China will continue to make its contribution
The preparations for the 19th National Congress of the Communist Party of China are in full swing, and the event is drawing the attention of the whole world. Not only because it will herald some new faces among the country’s top leaders, but also because it will outline policies to chart China’s growth over the coming years. As proved over the past five years, a stable and prosperous China matters for both the country and the world. Amid a time of lingering global economic recession, China has remained the world’s major economic engine — contributing onethird of global growth — despite its restructuring pains ranging from cutting excess production capacity to containing leverage and asset bubbles.
It is also working together with other countries to promote inclusive and interconnected growth for shared prosperity, contributing its wisdom and practical solutions to help build an open global economy.
It has rolled out a new model for achieving win-win cooperation, the Belt and Road Initiative, which seeks to integrate bilateral economic and trade cooperation with multilateral and regional partnerships, and it has established institutional platforms such as the Asian Infrastructure Investment Bank and Silk Road Fund to help fund greater connectivity.
China has also played a pivotal role in driving regional growth by pushing ahead with proposals to establish the Regional Comprehensive Economic Partnership and a Free Trade Area of the Asia-Pacific as institutional mechanisms to safeguard free trade in the region.
China’s success in finding a dynamic development path has also greatly benefited other developing economies by providing relevant experiences and practical assistance.
For instance, its exemption of debts to some African nations as well as its massive investment in the continent — which has strengthened infrastructure and created job opportunities — has helped boost African growth.
As a beneficiary and participant of free trade and globalization, China will continue to champion globalization and play a leading role in advocating and promoting free trade despite the lurch toward protectionism in the West. As President Xi Jinping said at the Davos World Economic Forum in early January, boosting open economies is a remedy for the global sluggishness.
China’s willingness to shoulder its responsibilities in response to global challenges was fully demonstrated at last year’s G20 summit in Hangzhou. As the host, China widened the participation and worked hard to create consensus. Its efforts resulted in a number of important outcomes that will help improve global governance.
That commitment to addressing global challenges with concerted efforts will undoubtedly be reaffirmed at the upcoming 19th CPC National Congress.