What does the 20th CPC National Congress mean for the global economy?-Xinhua

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This photo taken on Oct. 22, 2022 shows the Great Hall of the People in Beijing, capital of China. (Xinhua/Li Ming)

BEIJING, Oct. 23 (Xinhua) — At the 20th National Congress of the Communist Party of China (CPC), which ended Saturday in Beijing, a plan for China’s future development was drawn up.

As the global economy faces a difficult situation this year, with a likely tougher outlook for the next, China’s economic outlook is of global significance. Expressing confidence in China’s future growth, business communities around the world believe China’s progress in modernization and innovation-driven growth will inject more certainty into the global economy.

QUALITY DEVELOPMENT BENEFITS ALL

China will speed up the creation of a new development pattern and pursue high-quality development, Chinese President Xi Jinping, also general secretary of the CPC Central Committee, said when delivering a report to the CPC congress.

“We should fully and faithfully implement the new development philosophy on all fronts, pursue reforms to develop the socialist market economy, promote high-level opening-up, and accelerate efforts to foster a new model of development centered on national economy and exhibits a positive interaction between domestic and international economic flows,” Xi said.

Deeply impressed by the remarks, Wichai Kinchong Choi, senior vice president of Thailand’s leading bank Kasikornbank, said he could see the future direction of China’s development focusing more on high-quality and sustainable development. “This is good news for Thailand and other neighboring countries,” he said.

Over the past few years, many Chinese high-tech companies have set up factories in Thailand, which is exactly what Thailand needs, he noted, saying they have helped Thailand’s economy recover. transform and modernize, and improve its competitiveness.

Over the past decade, China’s gross domestic product has come to represent 18.5% of the global economy. It has become a major trading partner for more than 140 countries and regions, leading the world by total volume of trade in goods. Since the outbreak of the COVID-19 pandemic, China, which has successfully coordinated pandemic control and economic development, still maintains a stabilizer of global supply and industrial chains and continues to drive global economic recovery.

Aerial photo taken on July 7, 2021 shows citizens walking in Guanshanhu Park in Guiyang, capital of southwest China’s Guizhou Province. (Xinhua/Yang Wenbin)

Moreover, its development is not done at the expense of the environment. Instead, China is striving to make its development greener and more sustainable. In pursuit of a harmonious coexistence between humanity and nature, the country has reduced its carbon emissions intensity by 34.4% over the past 10 years and committed to reaching a peak of CO2 emissions before 2030 and to achieve carbon neutrality before 2060.

According to Chenhong Huang, global executive vice president of German software multinational SAP SE and president of SAP Greater China, China’s green development will profoundly change the global energy, environmental and economic landscape.

“Chinese companies are using digital technology to make carbon emissions data transparent and quantifiable, and promote a balance between green development and business development,” Huang said.

At the same time, China’s renewal of its commitment in the CPC congress report to promote high-level opening-up is also affecting the international business community. US automaker Tesla’s success in China speaks volumes about Beijing’s determination to continue to open up.

Thanks to the Chinese government’s efforts to facilitate foreign investment, Tesla has become the first wholly foreign-owned auto company in China, Tesla Vice President Tao Lin said, adding that the U.S. company is looking to further expand its presence in China. the Chinese market. .

German heat exchanger company Kelvion (China) started operations in China more than 20 years ago. Cheng Wenwu, general manager of the company, said doing business in China is getting easier.

Referring to efficient market mechanism and convenient and quick standardized administrative process in China, Cheng said changes in recent years have lowered business costs, facilitated market access and helped businesses adapt. international rules, for the benefit of business operations.

A staff member checks equipment at a data center of China Mobile in southwest China’s Guizhou Province, May 24, 2022. (Xinhua/Ou Dongqu)

CHINESE MODERNIZATION MEANS OPPORTUNITIES

Chinese modernization, a key term defining China’s journey towards national rejuvenation and another buzzword in the CPC report, has sparked heated discussion in business circles at home and abroad.

It contains elements common to the modernization processes of all countries, but above all, it presents the Chinese context. It is the modernization of a huge population, common prosperity for all, material and cultural-ethical progress, harmony between humanity and nature, and peaceful development.

For business leaders in many parts of the world, Chinese modernization means more opportunities.

Jose Antonio Hidalgo, former president of the Ecuador-China Chamber of Commerce, said China’s modernization will generate a positive impact in the global context, especially for the Ecuadorian agri-food sector.

“It’s an opportunity for us because middle-class consumers (in China) are going to need excellent quality agribusiness and they’re going to be looking for it in countries like ours,” he said.

In 2021, China announced that after eight years of hard work between late 2012 and late 2020, the country had lifted the 98.99 million poor rural residents living below the current poverty line out of poverty and lifted all 832 counties poor and 128,000 villages on the poor list. Today, the country has the largest group of middle-income people in the world, at 400 million people. This means a huge consumption potential.

Hamdi Al-Tabbaa, chairman of the Jordanian Businessmen’s Association, also sees opportunities in China’s path to modernization.

China’s steady efforts to improve people’s living standards mean a significantly expanded middle-income group and improved consumption structure, which will provide more development opportunities for global companies, Al-Tabbaa said.

From establishing the Asian Infrastructure Investment Bank and the New Development Bank to leading the implementation of the UN’s sustainable development agenda, China has consistently shared its development dividends with the rest of the world. world.

Woody Guo, senior vice president and general manager of Herbalife Nutrition China, said the CPC report underscores the Chinese market’s certainty in the face of global market uncertainties, and reassures foreign companies about their development in China.

Chinese modernization “will provide more chances and opportunities, not only from the point of view of market growth, but also from the point of view of employment”, said Sara Vermeulen-Anastasi, group communication manager. Swiss technology Oerlikon. “We’ll be able to attract more engineers and have more new technology choices,” Vermeulen-Anastasi said.

Photo taken on Nov. 20, 2021 shows the venue of the China 5G+ Industrial Internet Conference at the China Optics Valley Convention and Exhibition Center in Wuhan, capital of central China’s Hubei Province. (Xinhua/Wu Zhizun)

INNOVATION INSPIRES NEW MOMENTUM

While reinvigorating its economy, China has made innovation a top priority in its planning. The country rose to 12th place in the 2021 Global Innovation Index, up from 34th place in 2012, according to the World Intellectual Property Organization. It ranked first among middle-income economies.

“We should regard science and technology as our main productive force, talent as our main resource, and innovation as our main driver of growth,” Xi said in the report.

“It’s all about innovation,” said Stephen Perry, chairman of Britain’s 48 Group Club. China is very forward-looking, as in all sectors, China has the dynamic of “wanting to know where the world is going”, he added.

Amid the innovation momentum, the number of Chinese companies on the Fortune Global 500 list has increased. In 2021, 145 Chinese companies made the list, rising from 95 in 2012 and increasing for 19 consecutive years.

In terms of telecommunications infrastructure, the country has built the largest 5G network in the world, with a total of 1.43 million 5G base stations installed across the country by the end of 2021, representing more 60% of the world total.

Supported by technological advances, China has accelerated the construction of high-speed transportation networks. With the most developed high-speed rail network in the world, China now has more than 40,000 km of high-speed rail lines in operation.

Oswaldo Navarro from Jalisco, an agricultural producing state in Mexico, purchased several pieces of agricultural and farming equipment from China.

He told Xinhua that the seed cleaning machine he imported from China has two to three times the daily capacity of other countries’ equipment, which saves a lot of time and money. .

China’s increased efforts in science and education will help turn scientific and technological achievements into productivity, Navarro said.

Hichem Chorfi, an Algerian businessman working for an industrial technology and innovation consulting firm, said China shares advanced development models and realizes economic complementarity with other countries, improving people’s well-being. inhabitants of various countries thanks to advanced technologies.

Chinese innovation will be present in many important areas of human society in the future, he said.

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