China is making significant strides in fostering a more open and interconnected global economy. As a major trading partner to over 150 countries and regions, China has reduced its overall tariff level to 7.3 percent, aligning closely with developed World Trade Organization (WTO) member states.
At the recent World Economic Forum's Annual Meeting in Davos, China reaffirmed its commitment to high-quality Belt and Road cooperation, aiming to further integrate into the regional and global economy. This initiative seeks to create mutual benefits and win-win outcomes for all participating nations.
China is actively building a robust global 'circle of friends' through extensive bilateral exchanges. With partnerships established with over 113 countries and regional organizations, and strategic cooperative partnerships with several nations, China's international relations continue to expand. As of December 2024, there are 3,069 friendship city relationships spanning 147 countries across five continents, fostering deeper ties through cultural and economic collaborations.
The country's dedication to foreign trade is evident in its impressive growth figures. In 2024, China's export volume reached 25.45 trillion yuan ($3.51 trillion), marking an eighth consecutive year of growth with a 7.1 percent increase year-on-year. Imports also saw a substantial rise, standing at 18.39 trillion yuan ($2.54 trillion) with a 2.3 percent growth rate, surpassing the global average by 1 percentage point.
China is also at the forefront of digital transformation, leveraging its advanced infrastructure and vast data resources to drive economic growth. With over 4,500 AI-related enterprises and a generative AI user base of 230 million, the country is poised to lead the digital revolution. Government policies are encouraging enterprises to accelerate their digital initiatives, promoting industrial digitization and unlocking new economic opportunities globally.
Environmental sustainability is another key focus for China. The 2024 Central Economic Work Conference highlighted the importance of cutting carbon emissions and reducing pollution while boosting economic growth. Initiatives such as the promotion of new energy vehicles and the successful completion of the green sand control barrier around the Taklamakan Desert underscore China's commitment to green development. These efforts not only benefit China but also contribute valuable insights to the global green transition.
Looking ahead, China continues to establish a new development paradigm that emphasizes both domestic and international circulation. By embracing an open mindset and fostering political trust, economic interactions, and cultural exchanges, China aims to provide fresh opportunities for countries worldwide pursuing their own development goals.
Reference(s):
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