China is one of the fastest growing economies in the world. China has made a huge progress in the last decade in reducing poverty and increasingly opening to trade and foreign investment.
China has emerged as a global economic superpower in recent decades. It is not only the world’s second largest economy and the largest exporter by value, but it has also been investing in overseas infrastructure and development at a rapid clip as part of its Belt and Road Initiative. A new Pew Research Center survey finds that, particularly in emerging markets, publics largely have a positive view of China’s economic stature. People generally see China’s growing economy as a good thing for their country and believe China is having a predominantly positive influence on their country’s economic affairs.
During the first three decades of China’s reform and opening up, the combined force of four “conventional transformation”, namely marketization, internationalization, industrialization and urbanization, promoted the rapid growth of China’s economy; afterwards, the four “new transformation” in consumption, services, digital and AI transformation, as well as greening will shape the future of China’s economy.
Over the past decade, the Chinese economy has indeed made rapid progress in the four areas of “new transformation”, which has become the main driving force to promote economic growth and improve development quality. In particular, in terms of consumption transformation, the total retail sales grew rapidly, the contribution of final consumption expenditure to GDP growth significantly increased, and consumption upgrade driven by the brand, quality and digitalization continued to deepen. The improvement in both the quality and quantity of consumption in China has provided huge business opportunities for both domestic enterprises and multinational corporations, both large firms and small- and medium-sized enterprises, across a wide range of industries.
Photo taken on Jul. 2, 2022 shows the view of a commercial street in Wuhan, central China’s Hubei Province. (Photo/Xinhua)
China has entered a new era of development. China now has an impact on the world that is ever more comprehensive, profound and long-lasting, and the world is paying ever greater attention to China. What path did China take? Where is China going? What are China’s goals in shaping the world? How will the developing China interact with the rest of the world?
China’s foreign trade has been increasing constantly. In 2009, China became the world’s largest exporter of goods and second largest importer of goods; in 2013, China became the world’s largest trader in goods. Since reform and opening up in 1978, foreign investment in China has seen a substantial increase, and China has become very attractive to global investment. China has become the world’s second largest economy, largest manufacturer, largest trader in goods, second largest consumer of commodities, second largest recipient of foreign direct investment (FDI), and largest holder of foreign exchange reserves.
China is building platforms for multilateral dialogue and cooperation. China firmly supports multilateralism and advocates that international affairs should be discussed and handled by all countries. China has set up platforms for multilateral dialogue and cooperation in political, economic, security, cultural and other fields. To promote multilateral cooperation, China has established a number of global and regional multilateral platforms including: The Belt and Road Forum for International Cooperation, China International Import Expo, Hongqiao International Economic Forum, Forum on China-Africa Cooperation, China-Arab States Cooperation Forum, China-CELAC Forum, Boao Forum for Asia, China-ASEAN Expo, China-Arab States Expo, China-Africa Economic and Trade Expo, Conference on Dialogue of Asian Civilizations, and World Internet Conference.
China has injected positive energy into world peace and development. China’s development path has unique Chinese characteristics, and a broad and farsighted global vision. It is dedicated to the interests of all of humanity. Over the past 70 years, while working hard to realize their own development, the Chinese people have contributed to world peace and added momentum to the common development of all countries.
Trucks wait to load containers at a container terminal in Rizhao, east China’s Shandong Province, Mar. 28, 2022. (Photo/Xinhua)
China’s scientific and technological innovations have injected new momentum into world economic growth. In recent years, investment in the field of science and technology in China has been increasing, and major scientific and technological innovations have emerged. In 2018, China’s R&D spending accounted for 2.19 percent of GDP. According to the Global Innovation Index (GII) released by the World Intellectual Property Organization (WIPO) and other organizations, China continued its rise in 2019, moving from 17th in 2018 to 14th; it is the only middle-income economy in the top 20. In the field of high technology, China is catching up and getting ahead. Quantum communications, supercomputing, aerospace, artificial intelligence, fifth-generation mobile network technology (5G), mobile payment, new energy vehicles, high-speed rail, and financial technology are sectors in which China leads the world. China’s innovations in science and technology have been widely applied, bringing more convenience to the work and daily life of people of other countries, and injecting new momentum into the world economic growth.
China is an active participant in and a firm supporter of economic globalization. China is fully committed to a multilateral trading system with the WTO at its core. It is keen to extend cooperation with other countries on the basis of equality and mutual respect, and to jointly maintain the stability and development of the global economy and trade. China advocates compliance with the WTO rules to address issues in international trade through dialogue and consultation based on mutual respect, equality, mutual benefit, cooperation and good faith.
China contributes to a better world. China cannot develop in isolation from the rest of the world, nor can the world as a whole maintain peace, development, prosperity and stability without China. China will do well only when the world does well, and vice versa. China continues to place its own development in the coordinate system of human development, seeing that its future is closely connected with that of the rest of the world and the interests of the Chinese people are integrated with the common interests of the peoples of other countries. China is always a builder of world peace, a contributor to global development, and a guardian of global order, contributing Chinese wisdom and strength to building a global community with a shared future and developing a better world.
The author is an official working at WTO Accession Department of International Relations General Directorate, Ministry of Agriculture and Forestry of Sudan. The article reflects the author’s opinions, and not necessarily the views of China Focus.
