China's New Development, New World Opportunities (Economic Focus)
Core reading
China's economic rebound, just like the current spring blossoms and vitality, will show a good trend of accelerated growth, stable prices, full employment and basic balance of international payments. The International Monetary Fund proposed that China's economy will contribute 1/3 to world economic growth this year. At the same time, China's determination to expand opening up in an all-round way will also attract more foreign-funded enterprises to come to China, take root in China, and share the dividends of China's development.
How to view the current situation of China's economic development? What opportunities will China bring to the world as it embarks on a new journey?
From March 3 to 25, the 27 Annual Conference of the China Development Forum with the theme of "Economic Recovery: Opportunities and Cooperation" was held in Beijing. At the meeting, well-known experts and scholars, heads of the world's top 2023 companies and industry leading enterprises and other guests at home and abroad gathered in Beijing to discuss the prospects of China's economic development.
China's economy will show a good trend this year
Epidemic prevention and control has entered a new stage, society has resumed normal operation, and economic development has pressed the "fast forward button". In 2023, China's economic trend has attracted much attention.
"China's economic rebound is just like the current spring blossom and full of vitality, and the whole year will show a good trend of accelerated growth, stable prices, full employment, and a basic balance of international payments." Han Wenxiu, deputy director in charge of daily work in the office of the Central Financial and Economic Commission, said that the "Government Work Report" set the expected target for economic growth this year at about 5%, taking into account not only the needs of expanding employment and improving people's livelihood, but also the potential growth capacity and various difficulties and challenges, leaving appropriate leeway, reflecting the steady progress. "Judging from the current developments, it is certain to achieve this goal."
Zhu Min, vice chairman of the China Center for International Economic Exchanges, said that in the context of intensifying world economic uncertainty, the growth target of about 5% is stable and sustainable, and "the recovery of household consumption and the resilience brought by high-tech manufacturing investment will help us achieve this goal."
Achieving the desired goals requires hard work. Zheng Zhajie, director of the National Development and Reform Commission, said that it will innovate and improve macro-control, continue to expand domestic demand, "give full play to the basic role of consumption in economic growth, actively expand effective investment, effectively and orderly promote the construction of 102 major projects and other major projects in the <>th Five-Year Plan, and encourage and support the healthy development of social investment." Minister of Finance Liu Kun said that he will focus on promoting high-quality development and strengthening efficiency to implement a proactive fiscal policy, "'Afterburner' mainly increases policy intensity from three aspects: fiscal expenditure intensity, special debt investment, and promoting the sinking of financial resources; 'Improving efficiency' mainly improves policy efficiency from three aspects: improving preferential tax policies, optimizing the structure of fiscal expenditure, and strengthening coordination and cooperation with monetary, industrial, scientific and technological, social and other policies. ”
China's economy is resilient, potential and dynamic, but it still faces many difficulties, challenges and uncertainties. Han Wenxiu analyzed that there is a risk of stagflation in the world economy, many countries are facing difficult choices to maintain economic stability, price stability and financial stability, the global industrial chain and supply chain are facing restructuring, and the foundation of China's economic recovery is not solid enough.
"At present, the most fundamental and important thing is to implement the new development concept, build a new development pattern, and promote high-quality development." Han Wenxiu believes that in the long run, efforts should be made to cultivate and enhance the medium- and long-term development momentum of China's economy in three aspects: "to develop momentum towards talent dividend, accelerate the transformation from demographic dividend to talent dividend, and improve the adaptability between human capital and industrial upgrading; It is necessary to develop momentum towards innovation-driven, so that the momentum of innovation-driven development is continuously enhanced; It is necessary to develop the driving force for reform and opening up, continuously improve the socialist market economic system, adhere to high-level opening up, improve total factor productivity, expand the boundaries of production possibilities, and create a broader space for high-quality development."
China has injected new momentum into the global economic recovery
"Since joining the World Trade Organization in 2001, China's contribution to the global value chain has gradually increased. Over the past few decades, China has played a critical role in global value chains. Nicholas Lardy, a senior fellow at the Peterson Institute for International Economics, a US think tank, said.
"China's economy has made tremendous achievements in the past few decades, not only successfully eradicating absolute poverty, but also cultivating a large number of middle-income groups. The accelerated recovery of China's economy is also good news for the world economy. World Bank Managing Director Axel von Trotsenburg said.
In recent years, China's economy has continued to develop steadily, injecting new momentum into the global economic recovery. At the forum, the participants discussed the world contribution of China's economy.
"In 2023, the contribution rate of China's economy to world economic growth will reach 1/3, which will bring gratifying pulling effect to the world economy." IMF Managing Director Georgieva said that in addition to directly promoting global economic growth, every 1 percentage point increase in China's GDP growth rate will increase the average GDP growth rate of other Asian economies by 0.3 percentage points, which is "gratifying."
"We believe that the all-round recovery and strong resilience of China's economy will inject key impetus into the world economy in 2023." Zhao Guohua, chairman and CEO of Schneider Electric Group, said that in particular, the "dual carbon" goal proposed by China has drawn a clear prospect and a clear path, which will bring new opportunities to enterprises in various countries.
"With the development of artificial intelligence, biotechnology, new energy and other technologies, China will become an important driving force for the transformation of the world economy." Boleren, President and CEO of Siemens AG, believes that the 14th Five-Year Plan will enable China to move towards a more sustainable and prosperous future.
Han Wenxiu said that China is the only country that has all the industrial categories in the United Nations Industrial Classification, and has long provided countries with cost-effective final products and intermediate goods. "We will, as always, deepen international economic cooperation and jointly safeguard the integrity, stability and security of the global industrial chain and supply chain system."
Foreign companies are optimistic about China
"We are willing to strengthen communication and cooperation with friends from all walks of life at home and abroad to share development results, and welcome everyone to invest in China and share the dividends of China's development." Zheng Zhajie said.
"Foreign-funded enterprises are not 'foreigners', but 'families'. This year, we will expand market access, further cancel or relax restrictions on foreign investment, and align with international high-standard economic and trade rules, so that more and more foreign-funded enterprises will come to China and take root in China. Minister of Commerce Wang Wentao said.
"Opening up to the outside world is China's basic national policy. We will continue to expand market access, steadily promote the opening up of rules, management and standards, continue to create a market-oriented, rule-of-law, and internationalized first-class business environment, and welcome enterprises from all over the world to invest in China. Han Wenxiu said.
China's determination to expand opening up in an all-round way has injected firm confidence into the development of foreign enterprises in China.
"We look forward to working with our Chinese partners to advance the Healthy China 2030 goal and promote innovative solutions to improve the lives of patients in China and around the world." The words of Aberle, chairman and CEO of Pfizer, expressed the desire of many multinational companies to grow together with China.
In the view of BMW Group Chairman Zipzer, the grand blueprint of Chinese-style modernization is not only of great significance to China, but also has a far-reaching impact on the world, and is a road of mutual benefit and win-win results, "At present, BMW Group has established the largest production layout within the group and the largest R&D layout outside Germany in China, and we will continue to expand investment in China." ”
"In 2022, Amway's performance in China achieved double-digit growth, the largest increase in nearly 10 years, and China has been Amway's largest market in the world for 20 consecutive years." Amway Global CEO Pan Linlin said that Amway has recently announced that it will invest 6 million yuan to implement a five-year upgrade plan for the Guangzhou production base, which is also the tenth capital increase of the base.
"China is not only Mercedes-Benz's largest single market and high-end manufacturing base, but also a bellwether for future trends." Kang Linsong, Chairman of the Board of Directors of Mercedes-Benz Group AG, expressed confidence that China will enter the fast lane of recovery and development in 2023 and continue to consolidate its position as a global industrial innovation hub. "We are full of confidence in the long-term development of China's economy and automotive industry, and will continue to expand our investment in China."
Reporter Li Xinping, Liu Wen and Lin Ziye