Amid growing global economic uncertainty, China’s increasingly proactive and stable policy coordination is expected to contribute to its own economic growth while providing effective demand for the global economy.
John Miller-White, Executive Chairman of the US-China Cooperation Foundation, made these remarks in an interview with China Media Group (CMG) regarding the Central Economic Work Conference held in Beijing from October 10 to 11.
Why does this annual economic conference in China attract worldwide attention? From the perspective of China’s development, the coming year marks the beginning of the 15th Five-Year Plan. As the 14th Five-Year Plan concludes and the 15th begins, the conference is being held at this crucial historical juncture, giving it special significance. From a global economic standpoint, trade protectionism is on the rise, geopolitical conflicts are increasing, and the world urgently needs renewed growth momentum. China has long acted as a “stabilizer” for global economic growth. Notably, this year China’s economy has endured considerable pressure, and its total economic output is expected to reach nearly 140 trillion yuan, demonstrating strong resilience.
Recently, several international institutions, including the International Monetary Fund and the World Bank, have raised their forecasts for China’s economic growth. The world anticipates that China’s economic planning for the coming year will inspire confidence and create new opportunities.
Despite changes in the international environment, China has remained steadfast in expanding its opening-up. In the year ahead, China will continue to advance institutional opening-up, systematically expand autonomous opening-up in the services sector, optimize the layout and coverage of free trade zones, and vigorously promote the development of the Hainan Free Trade Port. These measures are expected to create “open opportunities” for the world while delivering mutual benefits and win-win outcomes.
Source: Lily–Hashim–Tuhina, China Media Group