What does the 20th CPC National Congress mean to world economy?

BEIJING: During the weeklong 20th National Congress of the Communist Party of China (CPC), which wrapped up in the capital Beijing last Saturday, a blueprint for the East Asian country’s future development has been mapped out.카지노사이트

As the world economy faces various crises this year and probably tougher prospects in the next, China’s economic outlook carries global significance. Voicing their confidence in the nation’s future expansion, various business communities believe that China’s modernization drive and innovation-driven growth would inject more certainty into the global economy.

Quality development benefits all

China will accelerate creating a new development plan and pursue high-quality development, said President Xi Jinping, also the general secretary of the CPC Central Committee, during his report to the congress.

“We must fully and faithfully apply the new development philosophy on all fronts, continue reforms to develop the socialist market economy, promote high-standard opening-up, and accelerate efforts to foster a new pattern of development that is focused on the domestic economy and features positive interplay between domestic and international economic flows,” Xi said.

Commenting on the report, Wichai Kinchong Choi, senior vice president of Thai bank Kasikornbank, said he could see China’s future development direction focus more on high-quality and sustainable development.

“This is good news for Thailand and other neighboring countries,” he said.

In the last few years, many Chinese high-tech enterprises have set up factories in Thailand, which is exactly what the Southeast Asian kingdom needs, Wichai Kinchong Choi said, adding that these facilities had helped his country’s economy to transform and enhance its competitiveness.

Over the past decade, China’s gross domestic product (GDP) has come to account for 18.5 percent of the world economy. It has become a major trading partner for more than 140 countries and regions, leading the world in trade volume.

Since the Covid-19 crisis broke out in early 2020, China, which has managed to coordinate pandemic control and economic development, has claimed to be a stabilizer of global supply and industrial chains, and a key driver in the world economy’s recovery.

Moreover, China’s development is not achieved at the expense of the environment. Instead, the country is striving to make its development greener and more sustainable. In pursuit of the harmonious coexistence between humanity and nature, China has cut its carbon emission intensity by 34.4 percent over the past 10 years, and pledged to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060.

For Chenhong Huang, global executive vice president of German multinational software company SAP SE and president of SAP Greater China, China’s green development would profoundly change the global energy, environment and economic landscape.

“Chinese enterprises are using digital technology to make carbon emission data transparent and quantifiable, and promote a balance between green development and commercial development,” Huang said.

Beijing’s renewal of its commitment to promote a high-standard opening-up also struck a chord with the international business community, and the United States automaker Tesla’s success in China speaks volumes for the country’s determination to open up further.

Thanks to the efforts of the Chinese government to facilitate foreign investment, Tesla became the first wholly foreign-owned automobile enterprise in China, Tesla Vice President Tao Lin said, adding that the company was seeking to further expand its presence in the Chinese market.

German heat exchanger company Kelvion (China) started operations in China more than 20 years ago. Cheng Wenwu, general manager of the company, said doing business in China had become easier.

Mentioning an effective market mechanism and a convenient and fast standardized administrative process in China, Cheng said the changes seen in the last several years had lowered the costs of companies, facilitated market access and helped firms to adapt to international rules, benefiting their operations.

Chinese modernization means opportunities

Chinese modernization, a key term defining China’s journey to national rejuvenation and another buzzword in the CPC report, has spurred animated discussions in business communities, both domestic and abroad.바카라사이트

It contains elements common to the modernization processes of all countries, but more importantly, it features the Chinese context. It is the modernization of a huge population, of common prosperity for all, of material and cultural-ethical advancement, of harmony between humanity and nature and of peaceful development.

For business leaders in many parts of the world, Chinese modernization means more opportunities.

Jose Antonio Hidalgo, former president of the Ecuador-China Chamber of Commerce, said Chinese modernization would create a positive impact in the world, especially for his country’s agri-food sector.

“It is an opportunity for us because middle-class consumers (in China) are going to need excellent-quality agrifood and they are going to look for it in countries like ours,” he explained.

In 2021, China announced that after eight years of strenuous work between late 2012 and late 2020, the country had lifted the final 98.99 million rural residents living below the poverty line and removed all 832 impoverished counties and 128,000 villages from the poverty list. Now the country boasts the world’s biggest middle-income group — 400 million people. That means a huge potential for consumption.

Hamdi Al-Tabbaa, president of the Jordanian Businessmen Association, also sees opportunities in the Chinese path to modernization.

According to him, China’s efforts to improve people’s living standards mean a significantly expanded middle-income group and upgraded consumption structure, which will offer more development opportunities for global enterprises.

From initiating the Asian Infrastructure Investment Bank and the New Development Bank to taking the lead in implementing the United Nations’ sustainable development agenda, China has always been sharing its development dividends with the rest of the world.

Woody Guo, senior vice president and managing director of Herbalife Nutrition in China, said the CPC report underlined the certainty of the Chinese market against the uncertainties of the global market, and makes foreign enterprises feel reassured about their development in China.

Chinese modernization “will provide more chances and opportunities, not only from the growing markets but also from an employment point of view,” said Sara Vermeulen-Anastasi, head of group communication at Swiss technology group Oerlikon.

“We will be able to attract more engineers and have more choices of new technologies,” she added.

Innovation inspires new momentum

While invigorating its economy, China has made innovation a top priority in its planning. The country rose to 12th place on the Global Innovation Index 2021 from 34th place in 2012, said the World Intellectual Property Organization. It ranked first among middle-income economies.

“We must regard science and technology as our primary productive force, talent as our primary resource, and innovation as our primary driver of growth,” Xi said in the report.

“Everything is about innovation,” said Stephen Perry, chairman of Britain’s 48 Group Club. China is very forward-looking, as in every sector, China has the dynamic about “wanting to know where the world is going,” he added.

Amid the innovation drive, the number of Chinese companies on the Fortune Global 500 list has grown. In 2021, 145 Chinese companies made it to the list, climbing from 95 in 2012 and increasing for 19 consecutive years.

In terms of telecommunication infrastructure, the country has built the world’s largest Fifth Generation (5G) network, with a total of 1.43 million 5G base stations installed across the country by the end of 2021, accounting for over 60 percent of the world’s total.

Backed by technological advancement, China has accelerated the construction of high-speed transportation networks. With the world’s most developed high-speed rail network, China now has more than 40,000 km of high-speed rail lines in operation.

Oswaldo Navarro from Jalisco, an agriculture-producing state in Mexico, has purchased several pieces of agriculture and farming equipment from China.

He told China’s state-run Xinhua News Agency that the seed cleaning machine he imported from the country had a daily capacity two to three times that of the equipment from other countries, saving much time and cost.

China’s increased efforts in science and education will help turn scientific and technological achievements into productivity, Navarro said.

Hichem Chorfi, an Algerian businessman working for a consulting firm in industrial technology and innovation, said China shared its advanced development models and achieved economic complementarity with other countries, improving the well-being of people in various countries through advanced technologies.

Chinese innovation will be featured in many important areas of human society in the future, he added.온라인카지노