China's opening-up underpins global prosperity

BEIJING -- No matter how the world changes, China will remain committed to reform, opening up and innovation-driven development, and is bound to be a powerful force behind global prosperity and stability.

Themed "An Uncertain World: Solidarity and Cooperation for Development amid Challenges," the Boao Forum for Asia Annual Conference 2023 that concluded Friday has pooled wisdom and consensus to strengthen solidarity and cooperation in a world plagued by uncertainties.

The rise of protectionism and unilateralism continues to hinder countries from strengthening cooperation and disrupt the global supply chain. The international community needs to work together to address these challenges by upholding multilateralism, strengthening macroeconomic policy coordination, and maintaining the security, stability and smoothness of global industrial and supply chains.

China has strengthened its bond with countries in the Asia-Pacific region. The year 2022 saw the total export and import value between China and the other 14 members of the Regional Comprehensive Economic Partnership increase by 7.5 percent year on year to 12.95 trillion yuan (about 1.88 trillion U.S. dollars).

The process of reform and opening up has played a crucial role in shaping China into the country it is today. China will steadily expand institutional opening up, which will create more opportunities for the development of the world.

In Shanghai's Lujiazui Financial City, more than 100 foreign-funded asset management institutions have now settled, demonstrating China's further opening-up of its financial sector.

The certainty of China is always the bulwark of world peace and development. The Chinese economy is showing strong momentum of growth. According to the International Monetary Fund, the country is set to account for around one-third of the global growth in 2023.

As China strives to advance high-quality development and foster a new development paradigm, the country's modernization will become an important source of inspiration and growth for the rest of the world.

The views don't necessarily reflect those of Qiushi Journal.