Commitment to opening-up remains undimmed

The ongoing Boao Forum for Asia Annual Conference 2024 in Boao, Hainan province, and the China Development Forum held in Beijing on Saturday have both demonstrated China's commitment to continuing to embrace the world as well as the world's confidence in the future of the Chinese economy.

Since the beginning of this year, positive indicators for China's economy have continued to accumulate. In the first two months of this year, the added value of the national industrial enterprises above designated size increased by 7 percent year-on-year, the total retail sales of consumer goods grew by 5.5 percent, manufacturing investment by 9.4 percent, and the combined imports and exports of goods by 8.7 percent.

A series of policies launched by the Chinese government to stabilize the economy, promote opening-up and attract foreign investment continue to have effect, creating more favorable conditions for foreign investment.

In January and February, 7,160 foreign-invested enterprises were newly established across the country, a year-on-year increase of 34.9 percent; the actual use of foreign capital was $29.76 billion, of which $3.91 billion was actually used in high-tech manufacturing, up 10.1 percent year-on-year.

China is in an important period of accelerating its economic transition and promoting high-quality development, which presents huge opportunities. China sincerely welcomes companies from all over the world to invest in the country and continue to create a market-oriented, legal and first-class business environment.

In the past five years, the rate of return on foreign direct investment in China has been approximately 9 percent, which is at a relatively high level internationally. In 2023, the foreign direct investment in China accounted for approximately 15 percent of the world's total, ranking first among developing countries.

It is fair to say that China's comprehensive advantages in attracting investment, including its large market size, complete supply chain, sound infrastructure and rich human resources, remain outstanding. If the country can take full advantage of its technological innovation, industrial upgrading and domestic and foreign capital to promote new quality productive forces, it can maintain relatively stable and rapid development even though the international environment is relatively unfavorable.

Despite the United States' attempts to check its development, China is still a main source of impetus for the world's development and its contribution to world economic growth will continue to stay at around 30 percent.

With some major economies resorting to protectionism, the formation of regional cooperation is worthy of encouragement. Developing countries have no reason not to work together to promote the international trading system based on World Trade Organization rules.