CDF 2024: China's development brings new opportunities for global growth

The China Development Forum (CDF) 2024, held from March 24 to 25 in Beijing, carried the theme "The Continuous Development of China," reflecting the wide-ranging attention and expectations toward the long-term, steady, and high-quality development of the Chinese economy.

After the Chinese economy began the year on a solid note and pressed ahead with policies and actions to maintain steady and quality growth, economic experts and business leaders attending the forum has shared optimism on China's development. 

"China's economic growth is unprecedented in human history. As the size of China's economy has grown, so has its influence," said Evan G. Greenberg, co-chair of CDF 2024, as well as chairman and CEO of the insurance company Chubb Limited.

Masatsugu Asakawa, president of the Asian Development Bank, said that he is encouraged by the progress China has made in its development.

"Looking ahead for China we see a stable growth trajectory in 2024, within the target range announced by the government," said Asakawa.

In its government work report, China unveiled a target of around 5-percent expansion for the Chinese economy this year. Jack Chan, chairman of EY China and regional managing partner of EY Greater China, described the goal as both pragmatic and inspiring.

"Despite the numerous challenges in global growth, China's solid economic fundamentals for long-term growth remained unchanged as shown in its 2023 performance and we maintain confidence in the country's ongoing high-quality development," Chan stressed.

Executives of leading multinationals also look to feel the pulse of the Chinese market, as well as the growth drivers generated from innovation and sustainable development.

"China has so much to offer to global healthcare, innovation and sustainability," said Pascal Soriot, CEO of British biopharmaceutical giant AstraZeneca, adding that the company is proud to be playing a leading role in bringing new medicines to Chinese patients as well as Chinese innovation to the world.

Nicolas Hieronimus, CEO of France-based cosmetic giant L'Oreal, said he thinks the CDF is a high-level platform for open discussion and reflects China's determination to embrace a new era of high-quality development.

The group has invested two new fulfillment centers in east China's Suzhou and Nantong recently to support the rapidly growing e-commerce sector across the country, he said, adding that China is home to one of L'Oreal's three beauty tech hubs worldwide.

"L'Oreal will continue to invest in China as we believe that investing in China is investing in the future," he said. 

(Source: Xinhua with edits)