China’s Development: New Momentum and Opportunities for the World

China’s Development: New Momentum and Opportunities for the World*

November 16, 2023

This year, China’s economy has made a steady recovery and taken a turn for the better. Our growth rate is among the highest of the major economies, and solid gains have been made in our pursuit of high-quality development. China remains the most powerful driver of economic growth and will generate one-third of global growth this year. As some leaders of the business community have said, China has become the most favorable investment destination, and the “next China” is still China. We invite friends from business communities across the world to invest and deepen your footprint in China.

China enjoys numerous distinct strengths, including a socialist market economic system, a supersized market in terms of demand, a full-fledged industrial system in terms of supply, an extensive workforce of skilled workers and competent specialists, and an abundance of entrepreneurs of high caliber. China’s economic development is self-generative and resilient and has great potential. In the past, China surmounted numerous difficulties and obstacles and made historic progress by defusing risks and meeting challenges. Today, blessed by its strong resilience, enormous potential, and ample room for maneuver, the overall Chinese economy remains promising, and it will remain so in the long run. We have the confidence and ability to achieve long-term and stable growth, and through our development, we will continue to offer the world new growth momentum and opportunities.

China is committed to the new vision of innovative, coordinated, green, open and shared development, and we are pursuing high-quality development, or high value-added and green economic growth. Recent years have seen rapid growth in China’s export of the “new trio” of new energy vehicles, lithium-ion batteries, and photovoltaic products. A national market for voluntary greenhouse gas reduction trading will soon be established, which will create huge green market opportunities. We will expedite our efforts to modernize the industrial system, foster new drivers of growth, create more room for development, and provide better institutional safeguards that enable business entities of all types to share in the gains of development.

China will open its door wider to promote development. We will continue to advance high-standard opening up and further expand market access. We have announced the removal of all restrictive measures on foreign investment in manufacturing. The Sixth China International Import Expo was held recently, and the Second Global Digital Trade Expo will be held later this month. All these steps will help expand China’s opening up and bring more development opportunities and benefits for other countries. China is applying high standards to its implementation of the Regional Comprehensive Economic Partnership Agreement. To advance the process of acceding to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement, and to expand a globally oriented network of high-standard free trade areas, China is working to align itself with the most demanding economic and trade rules of these two agreements. Ten years ago, I proposed the Belt and Road Initiative. Last month, China hosted the Third Belt and Road Forum for International Cooperation, which resulted in 458 deliverables. Chinese financial institutions established a financing envelope of RMB780 billion for Belt and Road projects, and Chinese and foreign companies reached business deals worth US$97.2 billion. All this will contribute to high-quality Belt and Road cooperation and provide strong momentum for connectivity, development and prosperity around the world.

However the global situation may evolve, China’s resolve to foster a market-oriented, law-based and internationalized business environment will not change, and nor will our policy of providing equal and quality services to foreign investors. We will further improve the mechanisms for protecting the rights and interests of foreign investors, further reduce the scope of the negative list applying to foreign investment, fully ensure national treatment for foreign investors, and continue to strengthen intellectual property rights protection. We will strive to tear down the barriers to the flow of innovation factors, expand reform of the digital economy, and promote a free and orderly flow of data in compliance with the law. We will also take more “heart-warming” measures, such as improving the policies on entry and settlement of foreign nationals in China, and removing financial, medical, e-payment and other obstacles that inconvenience them. All this is designed to make it easier for foreign companies to invest and operate in China.

I wish to emphasize that overcoming economic challenges, making steady progress, and achieving high-quality development are essential to advancing Chinese modernization. Our immutable goal is to deliver a better life to the whole population of more than 1.4 billion Chinese people. For the world, this means a broader market and unprecedented cooperation opportunities. It will also inject powerful impetus into the global modernization endeavor.

* Part of the written speech at the APEC CEO Summit held in San Francisco, the United States.

(Not to be republished for any commercial or other purposes.)