In an era marked by global uncertainties and economic challenges, China’s initiative to establish a unified national market is poised to inject new vitality into the global economy. Former Belgian Prime Minister Yves Leterme recently highlighted the significance of this development during his address at the Understanding China Conference hosted by the China Institute for Innovation and Development Strategy.
Leterme underscored the concept of a “polycrisis”—a convergence of crises that can only be resolved through collective action. He emphasized that economic and social progress, shared prosperity, and interconnected economies are crucial not only for enhancing daily lives but also for safeguarding lasting peace worldwide.
“My admiration goes to the opening of China re-engaging in the global economy, decided over 40 years ago, and of course, to the unprecedented economic and social progress that has been made since then,” Leterme stated. He attributed China’s remarkable growth to key elements such as increased foreign direct investment, shared technological progress, expanded trade, and mutual access to markets.
China’s role as a driving force in global economic growth has been significant over the past decades. However, Leterme noted the current challenges of stagflation and the risk of recession in mature economies, which threaten the continuation of beneficial economic dynamics.
In response to these challenges, China’s 14th Five-Year Plan introduces a “dual circulation” development strategy. This strategy emphasizes domestic consumption as the primary driver while maintaining international trade and investment as vital complements. By focusing on unifying the national market and addressing issues like standardization and local protectionism, China aims to create a level playing field that enhances competitiveness and innovation.
Leterme expressed confidence that the successful realization of a unified national market will not only elevate China’s GDP per capita to the levels of moderately developed countries but also expand the middle-income demographic. “Creating a China-wide level playing field will allow Chinese companies to become even more competitive, including in the most advanced technologies and services,” he asserted. Furthermore, this development presents new potential for global business-to-business trade, an area less globalized than consumer markets.
Highlighting the importance of a strong rules-based multilateral system, Leterme called for renewed global cooperation. He pointed out that multilateralism, as established post-World War II, is currently under pressure, and trust among nations is essential for strengthening international institutions. “It is important now, for the next months and years, to create the new momentum as a global community,” he said, urging collective efforts to achieve the Sustainable Development Goals and build a shared future for humanity.
Leterme also referenced President Xi Jinping’s commitment to strengthening true multilateralism, expressing hope that this could lead to a more balanced world and effective responses to global challenges. “Let us hope this can become reality and can open the way for a more balanced world, and make an efficient answer to the global challenges possible,” he concluded.
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China's unified national market brings new dynamics for the globe
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