A new start for China's development and new opportunities for the world economy


Feb 25,2022

The recently concluded central economic work conference called for the construction of a new development pattern. Next year, we should take a good first step and see a new atmosphere. As the world's second largest economy and the only major economy in the world to achieve positive economic growth this year, China's construction of a new development pattern and the promotion of reform and opening up at a higher starting point will provide a broader market and more new opportunities for development for all countries in the world.

New opportunities come from the continuous release of consumption potential. China has a huge market of 1.4 billion people, which is an important engine of global economic growth. As of November, Japan's exports to China have maintained a positive growth for five consecutive months. The operating revenue of Zeiss in China in the latest fiscal year has reached 8 billion yuan, which makes China surpass the United States and Germany and become the largest market of Zeiss in the world It is predicted in a report that China's middle-income group will reach 800 million in the next 15 years, with strong consumption upgrading momentum and huge potential.

The meeting put forward "adhering to the strategic basis of expanding domestic demand", stressed that "effective institutional arrangements must be made in reasonably guiding consumption, savings and investment", and made supporting policy arrangements such as expanding consumption, promoting employment and increasing investment. Ding Ke, a researcher at Japan's Asian Economic Research Institute, believes that the meeting proposed to adhere to expanding domestic demand, pay attention to demand side management, optimize the income distribution structure, and expand the middle-income group, which are very important for China to form a strong domestic market and achieve high-quality development.

New opportunities come from the firm pace of opening up. China adheres to the opening-up strategy of mutual benefit and win-win results, continues to promote the expansion of opening-up, strives to improve the investment and business environment, and greatly reduces restrictions on foreign investment access. It is one of the most popular foreign investment destinations in the world. This year, global cross-border investment has suffered a severe setback. However, China's actual use of foreign investment has shown a steady and positive trend, becoming one of the few major economies in the world that attract foreign investment to maintain growth. International Investment giants are optimistic about China's huge opportunities and have launched new strategies focusing on China, according to the report of the Peng Bo news agency. Morgan Stanley Asia Pacific executives said that Morgan Stanley is "a huge beneficiary of this openness.".

This meeting stressed the need to "comprehensively promote reform and opening up", proposed "strengthening international macro policy coordination", "creating a market-oriented, rule of law, international business environment" and "actively consider joining the comprehensive and progressive trans Pacific Partnership Agreement" A series of clear and powerful policy signals show China's determination to implement "opening to the outside world in a wider scope, in a wider field and at a deeper level". Yu Hong, a senior researcher at the Institute of East Asian Studies at the National University of Singapore, said that China's comprehensive promotion of reform and opening up and attracting more foreign investment through improving the business environment will contribute to China's economic development and the recovery of the world economy.

The opportunity comes from the new development strategy. Innovation plays a key role in the overall situation of China's modernization construction, which is the key to solve the problem of unbalanced development and promote high-quality development. This conference will strengthen the national strategic science and technology strength as the first key task of next year. In the future, with the continuous enhancement of new momentum of China's innovation and development and the rapid growth of new industries, the vitality of China's economy will further burst out, thus effectively promoting global growth.

According to a recent report released by International Data Corporation, China's share in the global AI market will reach 15.6% in 2024, becoming an important driving force for global market growth. Saudi Arabia's Finance Minister Muhammad jadan said that as Saudi Arabia expands digital services to the whole country, many Chinese enterprises have helped the country's development in areas such as 5g. "We attach great importance to China's cooperative partners and hope to expand the cooperation between the two countries in the process of further developing the digital economy."

China's development is inseparab

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