China: a global economic anchor via high-quality development

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By He Yin (People's Daily) 14:06, March 31, 2025

A vessel unloads containers at an automated terminal at Qingdao Port of Shandong Port Group in Qingdao, east China's Shandong province. (People's Daily Online/Zhang Jingang)

The China Development Forum (CDF) 2025 convened in Beijing from March 23 to 24, bringing together global leaders to address the theme "Unleashing Development Momentum for Stable Growth of Global Economy." Participants examined the challenges and opportunities facing the global economy while observing China's economic dynamism and its role as a stabilizing force.

Amid growing international recognition of China's growth engine potential, "expanding investments in China" has emerged as a key priority for global businesses.

Executives from multinational corporations—including Apple, Siemens, and BMW, — joined industry leaders from Global South countries such as Malaysia and Brazil, representing industries spanning manufacturing, finance, and services. This diverse participation underscores heightened interest in China's market opportunities.

Attendees emphasized their confidence in China's market potential, optimism about the opportunities it offers, and commitment to long-term cooperation with China.

Workers assemble a massive wind turbine blade at a marine wind power industrial base in Rongcheng city, east China's Shandong province. (People's Daily Online/Yang Zhili)

Ola Kaellenius, chairman of the board of management at Mercedes-Benz, stated that the company has greatly benefited from China's rapid economic growth and reaffirmed its commitment to long-term investment in China. He pledged to accelerate innovation and product localization at "Chinese speed," underscoring Mercedes-Benz's dedication to mutual growth within China.

Georges Elhedery, group chief executive of HSBC Holdings, highlighted the expanding opportunities in global trade and investment, expressing enthusiasm for supporting China's future prosperity. He reiterated HSBC's role in fostering deeper integration between China and the global economy..

Roland Busch, foreign co-chair of the CDF 2025 and president and CEO of Siemens AG. said China has found the answer to the question of where growth will come from.

This year's forum showcased notable highlights that reinforce the resilience, potential, and vitality of the Chinese economy. Thriving consumer markets in film, winter sports, and tourism exemplify the vast potential of domestic economic circulation. Concurrently, technological breakthroughs—epitomized by Hangzhou's innovative startups, often dubbed the "Six Little Dragons" —highlight China's burgeoning innovation capabilities. Meanwhile, the rapid expansion of green home appliance and new energy industries underscores the transformative opportunities driving sustainable development.

New momentum across diverse industries continues to gain strength, positioning itself as a sustainable and powerful driver for China's long-term economic advancement. Dilma Vana Rousseff, president of the New Development Bank, commended China's transformative economic evolution, highlighting its shift from the "world's factory" to a "global innovation powerhouse."

Through deliberate strategic planning and sustained investment, China has solidified its leadership in renewable energy and artificial intelligence—achievements underpinned by forward-looking policies and proactive governance.

Amid escalating global uncertainties and instability, China's steadfast commitment to high-quality development ensures it remains an anchor of stability for the global economy, reinforcing its role as a reliable engine for global growth.

Engineers debug a humanoid robot at the data collection training base of Miracle Automation in Wuxi city, east China's Jiangsu province. (People's Daily Online/Zhu Jipeng)

As the global economy grows increasingly fragmented—marked by rising unilateralism, protectionism, and resistance to economic globalization—historical lessons reaffirm that openness and collaboration remain the only path to shared prosperity.

As a responsible major power, China remains unwavering in its support for the multilateral trade system and is committed to advancing inclusive economic globalization. Significant strides have been made in rebalancing the economy, evidenced by the current account surplus-to-GDP ratio stabilizing at approximately 1% — a marked reduction from its peak of around 10% in 2007.

Amid shifting global dynamics, China continues to champion openness and international cooperation, advocating for fair competition anchored in universally recognized rules. This approach safeguards the stability of global trade flows and industrial supply chains while fostering shared growth through mutually beneficial partnerships with nations worldwide.