CDF 2023 attendees upbeat about China's economic development

The annual meeting of the China Development Forum (CDF) 2023, which started in Beijing on March 25, drew to a close on Monday.

This year at the Diaoyutai State Guesthouse, the annual forum was held offline for the first time since the outbreak of COVID-19, providing a long-desired opportunity for government officials, global business leaders and renowned scholars to communicate in person after three years of break.

At the three-day event with the theme of "Economic Recovery: Opportunities and Cooperation", attendees from various fields shared their insights on key economic issues. Among the topics under discussion, China's economic development and its interaction with the global economy seems to be one recurring subject that received a great amount of attention.

Read more: China holds development forum offline, highlights economic recovery

Government officials reiterate China's commitment to opening-up  

Member of Communist Party of China Standing Committee and Chinese vice premier Ding Xuexiang emphasized that opening to the outside world is China's basic national policy and a distinctive symbol of modern China, in a keynote speech at the opening ceremony on Saturday.

China will focus on promoting the new economic development pattern of "dual circulation", expand the import of high-quality products and services, and share market opportunities with all parties in other countries, he said.

His view was echoed by Zheng Shanjie, director of China's top economic planner the National Development and Reform Commission, who said on Sunday that China will continue to pursue high-level opening-up.

Zheng pointed out the huge potential and sound development of the Chinese economy will provide broad cooperation space and development opportunities for domestic and foreign investors.

"Investing in China is investing in the future," he said.

Read more: Vice premier: China will work with other countries to build open global economy

International organizations cast votes of confidence for China's growth

Kristalina Georgieva, head of the International Monetary Fund (IMF), said the strong rebound in China's economy is set to account for around a third of global growth in 2023.

"Driving this growth is the anticipated rebound of private consumption as the economy has reopened and activity has normalized," Georgieva noted.

She mentioned that China's recovery gives a welcome lift to the world economy, saying that according to IMF analysis, a 1-percentage-point increase in China's GDP growth leads to a 0.3-percentage-point increase in growth in other Asian economies on average.

Ahmed M. Saeed, vice president of the Asian Development Bank, observed that China has an opportunity to play a key role in the shift to a better quality growth path "as the world's second largest economy and one committed to principles of circular economy, to green development and to achieving net zero by 2060."

Read more: IMF: China to contribute a third to global growth in 2023 with robust rebound

Business leaders encouraged by China's economic recovery

For many senior executives of multinational companies, this year's CDF is the one of the most important stops in their trip back to China after three years. Confident about the vast potential of the Chinese market, they have expressed their excitement over development opportunities presented by China's robust recovery.

Sharon Thorne, chair of Deloitte Global Board of Directors, said that the development policies introduced by China's central government have injected optimism into the market and restored confidence in the economy.

China's high-quality development does not only benefit itself, but also present opportunities to the entire world, she added.

Foreign businesses have also shared how their strategies and operation integrate with China's development goals.

AstraZeneca has established exciting new partnerships in China over the past week, according to CEO Pascal Soriot.

The firm's objectives in science and technological innovation and sustainable green development are in line with China's development goals, Soriot noted. He said this would both bring wonderful opportunities to the company and deliver benefits to China.

Allianz CEO Oliver Bäte said he was encouraged and inspired from direct communication with Chinese partners, and would be able to leave China with a "glass half-full" state of mind, in his concluding remarks for the forum.

(Cover via China Development Forum)

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