China's economy: A positive force for global prosperity

Editor's note: Xin Ping is a Beijing-based international affairs commentator. The article reflects the author's opinions and not necessarily the views of CGTN.

Recent years have seen the global economy plagued by lingering inflation, regional conflicts, and fragile supply chains, leaving the world in urgent need of stable growth drivers and predictable development momentum. Amid such widespread uncertainty, China's economy has stood out as a key stabilizer for global growth. Following a unique and efficient development model, and boasting a vast domestic market and a complete industrial system, China has maintained steady growth, delivering tangible public goods to the global economy and injecting much-needed certainty into a turbulent world.

A balanced model: Anchoring global economic stability

China's socialist market economy, underpinned by both market vitality and targeted government policy guidance, has avoided the market failures and policy pitfalls that have troubled many Western economies and emerging markets. By balancing free market competition with macro-regulation, this dual-track governance model has proven effective in defusing systemic risks and curbing economic volatility.

The same model has enabled China to stay the course and maintain economic expansion during difficult periods such as the 2008 global financial crisis and the pandemic-induced global recession of 2020, when most major economies suffered negative growth. This has helped cushion the global economic downturn and avert a deeper worldwide depression.

Unlike economies that rely solely on market self-regulation or rigid administrative control, China's flexible, targeted policy adjustments have proven viable in delivering stable growth expectations for global investors, providing a solid anchor for the global economic system. According to IMF statistics, China has contributed approximately 30% of global economic growth annually for more than a decade, making it the world’s single largest growth engine.

A large domestic market: Delivering dividends to the global economy

China's mega-sized consumer market is a major driving force for global trade and business growth. Data from China's Ministry of Commerce shows that China is the top trading partner of over 160 countries and regions worldwide, and the largest export destination for nearly 80 economies. With a population of 1.4 billion and a rapidly expanding middle-income group with escalating consumer demand, China has been a big importer that sources a spectrum of products from all over the world, from soybeans, beef and iron ore from Brazil and Argentina, fresh fruits and copper from Chile and Peru, to dairy products and red wine from Australia and New Zealand, luxury goods and automobiles from Europe, and electronic components and agricultural products from Southeast Asia.

In 2025, China's total imported goods exceeded 18.4 trillion yuan, or about $2.64 trillion, creating massive export orders and employment opportunities for global producers. The annual China International Import Expo, the first of its kind in the world, has built an open platform for foreign enterprises to tap into the Chinese market. By unleashing strong and stable domestic demand, China is converting its own growth potential into shared development dividends for the rest of the world.

A comprehensive industrial system: Underpinning global supply chain resilience

As the world’s only country that has all the industrial categories listed in the United Nations industrial classification, China has formed an independent, complete and collaborative industrial ecosystem. That means China is capable of producing almost everything the country needs within its own territory, from daily necessities and industrial equipment to new energy products and medical supplies.

Thanks to decades of development, China has fostered enormous industrial clusters in areas like the Yangtze River Delta and Pearl River Delta, an advantage that enables rapid matching of all production links and greatly enhances supply chain stability. Take the Tianjin Airbus assembly line, for instance. Supported by nearly 200 suppliers across China, it steadily delivers A320 series aircraft to global airlines – an epitome of Chinese manufacturing prowess. Statistics show that China has ranked first globally in value added manufacturing for 16 consecutive years, accounting for nearly 30% of the world's total.

Backed by its sound industrial foundation, China possesses significant supply-side substitution elasticity: When external shocks disrupt a particular link, domestic capacity can rapidly fill the gap, mitigating supply shortages caused by protectionism and geopolitical conflicts and helping stabilize global supply.

In essence, China is a manufacturing powerhouse the world can count on – a responsible stabilizer and problem-solver in an era of change and volatility, offering a reliable anchor for the world economy.

Committed to high-standard opening up and win-win cooperation, China will continue to work with other countries to keep global trade and supply chains stable and uninterrupted and build a more prosperous and resilient global economy.

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