China’s High-Quality Development and Global Opportunities
World government and private sector leaders recently gathered in Singapore at the Bloomberg New Economy Forum. The forum aimed to discuss ways to embrace instability and address the challenges confronting the global economy. Despite the pandemic’s impact, the Chinese economy has maintained its recovery momentum and achieved solid progress in high-quality development.
China’s National Bureau of Statistics reported that the country’s gross domestic product (GDP) expanded by 4.9 percent in the third quarter, and grew 5.2 percent year on year in the first three quarters of 2023. With this impressive growth, China is well-positioned for the next phase of its development, focusing on innovation capacity, sustainable technologies, industrial upgrading, and high technologies.
To pursue high-level opening-up, Chinese Vice President Han Zheng emphasized in his keynote speech at the forum that China is committed to sharing the benefits of its institutional opening-up with global companies. Notably, China recently announced the removal of all restrictions on foreign investment access in the manufacturing sector, signaling its determination to further open its market.
L’Oreal Chairman Jean-Paul Agon acknowledged China’s potential, stating, We believe that investing in China is investing in the future. Through improved business environments, promising domestic demand, and initiatives that boost growth, China is presenting new opportunities to its regional and global partners.
China’s commitment to opening up its market is evident in the growing presence of overseas institutions and banks. Data shows that 1,110 overseas institutions have gained access to China’s bond market, with holdings exceeding 3.3 trillion yuan. Furthermore, 202 banks from 52 countries and regions have established institutions in China.
China’s dedication to high-quality development is driven by innovation. Investments in high-tech have increased, with high-tech investment growing by 11.5 percent in the first seven months of the year. The country has also witnessed remarkable progress in scientific research and technologies. For example, the production of new energy vehicles and solar batteries experienced significant growth.
China’s scientific and technological innovation capability extends to its industrial development, positioning it as a driving force for global progress. Chinese automakers are dominating Southeast Asia’s electric vehicle market, capturing three out of every four EV sales in the region. Moreover, countries in Southeast Asia are looking to China’s digital technology to aid their post-pandemic economic recovery and national digital transformation.
Recognized as the world’s largest manufacturer of solar panels, wind turbines, batteries, and electric vehicles, China is well-positioned to facilitate the adoption of low-carbon technologies in emerging and developing economies. This potential is further harnessed through initiatives like the Belt and Road Initiative (BRI).
China has signed Memoranda of Understanding (MoUs) on the construction of the Digital Silk Road with 17 countries and on e-commerce cooperation with 30 countries. These efforts underscore China’s commitment to shared development and its continuous pursuit of high-quality development.
China’s engagement with the international community also extends to fostering global growth, peace, and security. Chinese leaders have reiterated their commitment to working with the rest of the world to pursue common development and prosperity. For ASEAN countries, closer ties with China are crucial for sustainable development and stability in the region since China remains ASEAN’s top trading partner.
Despite challenges such as protectionism and economic downturns, China and ASEAN have maintained a robust and positive relationship. To further enhance this cooperation, Indonesian President Joko Widodo emphasized the need to realize concrete and mutually advantageous collaboration.
Regarding China-U.S. relations, China approaches its ties with the United States based on the principles of mutual respect, peaceful coexistence, and win-win cooperation. Positive interactions in the Asia-Pacific region benefit both countries, as they share a common interest in maintaining stability. China-U.S. cooperation on green economy and climate change contributes to a sustainable future for countries in the region.
In conclusion, China’s high-quality development and commitment to global opportunities present growth prospects for regional and international partners. Through its determination to further open its market, investment in innovation, and emphasis on sustainable technologies, China is shaping a path to shared development and prosperity.
