Xinhua Commentary: China -- A great growth globalizer
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E-mail Xinhua, December 11, 2021
by Xinhua writer Ma Qian
BEIJING, Dec. 11 (Xinhua) -- Over the past 20 years since its accession to the World Trade Organization (WTO), China has embarked on an odyssey to embrace globalization by constantly deepening its integration into the global economy.
Along the way, China has not only honored its WTO commitments, but also played a major role in stimulating growth and electrifying development around the world.
The biggest challenge facing economic globalization today is whether it can reward everyone participating in this unstoppable trend so as to ensure a balance between economic efficiency and social justice. In fact, China, as the world's second largest economy, now stands as a great growth globalizer that is well positioned to further boost economic globalization and common prosperity worldwide at the same time, a new form of globalization described by many as "growbalization."
Why can China become a great growth globalizer?
The first reason is that China, under the leadership of the Communist Party of China, has achieved the two miracles of rapid economic growth and enduring social stability.
Over the last two decades, China's economic size has grown from the sixth to the second largest in the world, and its outbound direct investment has risen from the 26th place to the first. It has been the largest contributor to global growth for 15 years running, and the world's second largest importer for 11 consecutive years.
Think about it: It would be very unlikely for China to make substantial contributions to the rest of the world if it failed to develop itself and maintain stability within its own borders in the past two decades.
The other reason is China's rock-solid commitment to openness as well as its sustained readiness to share development opportunities.
Over the years, Beijing has taken a host of concrete steps to improve its business environment and level the playing field for domestic and foreign firms, like rolling out the Foreign Investment Law and gradually shortening the foreign investment negative list.
China fully understands that its progress is very much linked to a robust global development. That is why it has proposed the Belt and Road Initiative (BRI) in a bid to help kickstart economic growth in the developing world, and set up platforms like the China International Import Expo (CIIE) so that the bounty of the Chinese market can be better shared with the wider world.
More importantly, China has also been a strong supporter for global free trade and investment by upholding the multilateral trading regime with the WTO at its core, practicing true multilateralism, and supporting the inclusive development of the multilateral trading regime.
For example: Thanks to years of relentless collective efforts from China and other participating countries, the Regional Comprehensive Economic Partnership, now the world's largest free trade agreement, will enter into force next month.
Considering rising trade protectionism worldwide, such a victory for multilateralism is hard won.
Looking ahead, China will continue to play the role as a great growth globalizer and stay true to its promise of promoting an economic globalization that it is more open, inclusive, balanced and beneficial for all.
On the one hand, the Chinese economy is still capable of maintaining its growth momentum and long-term resilience against headwinds and uncertainties. It has a consumer market of unparalleled size and growth potential, a complete industrial system as well as prudent, pragmatic and flexible economic policy-making.
On the other, by sticking to the goal of joining the rest of the world to build a community with a shared future for mankind, China will continue to carry forward with high-quality opening-up and strengthen cooperation of mutual benefits.
To that end, China has been fostering a new development paradigm of "dual circulation" featuring domestic and overseas markets reinforcing each other with the domestic market as the mainstay.
With the proposal of a Global Development Initiative, China has also vowed to make global development more equitable, effective and inclusive, so that no country will be left behind. The initiative can be interpreted as a message of long-term development opportunities from China.
Executives from Honeywell, McDonald's, Boeing and a number of other U.S. companies recently have all underscored the importance of the Chinese market and its growth opportunities. Foreign investors were also found to have purchased Chinese government bonds as a global reserve asset through most of the year 2021.
"We will not change our resolve to open wider at a high standard; we will not change our determination to share development opportunities with the rest of the world," Chinese President Xi Jinping vowed when addressing the opening ceremony of the fourth CIIE last month.
Over the last 20 years, China has made extra efforts to honor the WTO spirit through its energetic and persistent "growbalization" drive. Marching forward, the great "growth globalizer" will continue to keep faith with its commitment to the global community by making this world a better place not only through rallying words, but also real actions. Enditem
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