China’s reform and opening-up contributes to global prosperity

 By Che Bin

China’s reform and opening-up has not only contributed to the development of the country itself, but also to that of the world since it started in 1978.

As the world’s second largest economy, China has contributed to more than 30 percent of global growth for years. International Monetary Fund (IMF) Managing Director Christine Lagarde said China is building the “bridge to the world”, the “bridge to prosperity” and the “bridge to the future” at the first China International Import Expo (CIIE) concluded not long ago.

Over the past four decades, China's foreign trade of commodities has increased 198 fold, and trade of services over 147 fold. The emerging economy has seen over $2 trillion of foreign investment during the period.

China has also become the world's largest trader of goods, the largest tourism market and a major trading partner of over 130 countries. As the world’s largest exporter, China has delivered a large number of high quality and cost-efficient products to the world. Every $10,000 generated by China’s manufacturing exportation indirectly creates 11.52 manufacturing jobs on average in the world.

As the second largest importer of the world, China is expected to import more than $ 30 trillion worth of goods and $10 trillion worth of services in the next 15 years.

Over the past four decades, China has lived up to its image as a major power through actively taking part in global economic governance, firmly supporting developing countries to develop, and contributing much to global economic growth. The country has played its due role in addressing the Asian and global financial crisis, and promoted the building of a community with a shared future for mankind with its own wisdom and strength.

Determining to implement the Paris Agreement, China was highly hailed for its  leading role in tackling climate change by Pacific Island countries during the 26th APEC Economic Leaders' Meeting.

Additionally, China has also actively pushed forward the Belt and Road construction, building an international platform for openness and cooperation, and sharing its development dividends with the world.

By actively safeguarding multilateralism and free trade, China is an impeller and defender of the international order.

British scholar John Ross said that China constitutes one fifth of the world’s population, so it is not an ordinary country. Even the ordinary dreams of the Chinese people will bring remarkable changes to the world.

China’s development and the prosperity of the world are indispensable to each another. To continue to comprehensively deepen reform and expand opening-up, China is set to create even bigger miracles. By pushing for the construction of an open global economy and the building of a community of a shared future for mankind, China will make greater contributions to the world.

A visitor experiences the driving simulator at the booth of Hyundai during the first CIIE on Nov. 5, 2018. Photo from CFP

 

Local passengers are about to board the first train running on the China-built Mombasa-Nairobi Standard Gauge Railway (SGR) that opened to traffic in May 2017. Photo by Li Zhiwei from People’s Daily

Source: People’s Daily