Emerging as a global economic superpower in recent decades, it is now not only the world's second largest economy and the largest exporter by value, but has also been investing in overseas infrastructure and development at a rapid clip as part of the Belt and Road Initiative it proposed in 2013.
A recently released Pew Research Center survey found that, particularly in emerging markets, publics largely have a positive view of China's economic stature. Respondents to the survey generally saw China's growing economy as a good thing for their own countries and believed China is having a predominantly positive influence on their countries' economic affairs.
The combined force of four "conventional transformations," namely marketization, internationalization, industrialization and urbanization, promoted the rapid growth of China's economy during the first three decades of reform and opening up, which began in 1978. Now, the four "new transformations," of consumption, services, digital and artificial intelligence, and green technology, are shaping the future of China's economy.
Over the past decade, the Chinese economy has made rapid progress in these four areas, which have become the main driving forces promoting economic growth and improving development quality.
In particular, in terms of consumption transformation, total retail sales have grown rapidly, the contribution of final consumption expenditure to GDP growth has significantly increased, and the upgrading of consumption driven by brands, quality and digitalization has continued to deepen. The improvement in both the quality and quantity of consumption in China has provided huge business opportunities for both domestic and multinational corporations, including enterprises of all sizes across a wide range of industries.
China has entered a new era of development. Its global impact is growing ever more comprehensive, profound and longlasting, and the international community is paying ever greater attention to the path China has taken, its future direction, its interactions with other countries and its goals in shaping the world.
The volume of China's foreign trade has been increasing constantly. In 2009, China emerged as the world's largest exporter and second largest importer of goods; in 2013, it became the world's largest trader in goods. Since 1978, foreign investment in China has seen a substantial increase and the country has become an increasingly attractive destination for overseas investors. It is the world's second largest economy, largest manufacturer, largest trader in goods, second largest consumer of commodities, second largest recipient of foreign direct investment and largest holder of foreign exchange reserves.
China is building platforms for multilateral dialogue and cooperation in political, economic, security, cultural and other fields, firmly supports multilateralism and advocates that international affairs be discussed and handled by all countries.
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 (with Latin American and Caribbean countries), 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's development path has unique Chinese characteristics, and features a broad and farsighted global vision. It is dedicated to the interests of humanity. Over the past 70-plus years since the founding of the People's Republic of China, 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.
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 innovations have emerged. In 2018, China's research and development spending accounted for 2.19 percent of GDP.
According to the Global Innovation Index released by the World Intellectual Property Organization 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, 5G technology, 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. It is fully committed to a multilateral trading system with the World Trade Organization (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 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 and 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. It continues to place its own development in the context of overall 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 people in 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.
This article was first published on the China Focus website. The author is an official working in the WTO Accession Department of the International Relations General Directorate of the Ministry of Agriculture and Forestry of Sudan
Copyedited by G.P. Wilson
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