[China’s Economic Brightness and World Development Opportunities]
Openness, win-win, integration and sharing have always been China's attitude towards embracing the world economically. From the "Three Reinforcements and One Replenishment" at the beginning of reform and opening up to the formation of the "World Factory" and "Intelligent Manufacturing in China" since joining the WTO, China's economic development has become increasingly deeply integrated into the global production system and has become an important part of the world economic map. Especially after the outbreak of the international financial crisis in 2008, China's rapidly developing economy became the main engine of world economic growth, with China's contribution to world economic growth exceeding 30% year after year. At the same time, China has always been an advocate and builder of economic globalization, actively promoting investment facilitation and trade liberalization, and actively participating in the construction of the global economic governance system. China has always shared the opportunities and dividends of China's economic development with other countries around the world, and jointly cultivated new qualities and new drivers of global economic development.
China is the main builder of global value chains. With the popularization and rapid development of information technology, the previous single vertical division of labor controlled by developed countries has gradually evolved into a horizontal division of labor oriented by the value chain. The adjustment of the international division of labor has created conditions for late-developing countries to actively participate in the global production system. With the support of its opening-up policy, China has given full play to its comparative advantages, deeply integrated into the world economic development process, and gradually formed an industrial chain based on manufacturing that is oriented to the world market. China has introduced and absorbed advanced technologies, integrated global resources, and promoted the free flow of global production factors and commodities; China has provided various high-quality and high-quality commodities to countries around the world. For example, in 2023, China's new energy vehicle production and sales will account for more than 60% of the global share. , the export volume of electric passenger vehicles, ships, and household appliances has increased significantly, and the export volume has remained at a high level of about 14% in the international market; a large number of high-quality industrial workers who have mastered modern technology have contributed to the high-level opening up of the Chinese economy. The foundation of human capital has been laid. The process of China's economy embracing the world is also the process of Chinese enterprises increasingly integrating into the global value chain, promoting a high degree of integration of the world economy. Chinese companies are deeply involved in the global value chain of major industrial sectors and occupy an irreplaceable position at key nodes in some industrial chains. In some global industrial chains led by Chinese companies, they also absorb technology, capital and intermediate products from all over the world.
China is the main builder of global supply chains. Since the 1990s, economic globalization has shown an accelerated development trend. The international division of labor model and industrial chain have been deeply reconstructed. The integration of trade and investment has become the trend of economic development in the world today. In the global production system originally dominated by developed countries, the main supply chains were concentrated in European, American and East Asian countries, while the majority of developing countries mainly exported primary products and imported industrial finished products, thus forming an "axle and wheel" international division of labor system and One-dimensional supply chain. With the development of Internet technology and the improvement of information technology facilities, especially the significant progress in industrial technology in emerging market countries represented by China, the global supply chain has shown a trend of expansion. Since joining the WTO, China's open economic system has conformed to and promoted the wave of economic globalization and played an important role in the reconstruction of the global supply chain. In almost all important industrial fields, Chinese companies are deeply embedded and have become important participants and organizers of the global supply chain. On the one hand, Chinese companies purchase raw materials globally, produce globally, and provide high-end, intelligent, and green products to the global industrial chain, including key parts and components of their own brands. In 2023, China's new energy vehicles and lithium Exports of the "three new products" of batteries and photovoltaic products increased by nearly 30%; on the other hand, China has become a production base for some core production links and even the entire process of some high-tech products, providing end products and services for the world market. More importantly, China itself provides the world with a very large market and is one of the most important demand nodes in the global supply chain. Since the reform and opening up, China's annual total import and export of goods trade has increased from US$20.6 billion to nearly US$6 trillion in 2022, making it the world's largest trade country in goods. Made in China and Chinese elements can be found all over the world, and its trading partners continue to expand.
China is an important player in attracting international direct investment and outward direct investment. International direct investment is one of the main forces driving the deepening globalization of production and trade. With the rapid development and continuous innovation of science and technology, product life cycles have been greatly shortened, and foreign direct investment has become the optimal strategy for international capital flows. With its ultra-large market capacity, complete modern industrial system, sufficient reserve of industrial workers, and generous policy dividends, China has gradually become a hot spot for international capital to invest. Despite the twists and turns of economic globalization, China's actual utilization of foreign investment in 2023 will exceed 1.1 trillion yuan, the third highest level in history; China's foreign investment structure continues to optimize, and China's high-tech industry investment accounted for 37.3% in 2023; many of the world's top 500 companies have Large investment intensity has strengthened and deepened the layout in the field of high-tech industries. Since the reform and opening up, China has attracted more than 2 trillion US dollars in foreign investment, ranking among the top in the world in terms of total foreign investment. Foreign investors are confident in the bright prospects of the Chinese market and the long-term positive trend of the Chinese economy. At the same time, China is also the world's leading two-way investment country, and its foreign direct investment has ranked among the top three in the world for 11 consecutive years. Against the background of the overall contraction of international direct investment, China's overseas non-financial direct investment will still exceed 900 billion yuan in 2023, a year-on-year increase of 16.7%. China continues to provide new opportunities for the world with its own development and always injects new momentum into world economic development.
China is the main defender of international economic and trade rules. China actively promotes high-level opening up, is committed to maintaining a diverse and stable international economic landscape and economic and trade relations, and maintains the basic norms and regulatory systems for international economic relations. China opposes unilateralism and protectionism, advocates and actively promotes the liberalization and facilitation of investment and trade, steadily expands institutional opening up, fully implements the pre-establishment national treatment plus negative list management model for foreign investment, and significantly reduces restrictive measures; China has established 22 free trade pilot zones and the Hainan Free Trade Port in batches, building a new pattern of reform and opening up with comprehensive locations and multiple levels; China has signed 22 free trade agreements, and its number of free trade partners has increased to 29. The trade volume of foreign free trade partners accounts for one-third of the total trade; the Regional Comprehensive Economic Partnership Agreement, which China took the lead in ratifying, has officially come into effect. It is currently actively creating conditions to seek to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement. At present, the world has entered a new period of turbulence and change. China has actively participated in and promoted the reform of the global economic governance system. China's plan, represented by the concept of a community with a shared future for mankind, the global governance concept of extensive consultation, joint contribution and shared benefits, and the "three major global initiatives", aims to In repairing the shortcomings of traditional governance and realizing the transformation from responding to specific issues in global economic governance to promoting the reform of the economic governance system, it has promoted the construction of a global economic governance platform and greatly enriched the framework system and cooperation model of global economic governance.
China will inject new impetus into world economic development. China's economic development transformation is an important driving force for world economic development. China's grasp and practice of future economic development trends have expanded new space for world economic development. The practice of effectively transforming the economic development model and building a beautiful China is in line with and leading the trend of global carbon emission reduction and climate governance, biodiversity and biosecurity protection. In 2023, China's renewable energy power generation installed capacity will historically exceed thermal power, and the annual newly installed capacity will exceed half of the world's. The practice of the world's leading digital economy and other new productive forces has provided a solid foundation for China to participate in global digital trade, build an internationally competitive digital industry cluster, and participate in the formulation of digital technology application rules and digital economic governance. Today, more than 150 countries and 30 international organizations are participating in the Belt and Road Initiative, with more than 3,000 cooperation projects and an investment scale of nearly one trillion US dollars. The joint construction of the “Belt and Road” has become an important platform for international economic cooperation and global economic governance. With China's active promotion, BRICS will officially expand to 10 countries in January 2024, and will play a more important role in promoting all-round development, promoting diverse civilizations, advancing the reform of the economic governance system, and building a fair and reasonable international economic order. role.
China's economy is deeply involved in the process of economic globalization, which itself is an important part of economic globalization. China's development has benefited a lot from economic globalization, and the process of economic globalization cannot be separated from the dividends and opportunities brought by China's economic development. In promoting the construction of an open world economy, China discusses and coordinates macroeconomic policies with major countries in the world, adheres to the liberalization and facilitation of trade and investment, increases bilateral, multilateral and regional economic cooperation, and contributes to building a more just and reasonable international economic order. and inclusive economic globalization has contributed Chinese wisdom.
(Author: Zhang Mingzhi, professor and doctoral supervisor at the School of Political Science, National Defense University)
(Guangming Daily)