China remains solid bet for global businesses

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(Xinhua) 09:36, December 22, 2023

Visitors are seen during the 2023 China Marine Economy Expo (CMEE) in Shenzhen, south China's Guangdong Province, Nov. 23, 2023. (Xinhua/Liang Xu)

Despite challenges at home and abroad, China has managed to press ahead with its high-quality development, galvanizing the Asia-Pacific region and the wider world with its solid progress, great potential and immense opportunities.

BEIJING, Dec. 21 (Xinhua) -- Another year is just around the corner and global market watchers are reviewing the year 2023 for China, a year of hard-won, inspiring rebound amid a struggling global economic recovery.

Despite challenges at home and abroad, China has managed to press ahead with its high-quality development, galvanizing the Asia-Pacific region and the wider world with its solid progress, great potential and immense opportunities.

Robots work on an assembly line of a factory of a private enterprise in Zouping City, east China's Shandong Province, Sept. 13, 2023. (Xinhua/Guo Xulei)

The Chinese economy has experienced a rebound since the beginning of the year. China's gross domestic product (GDP) grew by 5.2 percent year on year in the first three quarters, marking the strongest performance among the world's major economies.

Steven Barnett, the IMF's senior resident representative in China, said that China remains the biggest engine of global economic growth in 2023, contributing one-third of global economic growth.

"When China grows faster, it really provides a welcome lift for the whole world," Barnett told Xinhua on a previous occasion.

Isao Sugehara, founder, president and CEO of Sugena, a Japanese consultancy, said that the Chinese economy shows a clear rebound and its growth rate stands out among the major economies in the world, adding that it is an important growth engine for global economy and that of the Asia-Pacific.

Visitors watch a robot welding an auto body during the 23rd China International Industry Fair (CIIF) in east China's Shanghai, Sept. 19, 2023. (Xinhua/Fang Zhe)

In recent years, China has pursued a new vision of innovative, coordinated, green, open and shared development, and committed itself to high-quality development. China's economic growth has produced more fruits and become greener, injecting strong momentum into global sustainable development.

Wayne Huang, principal of the Institute of Commercial Education New Zealand, said that China is a source of power and anchor of stability for global economic development.

In the past 10 years particularly, China's green and digital economic development has provided a Chinese solution for the world in that regard, and the world is sharing China's dividends, Huang said.

Koh King Kee, president of the Center for New Inclusive Asia, a non-governmental Malaysian think tank, said that innovation and technology are the driving forces of economic growth in the 21st century, and that green development is an effective way to deal with climate change.

China is a leader in digital technology and renewable energy, and will play a very important role in promoting global digital transformation and green development, he said.

Craig Emerson, director of the Australian APEC Study Centre at RMIT University, said he believes that China's energy transformation has made important contributions to promoting global sustainable development.

Workers operate at a production line of the new energy vehicle AVATR at a workshop of Chang'an Auto in Jiangbei District, southwest China's Chongqing Municipality, July 20, 2023. (Xinhua/Tang Yi)

China is already the largest producer of renewable energy, and its push for green development offers the world new opportunities to accelerate decarbonization and take advantage of green trade, Emerson said.

Waref Kumayha, president of the Silk Road Institute for Studies and Research in Lebanon, said that China has put forward the Global Development Initiative to promote the implementation of the United Nations (UN) 2030 Agenda for Sustainable Development.

Kumayha said that China has played a positive role in global sustainable development, and countries hope to learn from China's development experience and strive for a prosperous and bright future together.

In just six days, the annual volume of intended transactions at the sixth China International Import Expo (CIIE) in November surged to a record-breaking 78.41 billion U.S. dollars. The expo, which shares China's enormous market with the world, vividly illustrates China's commitment to a broader opening-up and inclusive globalization.