China's development brings new opportunities for global growth

BEIJING - While the world economy is clouded by upheavals and uncertainties, China is creating new opportunities for businesses worldwide as well as global growth in its pursuit of high-quality development and Chinese modernization.

After the Chinese economy began the year on a solid note and pressed ahead with policies and actions to maintain steady and quality growth, economic experts and business leaders attending the China Development Forum (CDF) 2024 has shared optimism on China's development.

China's urbanization still has huge potential for upgrading, and the country's digital and green transformation creates new spaces for demand, said Lu Hao, chair of the CDF 2024 and president of Development Research Center of the State council.

Lu noted that China's development will bring more opportunities for international win-win cooperation, injecting more vitality and certainty to the world economy.

Themed "The Continuous Development of China," the year's CDF will focus on various issues including China's growth drivers and prospects, carbon neutrality, big health, digital transformation of industries and new consumption.

Over 400 delegates participated in the opening ceremony of the forum, including executives from leading multinationals, domestic and overseas scholars, representatives from international organizations, and government officials.

The forum provides an invaluable venue for participants to candidly exchange views, learn about each other's interests, and seek common ground, said Evan G. Greenberg, co-chair of CDF 2024, as well as chairman and chief executive officer (CEO) of the insurance company Chubb Limited.

"China's economic growth is unprecedented in human history. As the size of China's economy has grown, so has its influence," he said.

"We have faced challenges before - and overcome them. Together. China's remarkable journey stands as a testament to what's possible," said Ajay Banga, president of the World Bank Group, at the forum.

His views are echoed by Masatsugu Asakawa, president of the Asian Development Bank, saying that he is encouraged by the progress China has made in its development.

"Looking ahead for China we see a stable growth trajectory in 2024, within the target range announced by the government," said Masatsugu Asakawa.

In its government work report, China unveiled a target of around 5-percent expansion for the Chinese economy this year. Jack Chan, chairman of EY China and regional managing partner of EY Greater China, described the goal as both pragmatic and inspiring.

"Despite the numerous challenges in global growth, China's solid economic fundamentals for long-term growth remained unchanged as shown in its 2023 performance and we maintain confidence in the country's ongoing high-quality development," Chan said.

"In the medium-term, China will continue to be a key contributor to global economic growth," said Kristalina Georgieva, managing director of the International Monetary Fund, at the forum.

Executives of leading multinationals also look to feel the pulse of the Chinese market, as well as the growth drivers generated from innovation and sustainable development.

"China has so much to offer to global healthcare, innovation and sustainability," said Pascal Soriot, CEO of British biopharmaceutical giant AstraZeneca, adding that the company is proud to be playing a leading role in bringing new medicines to Chinese patients as well as Chinese innovation to the world.

Nicolas Hieronimus, CEO of France-based cosmetic giant L'Oreal, said he thinks the CDF is a high-level platform for open discussion. It reflects China's determination to embrace a new era of high-quality development.

The group has invested two new fulfillment centers in east China's Suzhou and Nantong recently to support the rapidly growing e-commerce sector across the country, he said, adding that China is home to one of L'Oreal's three beauty tech hubs worldwide.

"L'Oreal will continue to invest in China as we believe that investing in China is investing in the future," he said.