Yang Yundong

As all things spring to life in the vibrant month of March, the 2025 China’s National Two Sessions has just concluded. Following these events, the China Development Forum and the Boao Forum for Asia Annual Conference convened successively. Chinese President Xi Jinping met with representatives of the international business community at the Great Hall of the People in Beijing, once again drawing global attention to China. From Beijing to the small town of Boao in Hainan, political and business leaders from around the world gathered in China to discuss development and cooperation. They unanimously agreed that embracing China is embracing opportunities, believing in China is believing in a better tomorrow, and investing in China is investing in the future.

– Resilient Growth: China Injects Certainty into Global Economic Development

Nowadays, the world has entered a new period of turbulence and change, protectionism and power politics are on the rise once more, bringing new challenges and uncertainties to the global economy. In this context, China stands out as a major contributor and anchor of stability for global growth, demonstrating remarkable resilience. Last year, despite a noticeable increase in external uncertainties and instabilities, China weathered global headwinds with strong internal momentum, achieving a 5% economic growth rate, becoming one of the highest among major economies and contributing approximately 30% to global growth. This year, China has set an economic growth target of around 5%. International attendees at the China Development Forum and the Boao Forum for Asia noted that China’s continuous efforts to promote high-quality economic development will inject greater momentum and certainty into the global economy. Laurent Freixe, CEO of Nestlé Group, remarked that China possesses all the conditions necessary for future growth: a vast economy, a large population, world-class infrastructure, robust investment capacity, and a highly skilled workforce. All these overwhelmingly positive factors will continue to position China as a driving force in the global economy.

– Innovation-Driven: China Brings New Energy to Global Economic Development

Innovation is the core driver of China’s economic progress. Through deepening its innovation-driven strategy and upgrading its economic transformation, China is gradually emerging as one of the global leaders in innovation. In 2024, China climbed to 11th place in the Global Innovation Index, marking it as one of the fastest-rising economies in innovation over the past decade and the country with the most top-100 science and technology clusters. China has made significant technological breakthroughs in fields such as AI, green energy, digital technology, and quantum computing. AI models like DeepSeek have frequently appeared on the international stage and “Chinese-style” robots have garnered widespread attention. The Black Myth: Wukong, a AAA-level game rooted in traditional Chinese culture, has risen to fame globally. For the first time, China has produced more than 10 million new energy vehicles in a year. In the first two months of this year, production of high-tech products such as integrated circuit wafers, industrial robots, high-speed trains, and civilian drones surged by 19.6%, 27%, 64%, and 91.5%, respectively. With a commitment to high-quality development, China is accelerating green, digital and smart transformation, which, coupled with the country’s sophisticated industrial ecosystem, provides the best testing ground for the latest outcomes of technological revolution and industrial upgrading. Ola Källenius, Chairman of the Board of Mercedes-Benz Group AG, stated that innovation is China’s competitive edge and a key reason for Mercedes-Benz’s deep engagement in the Chinese market. Antoine de Saint-Affrique, Global CEO of Danone, believes that China is not only a vital market but also represents a world-class innovation ecosystem.

– Expanding Opening up: China Remains a Favored Choice for Foreign Investment

In the meeting with international business representatives, President Xi Jinping noted the twin miracles of rapid economic growth and enduring social stability that China has created over the past seven decades since the founding of the People’s Republic of China, especially over the past four decades of reform and opening up. He attributed the miracles to the strong leadership of the Communist Party of China as well as the unity and hard work of the Chinese people, and also to the support and help from the international community, including the contribution of foreign businesses operating in China. This has been a mutually beneficial process. Today, China is a leading contributor to global economic growth, having the world’s largest middle-income group and a sound regulations, policies and procedures for foreign investment, offering great potential for investment and consumption. Moving forward, China’s door will only open wider. The policy of welcoming foreign investment has not changed and will not change. The third plenum of the 20th CPC Central Committee made a road map and timetable for further reforming the regulatory framework for inbound and outbound investment. This year’s government work report explicitly proposed measures such as “encouraging foreign investors to increase reinvestment in China” and “ensuring national treatment for foreign-funded enterprises in fields such as access to production factors, license application, standards setting, and government procurement,” sending a strong signal of China’s unwavering commitment to high-level opening-up. Pascal Soriot, Global CEO of AstraZeneca, has praised China’s dedication to universally beneficial and inclusive economic globalization that has instilled strong confidence in multinational companies. Many corporate leaders echoed that the next China is still China. China has been and will remain an ideal, secure, and promising destination for foreign investors.

– Solidarity and Cooperation: Promoting Common Prosperity for the Global South

In recent years, as the global landscape undergoes profound shifts, “Global South” has been an international buzzword lately, with developing countries playing an increasingly prominent role on the international stage. Against such background, the Boao Forum for Asia hosted a sub-forum titled “Global South: Advancing Toward Modernization Together,” addressing topics such as how the Global South can explore modernization paths suited to its unique characteristics, further elevating its “Southern Nations Quotient.” As the world’s largest developing country, China consistently prioritizes cooperation with Global South nations. Through the Belt and Road Initiative, China actively promotes infrastructure development, industrial collaboration, and trade, enhancing market connectivity with Global South countries. Leveraging multilateral institutions like the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank of BRICS, China provides long-term, low-interest loans and development funding to bolster financial stability in the Global South. Additionally, China advocates dialogue and exchange, strengthening policy coordination and experience-sharing with Global South nations, working hand in hand toward sustainable development and shared prosperity, ensuring more people of the Global South enjoy the outcomes of development in a fairer way.

China’s market represents opportunities for the world, China’s opening-up brings benefits to the globe, China’s development signifies collective prosperity. As China continues to expand its opening-up, we stand ready to work with Pakistan, guided by the consensus of the leaders of two countries, to deepen coordination and practical cooperation across various fields and jointly build a closer China-Pakistan community with a shared future in the new era, delivering greater benefits to the peoples, and make greater contributions to upholding regional peace, stability, development and prosperity.

(The writer is Consul General of China in Karachi)