Growth sought to steady unstable global landscape

With the global economy entering a period of turbulence and change, embracing openness and fostering new quality productive forces will enable China to generate fresh economic momentum and strengthen its competitive advantages, paving the way for sustainable and high-quality growth, a scholar from the University of International Business and Economics said on Thursday.

Huang Baoyin, Party secretary of the Beijing-based UIBE, said that as the global economy grapples with the spread of unilateralism and protectionism, developing new quality productive forces is essential for seizing opportunities and addressing challenges through expanded opening-up. Enhancing capabilities and standards of openness through international cooperation will also benefit the country.

New quality productive forces are advanced productivity measures freed from traditional economic growth modes and productivity development paths. Such forces are high-tech, high-efficiency and high-quality, and are in line with China's new development philosophy.

In recent years, the United States and certain Western countries have persistently pursued strategies of decoupling and supply chain disruption, as well as promoting "anti-globalization" and "de-globalization" activities.

Huang said these actions have severely disrupted the efficient global flow of production factors, hindered the optimal allocation of resources and significantly impacted the security and stability of global industrial and supply chains.

As China navigates a critical phase of transforming its development model, optimizing its economic structure and transitioning its growth drivers, the cultivation of new quality productive forces has become both a key requirement and a priority for advancing high-quality development, he added.

While new challenges and complexities have emerged in the macroeconomic environment, the core strengths of China's economy remain steadfast, Huang said.

"These advantages include a vast domestic market, robust economic resilience and considerable growth potential, demonstrating that opportunities continue to outweigh challenges," he said, emphasizing that economic globalization remains a dominant trend, with technological progress and industrial transformation serving as powerful drivers of growth.

According to data from the National Bureau of Statistics, China contributed an average of 24.8 percent annually to global economic growth from 1979 to 2023, ranking first globally, with its economic dividends benefiting all countries.