China reasserts its optimism, promises to sustain its role as a key driver of global growth
Leaders of prominent international economic organizations praised China's impressive economic accomplishments and voiced optimism about China's potential to continue serving as a global growth engine during the "1+10" dialogue held in Beijing.
TroibNews 
Leaders from major international economic organizations praised China's impressive economic accomplishments and expressed their faith in the country's continued role as a global growth driver during the "1+10" dialogue held in Beijing.
On Tuesday, Chinese President Xi Jinping met with these leaders, reaffirming the country’s economic optimism and committing to increased openness to offer more developmental opportunities worldwide.
**The Leading Engine of Global Economic Growth**
As the general secretary of the Communist Party of China Central Committee, Xi emphasized China's economic progress, noting that after more than four decades of consistent and rapid development, the nation has entered a phase of high-quality growth, contributing approximately 30 percent to global economic expansion.
Xi expressed complete confidence in meeting this year's economic growth targets, asserting that China will maintain its position as the foremost engine of world economic growth. A World Bank report from 2022 highlighted that between 2013 and 2021, China contributed an average of 38.6 percent of global economic growth, outpacing the combined contributions from G7 countries and solidifying its status as the leading force in global economic dynamics.
The National Bureau of Statistics reported in October that China's GDP for the first three quarters of 2024 reached 94.97 trillion yuan, reflecting a year-on-year growth of 4.8 percent at constant prices.
Xi committed to further opening up China's economy, aligning proactively with high-standard international economic and trade regulations, and developing a market-oriented, legally grounded, and globalized business environment to foster worldwide economic growth.
He also highlighted the remarkable advancements made in the Belt and Road Initiative (BRI) over the past decade, stating that the initiative serves as a bridge for shared development between China and the global community. Xi invited international economic organizations to engage in the BRI to facilitate modernization across nations.
To date, China has established BRI cooperation agreements with over 150 countries and more than 30 international organizations. The Ministry of Commerce reported that by the end of 2023, Chinese enterprises had set up 17,000 overseas companies in BRI nations, with direct investment exceeding $330 billion. The economic and trade cooperation zones created under the initiative have resulted in the generation of 530,000 local jobs.
**Promoting an Open and Equitable Global Economic Framework**
During the Tuesday meeting, Xi addressed the significant challenges facing the international community, voicing strong opposition to decoupling and protectionism while underscoring the necessity for global collaboration in constructing an open global economic system.
He urged nations to focus on innovation, capitalize on opportunities in emerging sectors such as the digital economy, artificial intelligence, and low-carbon technologies, and facilitate the cross-border flow of knowledge, technology, and talent to cultivate new economic growth drivers. He firmly rejected approaches that aim to create "small courtyards with high walls," emphasizing that such strategies only bring harm to all involved.
As global trade encounters obstacles from protectionist policies and geopolitical tensions, China has persistently broadened its opening-up measures, significantly advancing integration with the global market. A crucial step in this endeavor was the introduction of the new Foreign Investment Law in 2020, which enhances protections for intellectual property rights, ensures fair competition for foreign enterprises, and promotes a transparent and equitable business atmosphere.
In recent years, China has also greatly relaxed restrictions on foreign capital in its financial services sector, enabling increased foreign involvement in banking, securities, insurance, and asset management. The country has completely lifted foreign investment limitations in the manufacturing sector and initiated pilot projects aimed at expanding foreign investment in telecommunications and healthcare, reflecting China's commitment to creating a more open, inclusive, and equitable global economy.
Discussing global economic openness, Xi also touched upon China-U.S. relations, expressing a willingness to maintain dialogue, enhance cooperation, and navigate differences with the U.S. government. He expressed hope for the stable, healthy, and sustainable development of bilateral relations.
"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," he stated.
Mathilde Moreau for TROIB News
On Tuesday, Chinese President Xi Jinping met with these leaders, reaffirming the country’s economic optimism and committing to increased openness to offer more developmental opportunities worldwide.
**The Leading Engine of Global Economic Growth**
As the general secretary of the Communist Party of China Central Committee, Xi emphasized China's economic progress, noting that after more than four decades of consistent and rapid development, the nation has entered a phase of high-quality growth, contributing approximately 30 percent to global economic expansion.
Xi expressed complete confidence in meeting this year's economic growth targets, asserting that China will maintain its position as the foremost engine of world economic growth. A World Bank report from 2022 highlighted that between 2013 and 2021, China contributed an average of 38.6 percent of global economic growth, outpacing the combined contributions from G7 countries and solidifying its status as the leading force in global economic dynamics.
The National Bureau of Statistics reported in October that China's GDP for the first three quarters of 2024 reached 94.97 trillion yuan, reflecting a year-on-year growth of 4.8 percent at constant prices.
Xi committed to further opening up China's economy, aligning proactively with high-standard international economic and trade regulations, and developing a market-oriented, legally grounded, and globalized business environment to foster worldwide economic growth.
He also highlighted the remarkable advancements made in the Belt and Road Initiative (BRI) over the past decade, stating that the initiative serves as a bridge for shared development between China and the global community. Xi invited international economic organizations to engage in the BRI to facilitate modernization across nations.
To date, China has established BRI cooperation agreements with over 150 countries and more than 30 international organizations. The Ministry of Commerce reported that by the end of 2023, Chinese enterprises had set up 17,000 overseas companies in BRI nations, with direct investment exceeding $330 billion. The economic and trade cooperation zones created under the initiative have resulted in the generation of 530,000 local jobs.
**Promoting an Open and Equitable Global Economic Framework**
During the Tuesday meeting, Xi addressed the significant challenges facing the international community, voicing strong opposition to decoupling and protectionism while underscoring the necessity for global collaboration in constructing an open global economic system.
He urged nations to focus on innovation, capitalize on opportunities in emerging sectors such as the digital economy, artificial intelligence, and low-carbon technologies, and facilitate the cross-border flow of knowledge, technology, and talent to cultivate new economic growth drivers. He firmly rejected approaches that aim to create "small courtyards with high walls," emphasizing that such strategies only bring harm to all involved.
As global trade encounters obstacles from protectionist policies and geopolitical tensions, China has persistently broadened its opening-up measures, significantly advancing integration with the global market. A crucial step in this endeavor was the introduction of the new Foreign Investment Law in 2020, which enhances protections for intellectual property rights, ensures fair competition for foreign enterprises, and promotes a transparent and equitable business atmosphere.
In recent years, China has also greatly relaxed restrictions on foreign capital in its financial services sector, enabling increased foreign involvement in banking, securities, insurance, and asset management. The country has completely lifted foreign investment limitations in the manufacturing sector and initiated pilot projects aimed at expanding foreign investment in telecommunications and healthcare, reflecting China's commitment to creating a more open, inclusive, and equitable global economy.
Discussing global economic openness, Xi also touched upon China-U.S. relations, expressing a willingness to maintain dialogue, enhance cooperation, and navigate differences with the U.S. government. He expressed hope for the stable, healthy, and sustainable development of bilateral relations.
"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," he stated.
Mathilde Moreau for TROIB News
