Country rising as key player in shaping intl order

After its success in weathering wind and rain in 2023, China's economy in 2024 looks even more encouraging in numerous aspects, as explained by President Xi Jinping in his New Year address.

Unlike quite a few Western projections of economic collapse, China's economic journey in 2023 was a story of strength, adaptability and facing challenges head-on. China again turned challenges and roadblocks into chances to evolve, grow and build a better future, with determined and smart leadership setting the stage.

China was feeling the economic impact of COVID-19 in early 2023.While economic data might have seemed worrisome, the whole world witnessed how China adjusted to these challenges and stabilized. The government worked hard to fix economic problems and help the country recover.

As President Xi said in his China forged ahead with "resolve and tenacity" in 2023, marching forward with solid and robust steps, in high spirits and with great confidence.

It's crucial to understand that the government made careful decisions about spending money wisely during the tough times of the pandemic, and this helped keep the country's economy stable.

The property market had some serious issues, but the government took steps to prevent home prices from causing chaos. Understanding the complexities of this problem and the delicate balance needed for a healthy property market is essential.

Amid this transformative landscape, China's proactive steps in building a unified national market cannot be overlooked. The State Council's policy measures, the focus on fundamental system improvement, and reforms in fiscal policies showcase a commitment to fostering a dynamic and integrated economic landscape. Dismantling barriers and addressing issues such as market segmentation are vital in creating a more open and accessible market, not just for domestic enterprises but also for foreign businesses.

China is expected to continue in 2024 to focus on stable progress, strengthen the progress of economic recovery, and promote high-quality development, according to Xi. The just-released New Year holiday statistics show trends of more consumer spending, expansion of domestic and foreign trade, and greater innovative growth.

In the grand theater of global economics, the spotlight has undeniably shifted toward the East, with China emerging as a key player in shaping the future world order. The recent trajectory of economic growth, coupled with strategic policy initiatives, positions China as a force to be reckoned with. As we navigate the evolving dynamics of the global economy, it is crucial to recognize that China's continued rise is expected to bring more opportunities and benefits to people around the world.

The economic journey of China over the past few decades has been nothing short of remarkable. Goldman Sachs' projections for a further shift in global GDP toward Asia by 2050 underline the sustained momentum of the region. It's not just about outperformance; it's also about rewriting the narrative of economic prowess.

With its robust economy and continuous technological advancements, China is positioned to uphold its status as a global economic powerhouse. The country's emphasis on innovation, research and growth has led to advances in various fields, such as artificial intelligence, renewable energy and biotechnology.

In terms of infrastructure development, the China-proposed Belt and Road Initiative continues to expand, connecting continents and fostering economic cooperation. Following guidelines reached at the third Belt and Road Forum for International Cooperation in Beijing, this initiative has the potential to enhance trade and strengthen diplomatic ties between China and its partner nations.

Moreover, according to Xi, China "will deepen reform and opening-up across the board" in 2024, which should lift optimism about practical international cooperation, greater access to China markets by all businesses, and more benefits for all people.

While making life better for the Chinese people, China's sustained development and drive for modernization are destined to bring more opportunities to the rest of the world, with Asian neighbors likely to benefit most.

As we witness the rise of China and the broader Asian region, it is essential to recognize the potential for positive global impact. Balanced pursuit of economic power, coupled with strategic policies, can pave the way for collaborative and mutually beneficial engagements. The high-quality development of and choices by China in the coming years will undoubtedly shape the global landscape, fostering closer global cooperation and understanding.

The author is secretary-general of the Pakistan-China Friendship Association's Khyber Pakhtunkhwa chapter.