China’s high-quality development means more opportunities

The herald

BEIJING. – Amid high uncertainties about the global economic recovery from the devastating Covid-19 pandemic, China’s resilient, stable and strong growth will inject more confidence and opportunity into the pandemic-ravaged world.

Data from China’s National Bureau of Statistics showed on Thursday that the country’s gross domestic product grew 12.7% year-on-year in the first half of 2021, while other key economic indicators also showed steady momentum.

Double-digit growth is a powerful reflection of China’s economic resilience. Almost a year and a half after the start of the pandemic, the outlook for the global economy remains very uncertain, as new viral mutations and the growing number of deaths continue to raise concerns, and economic recoveries in different sectors and countries of the world diverge.

As the first country to bring the pandemic under control, China has made every effort to deliver medical supplies and vaccines to the world and stabilize global supply chains, which has significantly boosted the hard-hit manufacturing industries around the world and international commerce.

According to official figures, China has offered anti-pandemic supplies to more than 200 countries and regions since the start of the public health crisis. During the period March-December 2020, China exported a total of 2.51 trillion yuan (US $ 390 billion) of products such as laptops and cellphones, meeting huge global demands when people were staying at home.

Helge Berger, head of the International Monetary Fund’s mission to China and deputy director of the Asia and Pacific department, said China, as one of the world’s largest economies, is playing an important role in the recovery in Asia and in the global recovery, not only because of its growth share in the world, but also its growth spillovers.

Behind these visible products lie China’s complete industrial chain, fully equipped infrastructure, advanced manufacturing clusters, as well as the new development philosophy to which the country adheres, which is characterized by innovation, coordination, ecology, openness and sharing. In its pursuit of quality economic development, China is committed to working with the rest of the world for a more open and free world economy by promoting liberalization and facilitation of trade and investment, and creating a more attractive business environment, in order to bring more cooperation opportunities to others and give new impetus to global growth.

From the creation of free trade zones and ports to joining free trade agreements, China is moving resolutely towards a more open and integrated world, although the international situation is increasingly complex and the economic globalization faces protectionist headwinds.

With a total of 21 pilot free trade zones to date, China has become a more popular destination for foreign investors. Foreign direct investment in mainland China, in actual use, jumped 35.4% year-on-year to 481 billion yuan ($ 74.5 billion) in the first five months of this year, according to the Ministry of Commerce. Compared to the same period of 2019, the volume increased by 30.3%.

In the latest American Business in China white paper published by the American Chamber of Commerce in China, around two-thirds of respondents remain optimistic about growth opportunities in China and plan to increase their investments in the Asian country in 2021.

China’s concrete steps to further open up its market and expand global win-win cooperation have shown its sincere willingness to share growth and development opportunities with the whole world.

Through the Belt and Road Initiative (BRI), China is sharing its experience in a variety of pillars, including trade, infrastructure development and people-to-people exchanges, said the Kenya-based international relations specialist. , Cavince Adhere, noting that these pillars are crucial for the economic modernization of BRI participating countries and for global well-being in general. Looking ahead, China will continue to follow the path of high-quality development, its doors opening even wider, and will remain actively engaged in international cooperation and common world growth. Meanwhile, the global economy will also reap more opportunities and benefits from the country’s development. – Xinhua.

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