Outlook for, benefits of high-quality development in spotlight

BEIJING, Dec. 5, 2024 /PRNewswire/ -- The article has been published by China Daily on Dec. 6:

China's steadfast pursuit of high-quality development, which focuses on high-level opening-up and deepened reforms to further stimulate growth while bolstering economic resilience, not only serves the nation's interests, but also injects positive factors into global development, according to experts, business leaders and government officials from home and abroad.

They also said on Thursday that more efforts are needed to enhance the international community's understanding of China's economic outlook and the global benefits of its high-quality development, which they described as critical for shaping a better future for the world.

The remarks were made at a Vision China event that brought together representatives from international organizations, enterprises, universities and think tanks, who shared insights on China's high-quality development. The event was jointly held by China Daily and the University of International Business and Economics in Beijing.

"Global attention is keenly focused on China's economic trajectory as a source of stability," said Qu Yingpu, publisher and editor-in-chief of China Daily.

"It is crucial for various stakeholders, including media, businesses, universities and think tanks, to proactively articulate the intrinsic logic of China's economic development story, and elucidate the interplay between China's high-level opening-up and the shared development of nations," Qu said.

Such efforts will foster a better understanding within the international community of China's economic development prospects and the dividends that its high-quality development offers to the world, he added.

Qiu Xiaoping, vice-chairman of the All-China Federation of Industry and Commerce, said that in-depth exchanges among renowned economists, chambers of commerce and business leaders from home and abroad are of great significance for promoting the high-quality development of China's economy and global common development.

Specifically, he said the high-quality growth of China's private sector is set to advance with more robust strides, thanks to the momentum of reforms, the backing of supportive policies, the diligence of enterprises and the collective effort of Chinese society.

"Such progress will perpetually infuse fresh energy into the high-quality development of China's economy and harness the power of Chinese private enterprises to contribute to the prosperity and advancement of the global economy," he said.

Otton Solis, former special adviser to the president of Costa Rica, suggested that relevant high-quality development goals focusing on production, humanism, sustainability and globalization should be central to both scientific and social research as well as policymaking.

China, with its vast size, population, GDP and historical depth, is poised to play a pivotal role in "inspiring the world to move toward high-quality development", he said in a video speech.

During the event, all participants expressed robust confidence in the promising future of China's economy.

As the country intensifies endeavors to foster high-quality development and generate new growth momentum and vitality, its growth will benefit others as well, they emphasized.

"The bright future of China's economy toward high-quality development remains steadfast, undaunted by storms," said Qu, the China Daily publisher and editor-in-chief.

In addition, the Chinese economy, featuring high-level openness, offers a vast market and win-win opportunities to the world, and China's path to modernization presents the world with a Chinese solution and strength for shared prosperity, he said.

Jack Perry, chairman of the 48 Group and CEO of London Export Corp, highlighted that China's growth has been beneficial to people both within and beyond its borders. In his video speech, he also praised China's dedication to maintaining a high level of openness.

Steven Barnett, the International Monetary Fund's senior resident representative in China, said that 0.9 of a percentage point of the projected global growth of 3.2 percent for this year and next is expected to come from China.

That means the Chinese economy continues to be the primary engine of global growth, contributing more than one-fourth of the world's economic expansion, he said.

Safdar Parvez, the Asian Development Bank's country director for China, said the institution expects China's growth in 2024 to be within the target range of about 5 percent set early this year, with recently announced proactive policy measures.

Huang Baoyin, Party secretary of the University of International Business and Economics, pointed out that developing new quality productive forces tailored to local conditions, refining incentive and constraint mechanisms that promote high-quality growth, cultivating new growth drivers, and leveraging greater opening-up are all critical elements of China's development strategy.

Marc Horn, president of Merck China, said the country stands out as a leader in innovation, driven by key strengths like outstanding adaptability and scalability.

"Thanks to an innovative ecosystem, China often quickly leads the world in the adoption of new and disruptive technologies," he added.

George Xu, executive vice-president of Airbus and CEO of Airbus China, said the company is inspired by China's commitment to high-quality development and high-level opening-up.

"The immense market size presents a unique opportunity not only for business growth, but also for the high-quality development of the entire industrial chain," Xu said.

Song Yang, a professor at Renmin University of China's School of Economics and research fellow at the university's National Academy of Development and Strategy, underscored that China is on the right track to common prosperity.

Also at the event, Qu, from China Daily, announced that it has been decided to integrate corporate communication resources, guided by the ethos of openness, to establish the China Daily Institute for Corporate Communication. The aim is to tell great stories of how Chinese and foreign enterprises grow with China.

"We will continually expand the global network of enterprise friendships, and drive the exchange and mutual learning of civilizations," he said.

SOURCE China Daily