Rows of photovoltaic panels are seen in a national renewable energy demonstration zone in Zhangjiakou, Hebei province, on Aug. 18, 2023. [Photo/Xinhua]

As the world navigates an era of unprecedented transformation, marked by tariff pressures from the United States and a host of geopolitical and economic uncertainties, China stands at a pivotal juncture. The "Two Sessions" provide a timely platform to reflect on China's economic trajectory and its unwavering commitment to a higher level openness.

On March 5, 2025, Chinese Premier Li Qiang delivered a government work report, which targets an economic growth rate of around 5 percent in 2025.

Despite external challenges, China's economy remains robust, resilient, and a vital engine of global growth. Leveraging its vast market advantages, technological prowess, and multilateral engagement, China continues to champion globalization and inclusive cooperation, offering stability and opportunity in a turbulent world.

A resilient economy in a shifting world

China's economic resilience is not a mere slogan—it is a reality underpinned by tangible strengths. In 2024, despite increasing external pressures, China's economy showed tenacity, achieving its 5 percent growth target. The basic trend of the long-term sound development of the Chinese economy remains unchanged, according to the government work report. This stems from a domestic market of 1.4 billion people, a comprehensive industrial system, and a focus on innovation and infrastructure.

China's high-speed rail network, spanning over 45,000 kilometers and accounting for more than 70 percent of the world's total, connects cities, boosts consumption, and supports regional trade. Its telecommunications infrastructure, with over 4.5 million 5G base stations, empowers industries and positions China as a global tech leader. This technological edge shone during the 2025 Spring Festival, when a humanoid robot performing the Yangko dance on the gala stage, sparked global fascination with Chinese artificial intelligence.

On the trade front, China remains the largest partner of over 140 countries, contributing over 30 percent to global growth. In 2024, exports grew briskly, driven by demand for manufactured goods and green technologies. Notably, the "new trio" of exports—electric vehicles, lithium-ion batteries, and solar panels—saw their total value exceed 1 trillion RMB in 2023, with China holding a 70.4 percent global market share in new energy vehicles, 79.8 percent in lithium-ion batteries, and 85 percent in photovoltaics by 2024's end, reinforcing its dominance in sustainable industries.

The tourism sector also rebounded, with inbound foreign visitors during the 2025 Spring Festival surging by 150 percent year-on-year. This recovery was bolstered by streamlined visa processes, including visa free entry for dozens of Asian and European countries, and promotional campaigns targeting key markets like Southeast Asia and Europe.

China's resilience also rests on its people. In 2024, over 13 million university graduates entered the workforce, fueling innovation in AI, renewable energy, and beyond. Combined with a manufacturing base spanning the entire value chain, China's human and industrial capital is unmatched. This strength is evident in its 79.8 percent share of the global lithium-ion battery market and 70.4 percent share in new energy vehicles, driving the energy transition. Companies like BYD and CATL exemplify this, with their innovations powering electric vehicles and energy storage worldwide.

High-level openness: a strategic choice

Rather than retreating, China is opening its door to the world wider. At the Two Sessions, the message was clear: "China remains steadfast in its commitment to opening up, regardless of changes in the external environment," signaling both intent and action. The Chinese government reaffirmed commitments to market access, trade liberalization, and global cooperation, recognizing that China's vast market offers mutual prosperity.

Visa exemptions for over 40 countries and tariff relief under trade agreements enhance exchanges, while the manufacturing sector's full opening to foreign investment marks a historic shift. Regional synergy is accelerating, with the "dual circulation" dynamic between the mainland and Hong Kong-Macao naturally taking shape. For instance, cross-border projects like the Greater Bay Area have spurred investment in tech and logistics, amplifying regional economic vitality.

Private entrepreneurs are key to this strategy, driving innovation and exports. Government support, such as tax incentives, financing, and regulations simplification, unleashes their potential, bolstering resilience. The internationalization of the RMB also gains traction, positioning it as a global currency rivaling the dollar and amplifying China's economic influence. This push is supported by growing use of RMB in Belt and Road transactions, reducing reliance on the dollar in trade settlements.

Championing multilateralism and globalization

Amid rising protectionism, China advocates multilateralism and inclusive globalization. The Two Sessions highlight its role in the UN, WTO, and G20, pushing for equitable governance. The Belt and Road Initiative (BRI), connecting over 150 countries, emphasizes green development and digital connectivity. Core strategies like "new productive forces" and "dual circulation" emerged as buzzwords, leveraging innovation and domestic-global synergy to counter pressures. Facing U.S. tariffs, China has deepened ties with ASEAN, the EU, and emerging markets. Environmental progress, with 87.2 percent of days in 2024 boasting good air quality, sets a green benchmark. The BRI's focus on sustainability aligns with China's photovoltaic leadership, holding an 85 percent global share by 2024, enhancing its role in green globalization.

The Two Sessions chart a path of resilience, openness, and partnership. "New productive forces" and "dual circulation" inject momentum, while open policies and regional collaboration offer a blueprint for global partnership. Despite tariffs and tensions, China builds an inclusive economy with its market, infrastructure, and talent—not just for itself, but for the world. The RMB's projected rise as a global currency further cements this vision. By embracing multilateralism and openness, China counters fragmentation and steers the world toward cooperation.

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