By News Desk
BEIJING: Chinese President Xi Jinping has reaffirmed China’s commitment to driving global economic growth, expressing confidence in achieving the country’s 2024 economic targets. Speaking at the “1+10” Dialogue in Beijing, Xi engaged with prominent international economic leaders, including Dilma Rousseff of the New Development Bank, Kristalina Georgieva of the IMF, Ajay Banga of the World Bank, and Ngozi Okonjo-Iweala of the WTO.
During the meeting, Xi underscored China’s dedication to further opening its markets and aligning with international trade norms. “China will continue to build a market-oriented, law-based, and internationalized business environment, sharing its development dividends with the world,” he said.
Addressing China’s relationship with the US, Xi highlighted the importance of cooperation, warning that trade wars and technological restrictions undermine global progress. “Tariff wars, trade wars, and sci-tech wars go against the trend of history and economics—there are no winners in such conflicts,” he noted.
International leaders commended China’s development achievements, particularly its efforts in poverty alleviation and fostering innovation. They emphasized the significance of China’s people-centered development model, which they described as both pragmatic and inspirational for other nations, particularly in the Global South.
Providing certainty amid global challenges
As geopolitical tensions and economic uncertainties persist, experts emphasized the stabilizing role of dialogue between China and international economic organizations. Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, noted that these exchanges demonstrate China’s ongoing commitment to global economic stability.
“Amid an uncertain global environment, many in the international community view China as a beacon of certainty and hope,” Zhou told The Global Times. Leaders of global economic institutions echoed these sentiments, lauding China’s commitment to multilateralism and free trade. They pledged to collaborate closely with Beijing to promote economic globalization and resist rising unilateralism and protectionism.
Challenges and opportunities in China-US relations
Despite ongoing trade disputes, recent data from China’s General Administration of Customs revealed resilient trade ties between China and the US. From January to November 2024, bilateral trade reached ¥4.44 trillion ($612.4 billion), a 4.2% year-on-year increase.
Economic analysts, however, warned of the adverse effects of US tariffs on Chinese goods, which have reportedly raised costs for American businesses and consumers without significantly boosting US exports. “Additional tariffs have failed to curb China’s exports but have burdened American households and businesses,” said He Weiwen, a senior fellow at the Center for China and Globalization.
Looking ahead
China’s economy continues to exhibit robust growth, with key indicators such as trade data meeting expectations. Observers anticipate further policy refinements following the upcoming Central Economic Work Conference, where priorities for 2025 will be outlined.
Xi’s remarks also follow the Communist Party of China’s recent Political Bureau meeting, which emphasized proactive fiscal policies and high-level opening-up to sustain economic momentum. As the world grapples with economic volatility, China’s strategic initiatives and unwavering commitment to global cooperation reinforce its position as a central pillar of international economic growth.
