China’s Continued Rise as the Global Economic Engine

Amid global economic uncertainties marked by high inflation and low growth, China remains poised to continue its role as a key driver of the world’s economy. Over the past four decades since its reform and opening-up, China has demonstrated sustained high GDP growth, significantly increasing its economic strength and global influence.

In 2021, China’s GDP accounted for 18.5% of the world’s total, a substantial rise from 7.7% in 2001. The country now contributes nearly 30% of the global manufacturing output, solidifying its position as the world’s leading manufacturing powerhouse. According to the International Monetary Fund, in 2023, China’s economic growth is expected to contribute 30% to global growth, more than three times that of the United States.

China’s steady steps toward high-standard opening-up have made it the main trading partner for over 140 countries and regions. By actively opening its domestic market and opposing trade protectionism, China continues to foster strong cooperation with countries across all levels of the global value chain, promoting recovery and growth in the world economy.

As a responsible major country, China’s sustained and rapid economic growth not only fuels its own development but also has significant implications for regional economic and trade cooperation. The country’s favorable business environment and institutional arrangements established through trade agreements have increased international businesses’ confidence to invest long-term in China. This creates more stable and sustainable trade and investment relationships, allowing the market to play a more decisive role in resource allocation while mitigating potential negative impacts from geopolitical uncertainties.

China’s pursuit of high-quality development is closely intertwined with technological innovation. The nation has gradually shifted from low-cost, low-end manufacturing to an innovation-driven economy, promoting economic growth through improvements in total factor productivity. Significant progress has been made in scientific and technological research and development, both in financial investment and academic output.

Equally important is China’s continuous push towards low-carbon and environmentally friendly practices, aiming to achieve net-zero emissions as soon as possible. China’s investment in energy transition is already leading the world. By promoting green tech innovation, supporting decarbonization and green finance, and rapidly increasing the share of renewable energy, China is set to complete its energy transition swiftly.

These efforts will further cement China’s role as a global leader in climate change action, promote sustainable development worldwide, and pave the way for a more harmonious, healthier, and brighter future for humanity and nature.

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