By Wu Siya

 

BEIJING, May 14 (China Economic Net)- "A recent report from the International Financial Forum shows that the Chinese economy will contribute 32 percent to global economic growth in 2023. Another IMF study shows that China's growth has positive spillover effects on the rest of the world, with each percentage point of growth in China increasing output in other economies by an average of 0.3 percentage points," Mme. Dilma Rousseff, President of New Development Bank, cited a set of statistics that showed China’s role as an unshakable engine of global growth during her opening speech at Global Trade and Investment Promotion Summit 2024.

 

 

Growth on such a scale is inseparable from China’s increasingly open development trend. President Xi Jinping pointed out, “China will continue to be an important opportunity for global development, and will firmly advance high-standard opening up and work for an economic globalization that is more open, inclusive, balanced and beneficial to all.”

 

Not long ago, the global 2024 Foreign Direct Investment Confidence Index (FDICI) report released by Kearney, a world-renowned management consulting company, showed that China jumped from 7th last year to 3rd, ranking first in emerging markets.

 

In this regard, Adam Dunnett, secretary-general of the European Chamber of Commerce in China, believes that China has made great progress in optimizing its opening policy or providing convenience for foreign companies to enter China. 

 

“In 2013, China’s first negative list for foreign investment access had nearly 200 items, which has been reduced to 31 items by now. We just made a survey of more than 1,800 of our members across China, 45 percent of which said they have seen China take further market opening measures in the past year, especially in the financial services, food and beverage and cosmetics industries. If China further opens up, they will further increase investment accordingly, inevitably. President Xi Jinping’s recent visit to the three EU countries is obviously a key decision to expand opening-up. The signing of a series of commercial agreements can bring tangible benefits to European businesses and people.”

 

So, in order to further accelerate China’s embrace of the globe, what practical measures should be taken?

 

“As we all know, China has a vast area with so many ports and customs. When dealing with international import and export business, different regions usually adopt different policies, thus sometimes companies have to go through more complex cross-regional procedures or wait longer,” the secretary-general introduced to China Economic Net. “For a long time, I have talked with many EU Representatives of companies in China about above issues, so if you ask me, it is vital to unify the import procedures at the port. Forty years ago, Shenzhen was the first step for China to embrace the world. Now, this metropolis has become a bridgehead for international trade. Other regions in China also need to catch up, which is also crucial to narrowing regional investment and development differences.”

 

“Today, China has become a major trading partner of more than 140 countries and regions. Every day, USD 320 million of Chinese direct investment goes to the world, and more than 3,000 foreign-funded companies settle in China every month. Over the past decade, China has contributed more to global growth than the Group of Seven countries combined. The world has full confidence in the resilience of China’s development in the future,” Thomas Leung, Managing Partner-Markets, PwC China said at the Parallel Forum: Chinese Modernization: Sharing Opportunities for a Better World.

 

“The market here is like a vast ocean. No matter which country or industry you come from, it’s not difficult to find a place. As the representative of the foreign banking industry in China, I sincerely invite each of our customers to enter the increasingly open Chinese market, due to a large number of Russians in the agricultural industry are eager to enter here to expand their business,” Ivan Bratyakov, Chief Representative, JSC Russian Agriculture Bank Beijing Representative Office, told CEN.