【CGTN】XU Qinhua：China Plays the Role of Engine to the World Economic Development

On January 19, 2024. Prof. XU Qinhua, vice dean of National Academy of Development and Strategy, Renmin University of China was interviewed by CGTN and talked about the role of China in world economic recovery.

According to the Chief Economist's Outlook, released by the Davos Forum, 87 percent of economists expect geopolitical tensions will increase the volatility of the global economy over the next three years. This reflects a strong consensus among economists that geopolitical conflicts will accelerate the fragmentation of the global economy. Therefore, whether the world economy optimistic or not, towards deglobalization or globalization depends on the joint efforts of all countries in the world, and China will undoubtedly play a positive and active role in it. On the whole, as the deglobalization violates the rule of economic development, economic globalization is the historical trend and the aspiration of the peoples.

More than 2,800 delegates from more than 120 countries and regions have gathered in Davos this time and sent a positive signal of efforts to address trust deficit, bridge differences and enhance cooperation. At the same time, under the aspiration of building a community with a shared future for mankind, China puts forward a five-point proposals on rebuilding trust, strengthening cooperation and promoting world economic recovery at the forum such as strengthening macroeconomic policy coordination etc.

The Davos speeches and the global economic data released a very clear signal: the global economy is in a slow recovery, countries’ development speed is polarized and potential security and saftegy issues threat the development of global economy. But the strong economic vitality and openness attitude represented by China greatly encourages the global economic recovery and to build a universally beneficial and inclusive world economy.

As the world's second largest economy and an important 'engine' of global development, China has attracted much attention. Premier Li Qiang arrived at the Davos Forum and made Europe his first visit in the New Year, sending a warm signal to the world that China is willing to walk with Davos and actively contribute global economic recovery.

In his speech at the forum, Premier Li Qiang used the metaphor of how to look at the Alps, stressing the importance of making a correct and positive evaluation of the Chinese economy from a comprehensive and objective perspective. He introduced China's steady economic development, broad market and investment opportunities, and its unswerving opening-up policy, providing the greatest certainty and reliable force against the world economic uncertainties.

China’s 5.2% growth rate of 2023 is higher than the expected global growth rate of around 3% and ranks first among the world's major economies, injecting Chinese confidence into the Davos Forum, which is pretty treasured and welcome by the nowadays world suffering so much from various geopolitical conflicts.

All the countries are in the same boat, sailing in the sea faced with various challenges. There is one thing of key is “confidence”. China plays the role not only the “engine” but also the “trust”, encouraging the more cooperation the better.

Source: CGTN