New report details how Chinese reforms propel global economic growth

China's drive to advance modernization through comprehensively deepening reform has created a new engine for global economic growth, according to a think tank report released Tuesday in Beijing.

Titled "Deepening Reform Comprehensively to Advance Chinese Modernization: Major Achievements and Global Contributions," the report was jointly released by the think tanks under the Institute of Party History and Literature of the Communist Party of China Central Committee and Xinhua News Agency.

According to the report, China's reform efforts have not only propelled the country's own development but have also benefited the world. China's steady economic and social progress, coupled with improvements in governance, has contributed its experience and strength to the global economy.

Against the backdrop of a sluggish global economy, China has continued to inject positive energy, with its share of the global economy increasing annually since 2012. From 2013 to 2021, China's average contribution to global economic growth ranked first consistently, surpassing the combined contributions of the Group of Seven (G7) countries, the report said.

Noting that a more efficient and vigorous Chinese economy will become a locomotive of global economic growth, the report stated that China's economic momentum brought by the comprehensive deepening of reform has greatly propelled global economic development.

Using China's tech-intensive and green products – the "new three," namely electric vehicles (EVs), solar batteries, and lithium-ion batteries – as an example, the report stated that the booming export of such products has not only enriched the global supply and eased the global inflation pressure but also promoted the global green transition.

China has seized the historic opportunity of the new round of industrial revolution to foster new quality productive forces. By unleashing market vitality and ensuring the flow of various production resources into related areas, China has forged an innovation engine for the global economy, according to the report.

As the highest-ranking middle-income economy on the Global Innovation Index, China is playing an increasingly significant role in the global innovation landscape, the report noted.

It added that the widespread application of China's technological innovations has brought more convenience to people's lives in other countries, contributing technological strength to global economic growth and human development.

In the process of comprehensively deepening reform, China is committed to promoting inclusive and balanced economic globalization and providing a better platform for international cooperation, the report noted.

From the Belt and Road Initiative and the Asian Infrastructure Investment Bank to major international expos like the China International Import Expo and the Canton Fair, China's active efforts have amplified the voices of emerging markets and developing countries, helping them garner greater attention and consideration, the report said.