China to share growth benefits with the world
Country’s role in global economic recovery seen more prominent now
“Our aim is to turn the China market into a market for the world.”
XI JINPING
President
When China charts the path for its development in the next five years and beyond, its policy blueprint matters not only to the nation but also to the world.
Amid the raging COVID-19 pandemic worldwide, observers said China’s steady economic revival and its decision to build the new “dualcirculation” development paradigm will make the country’s role as the engine driving the global economic recovery and growth become more prominent.
Relying on the vast market demand driven by a population of 1.4 billion and a middle-income group that exceeds 400 million, the country’s imports are estimated to top $22 trillion in the coming decade.
During intensive multilateral meetings via video link in the past month, including the 27th APEC Economic Leaders’ Meeting and the 15th Group of 20 Summit, President Xi Jinping has reaffirmed China’s commitment to expanding openingup while leveraging its strength as a huge market to bolster domestic demand.
He said the country’s new development paradigm will create opportunities for other countries’ growth and contribute to global economic recovery.
“Our aim is to turn the China market into a market for the world, a market shared by all, and a market accessible to all. This way, we will be able to bring more positive energy to the global community,” Xi said at the Third China International Import Expo, which was held in Shanghai in early November.
China aims to achieve sustained and healthy economic development in the next five years with a focus on innovation-driven and high-quality growth.
To this end, the nation will speed up the building of a new development paradigm with the domestic market as the mainstay and the domestic and international markets complementing each other.
William Jones, a US political analyst and a non-resident fellow at Chongyang Institute for Financial Studies of Renmin University of China, said the external atmosphere for China’s development has been “poisoned” to a large extent by some US politicians’ attempts to contain China.
“So the decision to rely more strongly on domestic consumption as the primary driver for China’s growth is a wise and practical decision,” Jones said in an article published on the China Global Television Network website.
Ivan Mrkic, former minister of foreign affairs of Serbia, said China’s economic growth has significant bearing on the world economy due to its major role in global trade, its huge labor market and the nation’s deep involvement in the global economy.
It has the largest middle-income group in the world, which will continue to expand during the period of the nation’s 14th Five-Year Plan, Mrkic said.
Uzbek ambassador to China Bakhtiyor Saidov said he believes the 14th Five-Year Plan will make a great contribution to China’s economic and social development.
The Chinese economy is recovering at present, Saidov said, and China will be a great contributor to helping the world economy get out of recession in the post-pandemic era.
Luis Diego Monsalve Hoyos, ambassador of Colombia to China, said Colombia wants to enhance cooperation with China and access the Chinese market.
China has made remarkable achievements in technological innovation and the digital economy and has also taken the lead in tackling the global climate challenge, the ambassador said, adding that he believes China will deliver more benefits to the world through innovation-driven development.
Belt and Road cooperation in the coming years will help promote the realization of the United Nations’ Sustainable Development Goals, said former Egyptian prime minister Essam Sharaf.
Multinational companies are also upbeat about China’s new development paradigm.
Liu Yunfeng, executive vice-president of Volkswagen Group China, said China’s commitment to opening-up has made foreign companies more confident and enthusiastic about boosting investment in the country.