China - The Key Player to an Open Global Economy
Updated 15:12, 20-Oct-2022

Editor’s note:The 20th National Congress of the Communist Party of China (CPC) opened at the Great Hall of the People in Beijing on Sunday. Xi Jinping delivered a report where he stated China adheres to economic globalization and is committed to work with other countries to create new drivers for global growth. CGTN anchor Xu Qinduo believes Xi’s words are vital for the international business community during this time of de-globalization. China’s opening-up will offer more business opportunities to the rest of the world, particularly the developing world. The article reflects the author's opinion, and not necessarily the views of CGTN.

China is to become an even more important contributor to building an open global economy in the next five years and beyond. That’s one of the key messages from the ongoing 20th CPC National Congress in Beijing.

In his report at the opening ceremony before more than 2,200 delegates, Xi Jinping made it clear that China is “committed to its fundamental national policy of opening to the outside world.”

He said China strives to “create new opportunities for the world with its own development and to contribute its share to building an open global economy that delivers greater benefits to all peoples.”   

That’s a reassuring message for the international business community during this time of de-globalization.

As some developed countries focus on nearshoring and de-globalization, China continues to push for more trade and investment. As said by Xi Jinping in his report, “China adheres to the right course of economic globalization.” And “it is committed to working with other countries to foster an international environment conducive to development and create new drivers for global growth.”

Just how essential is the China market for global growth?

Here’s an example: in 2021, German automaker BMW sold more than one third of its automobiles to China. 

For automaker Mercedes, it sold more vehicles to China than the entirety of Europe in 2021.

In addition to being a popular destination for global investors, China is also purchasing more and more from other countries, in particular: those in the Global South – the developing world.

In November, the yearly China International Import Expo will be held in Shanghai, offering even more business opportunities to the rest of the world.

The spokesperson for the CPC National Congress, Sun Yeli, stressed that China remains committed to opening up.

China’s opening-up and support to globalization is particularly important to the developing world.


Search Trends