Heads of major international economic organizations gathered in Beijing for the “1+10” dialogue, praising China’s remarkable economic achievements and expressing confidence in its continued role as a global growth engine.
Chinese President Xi Jinping met with the leaders on Tuesday, reaffirming the nation’s economic confidence and pledging to expand openness to provide more development opportunities for the world.
The Biggest Engine of World Economic Growth
President Xi highlighted China’s economic milestones, noting that after more than 40 years of sustained and rapid development, the Chinese economy has entered a phase of high-quality growth. He emphasized that China contributes around 30 percent to global economic growth.
“We have complete confidence in achieving this year’s economic growth target and will continue to play our role as the biggest engine of world economic growth,” Xi said.
A World Bank report in 2022 revealed that from 2013 to 2021, China accounted for an average of 38.6 percent of global economic growth, surpassing the combined contribution of the G7 countries, making it the leading driver of global economic expansion.
According to the National Bureau of Statistics, China’s GDP in the first three quarters of 2024 reached 94.97 trillion yuan (approximately $13.09 trillion), reflecting a 4.8 percent year-on-year growth at constant prices.
Xi pledged that China will further open up to the outside world, proactively align with high-standard international economic and trade rules, and build a market-oriented, law-based, and internationalized business environment to boost global economic growth.
Bridging Global Development with the Belt and Road Initiative
The president highlighted the significant progress of the Belt and Road Initiative (BRI) over the past decade, describing it as a bridge for shared development between China and the world. Xi welcomed international economic organizations to participate in the BRI to promote modernization across all countries.
To date, China has signed BRI cooperation documents with over 150 countries and more than 30 international organizations. Data from the Ministry of Commerce showed that by the end of 2023, Chinese companies had established 17,000 overseas enterprises in countries participating in the BRI, with direct investment stock exceeding $330 billion. Additionally, the overseas economic and trade cooperation zones built under the initiative have created 530,000 local jobs.
Building an Open and Fair Global Economic System
During the meeting, Xi underscored the major challenges facing the international community, firmly opposing decoupling and protectionism, and emphasizing the importance of global cooperation in building an open global economic system.
He called on countries to prioritize innovation and seize opportunities in areas such as the digital economy, artificial intelligence, and low-carbon technologies. Xi advocated for supporting the cross-border flow of knowledge, technology, and talent to create new drivers of economic growth.
“Approaches like building ‘small courtyards with high walls’ and ‘decoupling and severing supply chains’ harm everyone,” he stated.
Amid headwinds from protectionism and geopolitical tensions, China has continued to expand its opening-up policies, making significant strides in integrating its economy with the global market. One key measure was the implementation of the new Foreign Investment Law in 2020, which enhances intellectual property rights protection, ensures a level playing field for foreign enterprises, and promotes a more transparent and fair business environment.
In recent years, China has relaxed foreign capital restrictions in the financial services industry, allowing greater foreign participation in banking, securities, insurance, and asset management sectors. It has also completely lifted foreign investment restrictions in the manufacturing sector and launched pilot projects in the telecommunications and healthcare industries to expand foreign investment opportunities, signaling China’s determination to build a more open, inclusive, and equal global economy.
Addressing China-U.S. relations, Xi expressed willingness to maintain dialogue, expand cooperation, and manage differences with the United States. He voiced hope for the steady, healthy, and sustainable development of bilateral ties.
“Tariff wars, trade wars, and sci-tech wars go against the trend of history and the laws of economics, and there will be no winners,” Xi warned.
China’s commitment to openness and collaboration underscores its role in fostering global economic stability and growth. As nations navigate the complexities of the modern economic landscape, China’s stance offers a pathway toward shared prosperity and innovation.
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China reaffirms confidence, vows to remain global growth engine
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