(Summer Davos) Xinhua Headlines: In rewiring global growth, China takes its role
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E-mail Xinhua, June 28, 2023
By Xinhua Writers Lyu Qiuping, Wang Jian and Li Kun
TIANJIN, June 28 (Xinhua) -- The ongoing 14th Annual Meeting of the New Champions has provided a platform for global participants to advance regional and global collaboration and address the world's most pressing problems in the post-pandemic era.
The three-day event, also known as the Summer Davos, opened on Tuesday in China's Tianjin, marking the resumption of the annual meeting in the country after a four-year hiatus.
While the attendees from businesses, governments, international organizations, and academia offer insights into global issues with rewiring growth as a major topic, many have said that China is playing a vital role in driving the world's economic recovery, benefiting the rest of the world.
CONFIDENCE FOR RECOVERY
In a speech at the opening, Chinese Premier Li Qiang said that over the past decade, China has been an important source of impetus for the steady growth of the world economy.
"In the longer time to come, China will continue to provide strong dynamism to the world economic recovery and growth," he said.
China's GDP grew by 4.5 percent in the first quarter year on year and is expected to expand faster in the second quarter. The country is on track to hit the growth target of around 5 percent set for the year.
Tan Yuanjiang, vice president of Full Truck Alliance, said his company in the logistics industry saw the business revenue surge by 27.7 percent in the first quarter year on year, with more than 30 million orders completed.
"Transportation is the artery of economic development, and more orders in the logistics indicate more economic vitality," he said.
Tan's confidence in China's economic prospects is backed by multiple international organizations.
The World Bank's latest Global Economic Prospects lifted its prediction of China's economic growth this year by 1.3 percentage points to 5.6 percent. The mid-year update of the World Economic Situation and Prospects 2023, released by the United Nations, projected that China's economy will grow 5.3 percent this year, up from the 4.8 percent forecast in January. In its May edition of the Asia-Pacific regional economic outlook, the International Monetary Fund expects China's economy to grow 5.2 percent this year.
BENEFITING THE WORLD
In a world that is confronted with a rising spiral of unilateralism, protectionism, and de-globalization, as well as escalating tensions and uncertainties, China's adherence to openness is injecting certainty into the global economy.
Philip Myburgh, group head of trade and Africa-China at Standard Bank Group, the largest bank in Africa, said Africa is benefiting from Chinese technologies as it focuses on developing the manufacturing industry and also from China's lucrative consumer market by exporting goods, such as agricultural goods, to China.
"The Chinese business environment, I think, is very positive, and there are a lot of opportunities," he said.
According to the Ministry of Commerce, foreign direct investment in actual use expanded 4.9 percent year on year to 408.45 billion yuan (56.65 billion U.S. dollars) in the first quarter of this year, indicating the world's second-largest economy remained a popular destination for global investors.
Miwako Ando, executive officer of Mitsui O.S.K. Lines, Ltd., said as China's economy is recovering gradually, the Chinese market has a very big potential for all businesses.
The Tokyo-based sea shipping company has a lot of business relationships with Chinese companies, carrying goods from China and to China, she said.
"I hope that China will take the lead in world economic development and in climate issues," she said.
Zhang Yuzhuo, chairman of the State-owned Assets Supervision and Administration Commission of the State Council, said China's economic recovery has boosted confidence in the recovery of the world economy.
"We hope that through platforms like the World Economic Forum, exchanges and consensus can be reached among all parties to the greatest extent, and global trust can be further enhanced to promote global economic development," said Zhang. Enditem
(Xinhua correspondents Guo Xiaoyu, Luo Qi, Zhang Yuqi, Song Rui, Li Yating, Mao Zhenhua and Xu Jian contributed to the story.)
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