Why China has full confidence in the future

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After almost three years of COVID-19 restrictions, China's interactions with the world have been in full swing in 2023. "Opening-up" has turned out to be a keyword in the past year.

"While pursuing its development, China has also embraced the world and fulfilled its responsibility as a major power," Chinese President Xi Jinping said in his 2024 New Year message on Sunday. From the Third Belt and Road Forum for International Cooperation (BRF) to the China-Central Asia Summit, to China International Import Expo, China – hosting leaders from across the world at a slew of diplomatic events – has shown its sincerity to opening-up and sharing its vision with the rest of the world. The BRF gathering in October, for instance, saw 97.2 billion U.S. dollars in Sino-foreign business agreements.

To further improve its business environment, China – already a major trading partner of over 140 countries – unveiled a series of measures in the past year. In August, China's State Council rolled out guidelines featuring 24 specific measures – including encouraging foreign firms to undertake science-tech projects, facilitating the travel of senior executives, technicians and their families, and expanding pilot areas to open wider – to beef up foreign investment inflow.

According to a survey that China Council for the Promotion of International Trade released in November, over 80 percent of 700 foreign companies were satisfied with China's business environment in the third quarter of 2023, and nearly 90 percent expect their profits to remain stable or increase in the country over the next five years.

It is China's steadfast commitment to high-level opening-up that has contributed to the resilience in its economy. While the global economy was struggling to get back on its feet in the post-pandemic era, China's GDP grew at a strong average of 5.2 percent year-on-year in the first quarter of 2023. "Having weathered the storm, the Chinese economy is more resilient and dynamic than before," President Xi said in the New Year message.

But headwinds are inevitable along the way. While China opened its door wider, certain countries were manipulating every possible means to decouple from the Chinese economy and kick it out from the global supply chains – all in an attempt to stifle China's growth. U.S. Commerce Department, for instance, wielded control over some Chinese tech firms' purchases of any equipment or software with American inputs. But the sanctions were instead turned into China's success story in 2023.

Against sanctions, China's Huawei – with the release of its Mate 60 Pro smartphone in September – has proved its capability of developing its own cutting-edge chip technology. "The latest models of Chinese-made mobile phones are an instant market success," President Xi said on Sunday. In the meantime, China-invented new energy vehicles, lithium batteries, and photovoltaic products have proved their popularity in not just the domestic market, but also the rest of the world.

Just as President Xi emphasized in his New Year message, "Our goal is both inspiring and simple. Ultimately, it is about delivering a better life for the people." To meet this goal, China has dedicated itself to opening-up over the previous years and will continue to open its door wider in the coming years. Winds and rains are inevitable, but China, as President Xi emphasized, has full confidence in the future.

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