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A new start for China's development, new opportunities for the world economy

A new start for China's development, new opportunities for the world economy

  • Categories:News
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  • Time of issue:2020-12-26
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(Summary description)The Central Economic Work Conference, which closed a few days ago, called for the first step to be taken to build a new development pattern next year and see the new outlook. As the world’s second largest economy and the only major economy in the world that has achieved positive economic growth this year, China has built a new development pattern and promoted reform and opening up from a higher starting point, which will provide countries around the world with a broader market and more new developments. opportunity.

A new start for China's development, new opportunities for the world economy

(Summary description)The Central Economic Work Conference, which closed a few days ago, called for the first step to be taken to build a new development pattern next year and see the new outlook. As the world’s second largest economy and the only major economy in the world that has achieved positive economic growth this year, China has built a new development pattern and promoted reform and opening up from a higher starting point, which will provide countries around the world with a broader market and more new developments. opportunity.

  • Categories:News
  • Author:
  • Origin:
  • Time of issue:2020-12-26
  • Views:0
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The Central Economic Work Conference, which closed a few days ago, called for the first step to be taken to build a new development pattern next year and see the new outlook. As the world’s second largest economy and the only major economy in the world that has achieved positive economic growth this year, China has built a new development pattern and promoted reform and opening up from a higher starting point, which will provide countries around the world with a broader market and more new developments. opportunity.
  New opportunities come from the continuous release of consumption potential. China has a large-scale market with a population of 1.4 billion and is an important engine for global economic growth. As of November, Japan’s exports to China have maintained positive growth for five consecutive months; the latest fiscal year operating income of German Zeiss in China reached RMB 8 billion, which enabled China to surpass the United States and Germany and become Zeiss’s largest market in the world. …Some reports predict that China’s middle-income group will reach 800 million in the next 15 years, with strong momentum and huge potential for consumption upgrades.
       The meeting put forward "insisting on the strategic basis of expanding domestic demand", emphasizing that "effective institutional arrangements must be made in rationally guiding consumption, savings, and investment," and supporting policy arrangements such as expanding consumption, promoting employment, and increasing investment have been made. Ding Ke, a researcher at the Institute of Asian Economics in Japan, believes that the meeting proposed to insist on expanding domestic demand, focusing on demand-side management, optimizing the income distribution structure, and expanding the middle-income group. These are critical to China's formation of a strong domestic market and high-quality development.
        New opportunities come from the firm pace of opening up. China adheres to a mutually beneficial and win-win opening strategy, continues to promote wider opening up, strives to improve the investment and business environment, and greatly reduces restrictions on foreign investment access. China is one of the most popular foreign investment destinations in the world. This year, global cross-border investment has been hit hard by the epidemic, but China's actual use of foreign capital has shown a steady and positive trend, becoming one of the few major economies in the world that has attracted foreign investment to maintain growth. Bloomberg News reported that international investment giants are optimistic about China's huge opportunities and have launched new strategies focusing on China. Morgan Stanley Asia Pacific executives said that Morgan Stanley is "a huge beneficiary of this openness."
       This meeting emphasized the need to "advance reform and opening up in an all-round way," and proposed "strengthening international macro-policy coordination", "creating a market-oriented, rule-of-law, and international business environment", "we must actively consider joining the Comprehensive and Progressive Trans-Pacific Partnership Agreement"... A series of clear and powerful policy signals demonstrate China's determination to implement "larger scope, broader scope, and deeper opening to the outside world." Yu Hong, a senior researcher at the East Asian Institute of the National University of Singapore, said that China's comprehensive promotion of reform and opening up and attracting more foreign investment by improving the business environment will help China's economic development and contribute to the recovery of the world economy.
       New opportunities come from innovation-driven development strategies. Innovation occupies a central position in the overall situation of China's modernization drive. It is the key to solving the problem of unbalanced and insufficient development and promoting high-quality development. This conference will strengthen the national strategic scientific and technological strength as the top priority of next year's key tasks. In the future, as China's new kinetic energy for innovation and development continues to increase, and new industries grow rapidly, China's economic vitality will further burst, which will then forcefully promote global growth.
        International Data Corporation recently released a report predicting that China will account for 15.6% of the global artificial intelligence market in 2024, becoming an important driving force for the growth of the global market. Saudi Arabia’s Minister of Finance Mohammed Jadan said that as Saudi Arabia expands digital services to the entire country, many Chinese companies have already assisted the country’s development in areas such as 5G. "We attach great importance to Chinese partners and hope to expand the cooperation between the two countries in the process of further developing the digital economy."

        China cannot develop without the world, and the prosperity of the world also needs China. As China embarks on a new journey of building a modern socialist country in an all-round way, the high-quality development of the Chinese economy will surely inject more confidence and vitality into the post-epidemic world. (Reporter Li Jie)

Source: Xinhua News Agency

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