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China's Development New Opening New Opportunities for the World Economy

China’s Development New Opening New Opportunities for the World Economy

by YCPress

December 21 The recently concluded Central Economic Work Conference requires that we should take the first step to build a new development pattern next year and see a new atmosphere.

As the world’s second largest economy and the only major economy in the world to achieve positive economic growth this year, China’s construction of a new development pattern and the promotion of reform and opening up from a higher starting point will provide a wider market and more new development opportunities for all countries in the world.

New opportunities come from the continuous release of consumption potential. China has an ultra-large market with a population of 1.4 billion and is an important engine for global economic growth.

As of November, Japan’s exports to China have maintained positive growth for five consecutive months; the operating revenue of German Zeiss in China reached RMB 8 billion in the latest fiscal year, making China surpasses the United States and Germany to become Zeiss’s largest market in the world.

It is reported that in the next 15 years. The middle-income group in the country will reach 800 million, and the momentum of consumption upgrading is strong and the potential is huge.

This meeting put forward “inherence to the strategic basis of expanding domestic demand”, stressed that “effective institutional arrangements must reasonably guide consumption, savings, investment and other aspects”, and made supporting policy arrangements such as expanding consumption, promoting employment and increasing investment.

Ding Ke, a researcher at the Japan Institute of Asian Economics, believes that the meeting proposed to adhere to expanding domestic demand, pay attention to demand-side management, optimize the income distribution structure, and expand the middle-income group, which are very critical for China to form a strong domestic market and achieve high-quality development.

New opportunities come from the firm pace of expanding opening up. China adheres to the mutually beneficial and win-win opening-up strategy, continues to promote the expansion of opening up to the outside world, strives to improve the investment business environment, and greatly reduces the restrictions on foreign investment access.

It is one of the most popular foreign investment destinations in the world. This year, global cross-border investment has been hit hard by the epidemic, but China’s actual use of foreign capital has shown a stable and positive trend, becoming one of the few major economies in the world that attract foreign investment to maintain growth. Bloomberg News reported that international investment giants are optimistic about China’s huge opportunities and have launched new strategies focusing on China. Morgan Stanley is “a huge beneficiary of this opening,” said Morgan Stanley Pacific executives.

This meeting emphasized the need to “promote reform and opening up in an all-round way”, put forward a series of clear and powerful policy signals of “strengthening international macro policy coordination”, “creating a market-oriented, rule of law and international business environment” and “actively considering joining the Comprehensive and Progressive Trans-Pacific Partnership Agreement” u2026u2026, showing China’s determination to implement “wider scope, wider field and deeper opening up”.

Yu Hong, a senior researcher at the Institute of East Asia of the National University of Singapore, said that China has comprehensively promoted reform and opening up and attracted more foreign investment by improving the business environment, which is conducive to China’s economic development and contributes to the world economic recovery.

New opportunities come from innovation-driven development strategies. Innovation occupies a core position in the overall situation of China’s modernization drive, which is the key to solving the problem of uneven and insufficient development and promoting high-quality development. This meeting will make strengthening the national strategic scientific and technological force the first priority next year.

In the future, with the continuous strengthening of new momentum for China’s innovation and development and the rapid growth of new industries, the vitality of China’s economy will further burst out, thus vigorously promoting global growth.

International Data Corporation recently released a report predicting that China’s share of the global artificial intelligence market will reach 15.6% in 2024, becoming an important driver of global market growth.

Saudi Arabia‚Äôs Finance Minister Mohammed Jadhan said that as Saudi Arabia expands digital services across the country, many Chinese companies have helped the country in areas such as 5G. We attach great importance to our Chinese partners and hope to expand the cooperation between the two countries in the further development of the digital economy.”

China’s development cannot be separated from the world, and the prosperity of the world also needs China. With China embarking on a new journey of building a modern socialist country in an all-round way, China’s high-quality development of China will certainly inject more confidence and vitality into the post-epidemic world