China boosts global confidence for win

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(Xinhua) 08:01, March 27, 2025

Participants attend the China Development Forum 2025 in Beijing, capital of China, March 23, 2025. (Xinhua/Li Xin)

* "China gave the answer for where growth would come from: Growth from high tech, growth by higher efficiency, and high-quality growth," remarked Siemens AG President and CEO Roland Busch during the just-concluded China Development Forum (CDF) 2025.

* "Looking ahead, China will not only serve as a global innovation hub but also a core arena for setting standards and reshaping industrial chains," noted a PwC report released at the CDF.

* While China accelerates its push toward innovation-led growth and deepens its commitment to openness, global businesses continue to see the country as a critical partner in achieving long-term economic prosperity.

Beijing, March 26 (Xinhua) -- Against the backdrop of global economic fragmentation and rising uncertainties, China reaffirmed its commitment to innovation-driven high-quality development and global cooperation at the just-concluded China Development Forum (CDF) 2025.

Chinese Premier Li Qiang, who delivered a keynote speech at the opening ceremony of CDF 2025, underscored China's commitment to its 2025 growth target of around 5 percent, signaling strong confidence in the country's economic prospects.

The decision reflects both China's profound understanding of its economic conditions, and confidence in its governance capacity and future development potential, Li said, calling for the combination of more proactive and impactful macro policies with structural reforms, and voicing hope that China will continue to welcome enterprises from around the world with open arms.

The premier added that the country will safeguard free trade, and contribute to the smooth and stable operation of global industrial and supply chains.

Themed "Unleashing Development Momentum for Stable Growth of Global Economy," the high-profile gathering held from March 23 to 24 in Beijing brought together Chinese policymakers, global business leaders, and leading international scholars to chart a course for sustainable growth amid uncertainties.

"China is open for business and China is set for growth," said Ola Kallenius, chairman of the board of management of Mercedes-Benz Group AG, on the sidelines of the event.

Ola Kallenius (C), chairman of the board of management of Mercedes-Benz Group AG, talks with other guests before the opening ceremony of the China Development Forum 2025 in Beijing, capital of China, March 23, 2025. (Xinhua/Li Xin)

STABILITY AMID UNCERTAINTIES

As the theme of stability resonated throughout the forum discussions, Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, provided insight into China's economic resilience and stability to counteract global uncertainties.

"Amid rising external instability and uncertainty, China will remain firmly focused on pursuing its own development, leveraging the certainty of high-quality growth to offset external uncertainties and striving to serve as a stabilizing anchor for the global economy," Han added.

International observers echoed confidence in China's economic prospects. Jeffrey Sachs, renowned economist and director of Columbia University's Center for Sustainable Development, told Xinhua that China's around-5-percent growth target is "perfectly achievable," adding that the country is "booming in key sectors, especially digital, artificial intelligence, robotics, and this is going to propel a Chinese growth."

In the eyes of Standard Chartered Group Chief Executive Bill Winters, China's growth story has shifted. "It is now about transformation and unleashing new productive forces to flourish to support high-quality growth," he said.

A PwC report released at the CDF noted that over the past two years, driven by new quality productive forces, China has demonstrated a commercial evolution path distinct from those of the traditional industrialized nations, marked by improvements in production factors, transformations in business models, and the intelligent reshaping of industrial chains.

"This has opened up new opportunities for global business investment and development in China, highlighting the new advantages of the Chinese market during the global economic transition period," the report read.

A humanoid robot is pictured during an innovative development promotion conference focusing on artificial intelligence in Suzhou City, east China's Jiangsu Province, Feb. 14, 2025. (Xinhua/Li Bo)

INNOVATION AS NEW GROWTH ENGINE