Editor's Note: You Yi is the director of the Management Committee of Hainan Green Finance Institute. The article reflects the author's opinions and not necessarily the views of CGTN.

The theme of the Boao Forum for Asia Annual Conference 2023, "An Uncertain World: Solidarity and Cooperation for Development amid Challenges," is of great value and significance. This theme is informative and covers many topics of global concern. It addresses the uncertainty of the future development of the world as well as the unity, cooperation, openness, and inclusiveness among countries. It calls for a joint response to meet challenges and promote development. The purpose of this discussion is to achieve certain expectations and results.

There is no doubt that global growth today faces uncertainties. Recently, the World Bank released a report titled "Falling Long-term Growth Prospects: Trends, Expectations and Policies," which pointed out that the potential GDP growth rate between 2022 and 2030 will average 2.2 percent annually for the world and 4 percent for developing countries, about one-third lower than in the first decade of this century. This year, the Russia and Ukraine conflict lasted for one year and has not yet ended. The economic and financial sanctions imposed on Russia by the United States and Europe continue and are even aggravated, the energy supply chain is reshaped in Europe, and the United States is clamping down on Chinese technology companies. Trade tariffs, the industrial chain and supply chain of multinational companies are readjusted, and geopolitical turbulence brings uncertain prospects to the world economy. Because this is a geopolitical conflict between major powers, economic and trade friction and the strategic layout is facing changes. The impact is huge and far-reaching and it will bring a crisis if not handled properly.

Against the backdrop of many uncertainties in world economic development, international institutions are optimistic about China's economic prospects. Since the end of last year, international organizations have raised their forecasts for China's economic growth. The Chinese government has set a growth target of 5 percent in 2023, which is relatively high among major economies and gives reassurance to world economic growth.

At present, China's economy is facing the task of continuing to promote urbanization and modernization. The 20th National Congress of the Communist Party of China held in October 2022 outlined future development goals and prospects for China's development in the 14th Five-Year Plan and 2035. It explicitly stated that China's economic strength, scientific and technological strength and comprehensive national strength would greatly increase in 2035, with per capita GDP reaching the level of moderately developed countries. This means that there is still plenty of room for economic growth in the future. High-quality development is the primary goal of China's modernization. The Chinese economy is moving towards innovative and green development, undergoing transformation and upgrading, and has great potential to increase the products' added value and improve quality, which is beneficial for sustainable economic growth.

In terms of the domestic market, China has a population of 1.4 billion. Compared with the per capita income of medium-sized developed countries, China has huge potential for growth. The median income requires a per capita monthly income of $1,000 to $2,500. China's per capita income is far from this standard, and the potential for development is great. Therefore, the important task for the future is to increase people's income, expand consumption and promote economic growth to a new level. This is also the direction of the country's economic growth driven by consumer demand.

In terms of import demand, China's imports will reach $2.72 trillion in 2022. With the large expansion of China's economic growth and its absolute scale, the future of import demand will increase. It is expected to remain at this level every year in the next five years, and even continue to expand, which is conducive to promoting the development of international trade and the stability of international economic growth.

In terms of outbound investment, China's industry-wide outbound direct investment in 2022 reached US$146.5 billion, increasing by 5.2 percent, and non-financial direct investment reached US$116.8 billion, making it the largest outbound investment among developing countries and contributing significantly to global direct investment and economic growth. In the next five years, China's outbound direct investment will reach more than US$140 billion every year, which will contribute to the stability of the world economy.

In summary, the stable and sustainable growth of China's domestic economy, its growing import demand and outbound investment, as well as its relatively sound and supportive industrial system, will provide the world with affordable products and applicable technologies, and provide certainty for world economic development prospects.