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China's high-quality growth pillar for Asia's sustainable development

China Daily | Updated: 2024-03-29 08:01

An employee checks export-bound products at a spandex producer in Lianyungang, Jiangsu province. [WANG CHUN/FOR CHINA DAILY]

As the global economic recovery remains weak, and the international situation is complicated and intertwined, the world economy has experienced, what the World Bank calls, "five of its slowest years of growth in 30 years".

However, a message sent from the ongoing Boao Forum for Asia Annual Conference 2024 in Hainan holds that despite facing various challenges, Asia still remains the mainstay of world economic growth and an important pillar of economic globalization.

According to a report published by the forum, Asia is expected to grow faster this year than in 2023, at about 4.5 percent, and in purchasing power parity terms, Asian economies are expected to account for 49 percent of the global economy in 2024, making it still a key driver of global growth.

More important, in the face of rising trade protectionism and economic fragmentation, Asian economies have made continuous and greater efforts to advance regional integration, and promote an equal and orderly multipolar world and economic globalization that benefits all, by promoting infrastructure links and trade or other institutional arrangements with each other, injecting new momentum into the common development of regional countries.

The attraction of the Asian economy lies in its greater resilience, and its sustained high economic growth has made Asia the center of gravity of global development. Asia is also a key region for green and low-carbon development because of technology and is becoming a main destination for global clean energy investment.

As the world's second-largest and Asia's largest economy, China's economic growth is projected to maintain a relatively high level in 2024, significantly supporting the economic growth of East Asia and even Asia, and making it a major contributor to global economic growth. China's superscale market will also bring huge dividends to the rest of the world. Currently, China is working hard to advance Chinese-style modernization, accelerating the formation of new quality productive forces, and actively advocating an equal and orderly world multipolarity and economic globalization that benefits all. This fully reflects China's responsibility as a major world economy.

In recent months, China has introduced a series of policy measures to attract foreign investment and is committed to promoting high-quality development driven by new quality productive forces, which will lubricate its efforts to transition from "made in China" to "created by China". At the same time, it will unswervingly open up to the outside world at a high level and strive to create a market-oriented, law-based and internationalized business environment, which will enhance investors' confidence in the strong resilience and development prospects of the Chinese economy.

As the Chinese economy is a pillar of global economic development, the transformed and upgraded Chinese economy can play a more important role in the world economy.

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