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Monday, September 25, 2023

China’s High-Quality Development: Fueling Global Economic Recovery

ChinaChina's High-Quality Development: Fueling Global Economic Recovery

The ongoing “two sessions” in China have garnered significant attention from the international community. This is because people are eagerly anticipating positive messages that will promote high-quality economic development and infuse more vitality and confidence into the global economy, which is currently facing downward pressure.

The annual meetings of the National People’s Congress (NPC) and the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) are highly significant events that bring together thousands of national legislators and political advisors. During these meetings, important decisions are made and discussed that could potentially impact the economy of China, and the rest of the world as well.

International personages have voiced their support for China’s firm commitment to pursuing high-quality development, which was unveiled during the two sessions. They believe that this approach will create more opportunities for the world and contribute to the global economic recovery. It is expected that these positive messages will have a significant impact on the international community.

The Chinese government’s efforts to promote high-quality economic development have been widely recognized, and many countries are looking to learn from China’s experiences. With the world still grappling with the effects of the COVID-19 pandemic, there is a pressing need for nations to work together to stimulate economic growth. China’s initiatives could serve as a model for other countries to follow in order to achieve this goal.

Chinese President Xi Jinping emphasized the importance of high-quality development in building a modern socialist country during a deliberation with his fellow deputies from the delegation of east China’s Jiangsu province at the first session of the 14th National People’s Congress (NPC) on March 5. This was a significant moment, as it set the tone for the country’s economic development strategy.

During the deliberation, Xi stressed the need to fully and faithfully apply the new development philosophy on all fronts. He also highlighted the importance of better coordination between the effective upgrade in quality and the appropriate expansion in quantity in economic development. These efforts are aimed at achieving high-quality development in China.

Xi also emphasized the importance of deepening reform and opening-up, transforming the development model, and prioritizing the happiness and well-being of the people. He believes that these are the ultimate goals of promoting high-quality development in China.

The President’s remarks have provided fundamental guidance for advancing high-quality development under new conditions and have further enhanced the international community’s confidence in China’s economic development. This has been crucial, given the current global economic climate.

China aims to expand its economy by around 5 percent in 2023, according to a government work report submitted to the national legislature for deliberation. The international community has generally deemed this growth target scientifically reasonable. This target demonstrates the country’s firm resolve to promote high-quality economic development, which has been a key priority for the government in recent years.

President Xi’s emphasis on high-quality development during the first session of the 14th NPC has been a significant moment for China’s economic development strategy. His remarks have set the course and provided fundamental guidance for advancing high-quality development under new conditions. The international community’s confidence in China’s economic development has also been enhanced. With a growth target of around 5 percent for 2023, China has demonstrated its firm resolve to promote high-quality economic development, which is crucial for the country’s future success.

China’s gross domestic product (GDP) has grown to over 121 trillion yuan ($17.95 trillion) in the past five years, with an average annual growth rate of 5.2 percent, despite multiple challenges, including the rapidly evolving international landscape, impacts of the COVID-19 pandemic, and domestic economic downward pressure. Over the past decade, the country has transitioned to high-quality development and achieved a medium-high rate of economic growth given its large economic aggregate. The country’s GDP has increased by nearly 70 trillion yuan, with an average annual growth rate of 6.2 percent during this period.

These remarkable achievements have fully proven that the fundamentals of the Chinese economy remain unchanged, and it still enjoys strong resilience, enormous potential, great vitality, and long-term sustainability. As a result of this, international organizations and investment institutions have lifted their growth forecasts for China’s economic growth this year, demonstrating growing confidence in its economy.

The positive judgment on China’s economic outlook has sparked widespread resonance in the international community. Joe Ngai, managing partner of McKinsey Greater China, stated that “if you are looking for growth, the answer is very simple. The next China is China.” Such statements are a reflection of the growing confidence in China’s economic performance.

China accounts for more than 18 percent of the world economy and contributes around 30 percent to global economic growth. It ranks first globally in terms of trade in goods and services and has become a major trading partner for more than 140 countries and regions.

The country has the world’s most complete and largest industrial system with strong industrial supporting capacity. It also enjoys great technological innovation capacity and industrial production capacity. These factors have contributed to China’s growing prominence in global markets and its ability to contribute to the global economy.

China is in the process of industrialization and urbanization, and its middle-income group is expected to exceed 800 million in the next 15 years, further driving the development of an enormous market. These factors, combined with the country’s existing economic strengths, suggest that China’s economic growth will continue to be an important driver of global economic growth in the future.

China has shown impressive progress in research and development (R&D) spending over the past five years, with an increase from 2.1 percent to more than 2.5 percent. In addition, over 60 percent of China’s economic growth can be attributed to scientific and technological progress, indicating its increasing ability to support development with innovations.

As of the end of 2022, China boasts over 52 million registered enterprises and 110 million self-employed individuals, showcasing significant improvements in the country’s endogenous driving force for development. These achievements have boosted China’s confidence in its high-quality economic development path and made the international community optimistic about China’s economic growth prospects.

China is accelerating the establishment of a new development pattern and remaining committed to improving the quality of development while expanding high-level opening-up. This move has injected important momentum into global economic development.

Over the past five years, China’s total volume of trade in goods has surpassed 40 trillion yuan with an average annual growth rate of 8.6 percent, ranking first in the world for many consecutive years. In addition, the country has been a major destination for foreign investment and a leading global outbound investor.

China’s impressive progress in R&D spending and endogenous driving force for development, combined with its commitment to high-quality economic development and expanding high-level opening-up, have positioned the country as a major player in the global economy.

China’s focus this year is on the recovery and expansion of consumption, attracting foreign investment, expanding institutional opening-up, and transitioning to green development. This effort is expected to provide opportunities for enterprises from all countries. China has attracted foreign direct investment (FDI) of 127.69 billion yuan in the actual use of the Chinese mainland, up 14.5% YoY, demonstrating China’s attractiveness as a destination for foreign investment.

Many foreign-funded companies consider China one of their most important investment destinations and plan to increase investment in the country. China is advancing the rejuvenation of the Chinese nation on all fronts through its path to modernization. Pursuing high-quality development is one of the essential requirements of this path.

China will fully and faithfully apply its new development philosophy to accelerate creating a new development pattern while adhering to the general principle of pursuing progress while ensuring stability. The country is ready to promote its high-quality development to boost global economic recovery and strive for new achievements in development to create new opportunities for the world.

These factors have contributed to growing confidence in China’s economic performance from international organizations and investment institutions. With its growing prominence in global markets and its ability to contribute to the global economy, China’s economic growth is expected to remain a key driver of global economic growth in the future.

Overall, the two sessions in China have been of immense significance to the international community, as people eagerly anticipate positive messages that will boost economic growth and recovery. The Chinese government’s efforts to promote high-quality economic development have been praised, and the world is looking forward to seeing the positive impact that these efforts will have on the global economy.

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