At the Boao Forum for Asia (BFA) Annual Conference 2024 in Boao, south China's Hainan Province, China's top legislator Zhao Leji took the stage on Thursday with a powerful message: Investing in China is investing in the future 💡.
Zhao, chairman of the National People's Congress Standing Committee, highlighted China's commitment to high-quality development and deeper reform and opening up. He emphasized that these efforts will unlock massive opportunities not just for Asia, but for the entire world 🌍.
China's Economic Momentum 🚀
Setting an ambitious economic growth target of around 5% for 2024, China's GDP grew by 5.2% last year, outpacing many major economies 📈. Remarkably, China's economy has been a driving force, contributing to about one-third of global growth. According to the International Monetary Fund, a 1% increase in China's GDP can boost other Asian economies by 0.3%.
China is not just growing—it's transforming. By deepening reforms, the nation is shortening the negative list for foreign investment and removing restrictions in the manufacturing sector 🏭. The recent rollout of the first negative list for cross-border trade in services at the national level marks a significant step toward greater openness 🌐.
Green Growth and Innovation 🌱
China is also leading the charge in green and low-carbon development. Aiming to peak carbon emissions before 2030 and achieve carbon neutrality before 2060, China's efforts are creating a whopping 10-trillion-yuan (about $1.4 trillion) market for investment and consumption annually 💰. With nearly half of the world's installed solar capacity and over half of global new energy vehicles, China's green initiatives are setting global trends 🚗🌞.
Innovation is another cornerstone. The added value of China's strategic emerging industries has soared from 7.6% of GDP a decade ago to over 13% last year 💡. The digital economy has surpassed 50 trillion yuan, and China boasts 24 of the world's top 100 sci-tech innovation clusters 🖥️.
As Zhao put it, "The potential of China's supersized market with over 1.4 billion people will be further unlocked. Investing in China is investing in the future."
Together for Global Prosperity 🤝
Zhao stressed that collaboration is key to prosperity. In a world facing protectionism and a cold-war mindset, he called for unity among Asian nations to resist unilateralism and avoid division 🌐✋.
Despite global challenges, Asia remains a beacon of growth. A report from the BFA Academy forecasts that Asia will sustain a strong growth rate of 4.5% in 2024, accounting for 49% of the world's GDP 🌏.
"No country is able to develop itself behind closed doors," Zhao remarked. "We must oppose trade protectionism and all forms of erecting barriers, decoupling or severing supply chains, but instead share opportunities in opening up and seek win-win outcomes through cooperation."
As the world watches, China's message is clear: the future is brighter when we move forward together 🌟.
Reference(s):
China deepens reform and opening up, appeals to global investors
cgtn.com
