China's unified national market is becoming a pivotal force in the global economy, introducing new dynamics that resonate across continents. Yves Leterme, former Prime Minister of Belgium, highlighted the significance of China's economic integration during the Understanding China Conference hosted by the China Institute for Innovation and Development Strategy.
In an era marked by polycrisis, Leterme emphasizes that collective action and interconnected economies are essential for global prosperity and lasting peace. China's decision to re-engage with the global economy over four decades ago has resulted in unprecedented economic and social advancements, benefiting not only its residents but also the worldwide community.
The interconnection between Chinese and global markets has led to increased foreign direct investment, shared technological progress, and expanded trade opportunities. This synergy has positioned China as a key engine of global economic growth.
However, current challenges such as stagflation in mature economies and the risk of recession pose threats to these positive dynamics. In response, China's 14th Five-Year Plan introduces a \"dual circulation\" strategy, focusing on boosting domestic consumption while maintaining robust international trade and investment.
This strategy aims to unify the national market by addressing standardization, regulatory issues, and local protectionism. A unified market is expected to elevate China's GDP per capita to levels of moderately developed countries and expand its middle-income population. Additionally, it will enhance the competitiveness of Chinese companies, especially in advanced technologies and services, and open new avenues for global B2B trade.
For these advancements to flourish, a strong rules-based multilateral system is crucial. As traditional multilateralism faces challenges, strengthening global cooperation and institutions becomes imperative. President Xi Jinping has reiterated China's commitment to fostering true multilateralism, hoping to create a more balanced world and effectively address global challenges.
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China's unified national market brings new dynamics for the globe
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