China to create new opportunities for common development of world

An unmanned vendor vehicle is exhibited at the China International Fair for Trade in Services, May 28, 2019. Photo by Wang Zhen/People's Daily

“China will see its status continue to rise in the world economy with closer ties, and the country will provide more extensive market opportunities for other countries,” said Chinese President Xi Jinping at a recent symposium with experts on economic and social work.

China’s development will enter a new stage, creating a new development pattern which takes the domestic market as the mainstay and allows the domestic and foreign markets to boost each other, he stressed.

China’s high-level opening up is a valuable positive message for global economic development, which is a consensus reached by international observers that pay close attention to China’s development in the post-pandemic era.

They believe that any statement that conveys China’s determination in opening-up deserves close attention, saying the symposium has released a signal of China’s willingness to participate in global trade and economic governance.

The international society is actively exploring the ways of China’s future development, and expecting to share with the county the dividends to be created by its new development pattern.

As the world is going through huge changes unseen in a century, China continues to analyze domestic and global economic development in a comprehensive, dialectical and long-term view. The country always remains sensitive to changes, responds to them with well-judged actions, and is ready to adjust the approach when necessary, so as to bring more quality, efficiency, equality, sustainability and security to its development.

The new development pattern that takes the domestic market as the mainstay and allows the domestic and foreign markets to boost each other, is a strategic decision made by China after analyzing the current situation. By promoting development in a practical manner, China is creating new opportunities for the development of the world.

The Chinese economy, while building a new development pattern, will still act as a stabilizing anchor for the world economy. Facing rising protectionism and unilateralism, as well as a sluggish world economy, the global industrial and supply chains are suffering non-economic impacts.

Achieving a success to control the COVID-19 epidemic and resuming work and production, China is the first country in the world to turn economic growth from negative to positive.

International observers generally believe that a stable domestic economic cycle in China will better contribute to the stability of the global economic cycle, and China’s economic recovery has injected strong confidence into the world economy shadowed by the pandemic. Jim O’Neill, chair of the Chatham House noted that China’s domestic demand potential will further create opportunities for global enterprises.

The Chinese economy, while building a new development pattern, will keep being a major engine for global growth. At present, a new round of technological revolution and industrial reform is accelerating, while traditional drivers are showing a decreasing motivation for economic growth, which poses a more pressing need to improve innovation capability in the high-tech sector.

China’s efforts to improve its independent innovation capability, make breakthroughs in core technologies, and realize innovation-driven growth not only conform to the country’s internal demand of pursuing high-quality development, but also meet the expectation of the international society to promote global growth.

William Jones, the Washington Bureau Chief of Executive Intelligence Review, noted that innovation is a major force driving the current world economic development, and China, by laying high importance on high-quality development, is indeed creating a source of wealth for the future, which not only benefits the country itself, but also the rest of the world.

The Chinese economy, while building a new development pattern, will keep creating new opportunities for common development. International economic connectivity and exchanges are necessary for global economic development. Opening up is still a fundamental policy of China. The new development pattern is by no means a closed domestic cycle, but an open one in which domestic and foreign markets boost each other.

Even facing the impacts from COVID-19, China has still been fulfilling its responsibility as a major country to promote win-win cooperation while expanding opening up. It further shortened its negative list for foreign investment; the China International Fair for Trade in Services attracted thousands of enterprises from the world; the exhibition booths of the third China International Import Expo have all been booked.

China’s practical methods and initiatives demonstrated the country’s resolution to opening up, and its measures are of vital importance for global economic recovery, said Argentine scholar Santiago Bustelo.

China’s new development pattern is energetic and full of potential. The country has always been concentrating resources to do its own affairs well. It will soon finish building a moderately prosperous society in all respects and embark on a journey to fully build a modern China.

This is a beautiful chapter of common development between China and the world, which signals China’s grand vision to achieve win-win results with its global partners.

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