At the recent \"1+10\" dialogue in Beijing, China's President Xi Jinping met with leaders of major international economic organizations to reaffirm China's robust economic confidence. Highlighting over four decades of sustained and rapid development, Xi emphasized that the Chinese economy has entered a phase of high-quality growth, contributing approximately 30 percent to global economic expansion.
Xi showcased China's impressive GDP figures for the first three quarters of 2024, which reached 94.97 trillion yuan (about $13.09 trillion), reflecting a 4.8 percent year-on-year growth at constant prices. This growth solidifies China's position as the leading driver of global economic progress, surpassing the combined contributions of the G7 nations.
The Belt and Road Initiative (BRI) was also a focal point of the dialogue. Over the past decade, the BRI has forged partnerships with more than 150 countries and 30 international organizations. Chinese companies have established 17,000 overseas enterprises within BRI-participating nations, with direct investments exceeding $330 billion and the creation of 530,000 local jobs.
Xi stressed the importance of building an open and fair global economic system, opposing decoupling and protectionism. He advocated for global cooperation in innovation sectors such as the digital economy, artificial intelligence, and low-carbon technologies. Emphasizing the need for a level playing field, China continues to expand its openness through policies like the new Foreign Investment Law, which enhances intellectual property rights protection and promotes a transparent business environment.
Addressing China-U.S. relations, Xi expressed a willingness to maintain dialogue and expand cooperation, aiming for the steady and sustainable development of bilateral ties. He warned against trade and tech wars, stating that such conflicts go against historical trends and economic principles, leaving no winners.
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China reaffirms confidence, vows to remain global growth engine
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