Sustained progress to long-term goals injecting vitality into global development: China Daily editorial

With economic growth sluggish and unilateralism and trade protectionism gaining ground, the multilateral trading system is facing significant challenges.

The 16th Annual Meeting of the New Champions, which is being held in Tianjin from Tuesday to Thursday, provides a platform for fostering exchanges between China and the global community to boost practical cooperation.

The number of registered participants for this year's annual meeting has hit a recent high, underscoring the collective commitment to supporting economic globalization, free trade, and strengthening economic and trade ties with China. This positive trend highlights a shared determination to enhance global economic cooperation.

Resolving differences through equal consultation, consolidating the foundation of cooperation through mutually beneficial collaboration, and expanding common interests by seeking new growth drivers, as Premier Li Qiang said in a speech at the opening of the forum, should be a common choice.

In his meeting with the entrepreneurs attending the event, Li highlighted the unique strengths of the Chinese economy, in not only its size and openness, but also its stability and vitality, pointing out that these strengths have become more valuable as the rise of protectionism and unilateralism has increased uncertainty and global risks.

That China is a large market, a manufacturing base, an innovation incubator and a reliable source of talents at the same time makes it an ideal destination for foreign investment, as Li stressed. And China's diverse application scenarios in industry and consumption and its stable policy environment can effectively help foreign companies industrialize their innovation fruits.

China contributed about 30 percent annually to global economic growth for years before the COVID-19 pandemic. And its post-pandemic contribution to the global economy in 2024 was estimated by the International Monetary Fund to be around the same degree. The country is expected to remain the biggest contributor to global economic growth in the years to come. How China's economy fares, therefore, has a bearing on the entire landscape of the global economy.

Expressing confidence that the country is successfully transforming its economic model from "made in China" to "innovated in China", Li stressed that the country is no longer just the major supplier of daily necessities for the entire world, but also a major power of advanced manufacturing and a major source of innovation.

The country's sustained breakthroughs and advances in innovation are certain to inject fresh vitality into global development.

So China's endeavors to advance its progress in technological innovation and entrepreneurship will further consolidate its role as an engine for the growth of the global economy, and in doing so accentuate its importance as a ballast for global development.

The forum provides an opportunity for foreign entrepreneurs to gain firsthand knowledge of China's commitment to partnering with entrepreneurs from around the globe to bolster economic globalization, uphold the principles of the market economy, advocate free trade, and guide the world economy toward a more inclusive, resilient, and sustainable future.

It is imperative for stakeholders to learn the lessons from periods of global crises as there is a strong need for solidarity, cooperation, and the pursuit of win-win outcomes to collectively address shared challenges.

To continue to provide China's development dividends and opportunities to the world, the country is steadily optimizing its policies for further opening-up. It has repeatedly shortened its negative lists to open up more fields and areas to foreign investors.

Reflecting on the merits of economic globalization, Premier Li emphasized the enduring value of openness, sharing, and equitable distribution of the benefits of globalization to all nations and populations. The problems appearing in economic globalization should prompt economies to reform it to ensure it is more inclusive, sustainable and fair. Giving up eating for fear of choking is just absurd.

With geopolitical conflicts and uncertainty on the rise, and unilateralism and trade protectionism presenting an extra headwind to the recovery of the global economy, it is all the more important for businesses and investors worldwide to further promote exchanges and cooperation. As beneficiaries of the global industry and supply chains, they are obliged to safeguard their stability by making the right choice in the face of coercive and bullying practices and policies of certain economies.