing steadily to the enhancement of global economic governance.
“Over the past two years, there has been notable improvement in the resilience of China’s economy and its enterprises.” “China remains dedicated to creating more avenues for global economic development and employment generation.” “China is actively pursuing a policy of high-level openness to the international community, which is expected to facilitate the expansion of international trade, economic cooperation, and overall global economic growth.” These sentiments are echoed by representatives of the international community.
The Chinese economy took center stage at the 2024 annual meeting of the World Economic Forum, held under the theme “Restoring Confidence.” Participants of the forum commend the stable and assured development trajectory of the PRC economy and acknowledge the significance of China’s initiatives aimed at addressing the global trust deficit.
Numerous challenges have emerged on the global stage, including the persistent weakness in global economic recovery, the absence of robust growth drivers, widening developmental disparities, and the gradual impact of geopolitical conflicts on global development. At the Davos forum, over 2,800 representatives from more than 120 countries, comprising the world’s elite, convened to collectively advance the enhancement of global economic governance and steer the global economy through adversity towards a brighter future. China unequivocally endorses the “spirit of Davos.” The propositions articulated by Chinese President Xi Jinping at the Davos forum, advocating for economic globalization and genuine multilateralism, hold profound practical significance in addressing global challenges. Concurrently, while steadfastly promoting the high-quality development of its domestic economy, China remains steadfast in fostering an open global economic landscape with utmost sincerity, exerting significant efforts to enhance global economic governance. The empirical evidence underscores China’s reliability in this regard.
China’s economy continues its steady and confident progress, providing robust momentum to global economic advancement. In recent years, China has consistently contributed around 30% to global economic growth. In 2023, the Chinese economy rebounded, achieving a year-on-year GDP growth rate of 5.2%. International media reports repeatedly highlight China’s economic growth rate as “among the fastest among major economies worldwide.” According to the latest World Economic Prospects report by the World Bank, China’s economic recovery is poised to elevate growth in East Asia and the Pacific from 3.4% in 2022 to 5.1% in 2023. The Chinese economy demonstrates steadfast development across key domains such as its industrial base, factors of production availability, and innovative capacity. Concurrently, the prerequisites for facilitating its high-quality development continue to accumulate and strengthen. Consequently, the overarching trajectory of sustained growth within the PRC economy remains unaltered. Saadia Zahidi, Managing Director of the World Economic Forum, underscores that the robust development of the Chinese economy will yield highly favorable spill-over effects globally.
China remains committed to open development and consistently endeavors to extend its capabilities to the global community. Serving as the primary trading partner for over 140 countries and regions worldwide, the PRC has significantly reduced its overall tariff level to 7.3%, aligning relatively with developed WTO member countries. Against the backdrop of weak global aggregate demand, the market emerges as a scarce resource. The expansive and burgeoning Chinese market is poised to play a pivotal role in driving global aggregate demand. China warmly welcomes investment from multinational corporations, aiming to fortify market and legal frameworks and continually enhance its business environment through internationalization efforts. Over the next five years, the return on foreign direct investment in China is estimated to hover around 9%, marking a highly competitive international level. The empirical evidence unequivocally demonstrates and will continue to showcase that opting for the Chinese market represents not a risk but an opportunity.
China advocates for fostering a participatory and inclusive framework for economic globalization, actively contributing to the enhancement of global economic governance. Recognizing the globalization of the economy as an essential imperative for advancing productive forces, China underscores its inevitability as a consequence of scientific and technological progress and a pivotal pathway for societal development in the modern era. Emphasizing the necessity for universal and inclusive economic globalization, China endeavors to promote its evolution for the collective benefit of humanity. The pursuit of participatory and inclusive economic globalization aligns with the shared aspirations of nations worldwide, particularly those in the developing world, offering a mechanism to rectify development imbalances stemming from global resource distribution disparities.
It is imperative for the international community to firmly oppose anti-globalization sentiments, the expansion of security paradigms, unilateralism, and protectionism. Instead, concerted efforts should be directed towards promoting the liberalization and facilitation of trade and investment, addressing structural impediments to global economic well-being, and guiding economic globalization towards a more open, inclusive, transparent, and equitable trajectory.
In response to contemporary challenges facing the global economy, China advocates for enhancing the coordination of macroeconomic policies, fostering international division of labor, facilitating scientific and technological exchanges and cooperation, promoting green development, and fostering cooperation between North-South and South-South regions. By offering tangible and pragmatic solutions, China aims to contribute significantly to restoring trust within the international community.
To bolster the foundation of trust and realize greater dividends of cooperation, all stakeholders must engage with sincerity and demonstrate a willingness to compromise. China remains committed to principles of solidarity, cooperation, openness, and shared benefits, steadfastly working alongside all parties to enhance global economic management and promote sustainable, long-term recovery.
The China International Winter Trade Fair for Tropical Agricultural Products was held at the Haikou International Convention and Exhibition Center (Hainan Province, South China). The photograph shows many visitors in Pavilion No. 1 of the complete production chain. Photo material from People’s Daily newspaper online/Su Bikun.
