Despite the ongoing global recession resulting from pandemic challenges and conflicts, China has emerged as the only economy in the world with positive growth in 2020, achieved hard-won feats in economic growth in 2021 and 2022, and is projected to rebound with a GDP growth rate of 5% this year. This illustrates the resilience and strength of the Chinese economy and the effectiveness of Chinese President Xi Jinping's leadership in navigating the country through difficult times. The Chinese government not only took measures to minimize the impacts of the pandemic on business operations and supply chains but also enabled post-pandemic trade. The strong economic performance also indicates China's commitment to peace and development, as a stable and growing economy is a crucial component of both these ideals.
With all the positiveness on the economic and pandemic front, China becomes increasingly attractive to overseas tourists and investments. The optimization of epidemic prevention and control measures in China was met with excitement from the global community. Many people planned to visit China. Chinese global partners also thrust their weight behind China to explore wider opportunities in China’s vast market. The Chinese Ministry of Commerce statistics reveal that Foreign Direct Investment in the Chinese mainland expanded 6.3 percent year on year to 1.23 trillion yuan in 2022. The amount of China’s FDI in the first 11 months of the year already surpassed the total of 2021. Goldman Sachs reflects optimism for China in its global market study. The American Chamber of Commerce in South China expressed American confidence in the Chinese market, quoting 76% of American companies are willing to reinvest in China.
The ultimate way forward for China and the world is to work together. As President Xi noted in his New Year's speech, today's China is a country closely linked with the world. The optimization of supply chains within China is likely to revitalize the global trade trajectory, which highlights China's role as a pioneer in economic recovery and a key player in the global economy. China believes in an open economy, thus, is willing to extend its cooperation to the world.
Development and growth are the inalienable right of any country which cannot be wiped away. Shared development is the only way forward toward the shared future and destiny of mankind. There exists no doubt in the Chinese development agenda and intentions behind economic growth. China, under President Xi’s leadership, makes tireless efforts to create a favorable environment enabling each state actor to secure its economic interests. Thus, the international community should rely on better judgment to side with openness, transparency and accountability and reject the invisible but prevalent forces of protectionism, competition, and confrontation.
Contributed by Muhammad Asif Noor, Director of the Centre for BRI and China Studies