Commentary: An open China breathing new life into sluggish global economy

Source: Xinhua| 2020-11-06 18:46:28|Editor: huaxia

SHANGHAI, Nov. 6 (Xinhua) -- While BMW reported a 12.5-percent decline in sales of its new cars worldwide in the first nine months due to the withering demands amid a pandemic recession, its sales spiked by 6.4 percent in China, the German auto giant's largest overseas market.

The rejuvenating Chinese market is a blessing not just for BMW, but for corporations worldwide struggling to dig for business opportunities and survive in this unprecedented global economic predicament.

As companies from all corners of the globe have brought their goods and services to the Chinese metropolis of Shanghai, the ongoing third China International Import Expo (CIIE) not only builds a bridge between those anxious enterprises and badly-needed opportunities at the right time, but is also breathing new life into the teetering global economy.

Hosting the world's largest import-themed fair as planned is indeed a serious challenge, particularly when the novel coronavirus pandemic is still wreaking havoc.

Thanks to Beijing's rigorous and effective campaign of epidemic containment, China's economy is bouncing back, its foreign trade is warming up, and the import expo has so far been safe, smooth and productive, boosting the world's confidence in the reliablity and resilience of the world's second largest economy and the biggest consumer market.

The irresistable magnetic force of the Chinese market has been even more palpable against the backdrop of festering pandemic woes. The latest report showed that while global foreign direct investment (FDI) is projected to plunge by up to 40 percent in 2020, the FDI flowing into the Chinese mainland, in actual use, expanded by 25.1 percent year on year to 14.9 billion U.S. dollars in September, the sixth consecutive month of positive FDI growth for the country.

The growing FDI can offer a glimpse into the huge potential of the ever opening-up Chinese market that boasts a population of 1.4 billion and a middle-income group with over 400 million. And the country's import of goods is estimated to top 22 trillion dollars in the coming decade, according to official data.

Meanwhile, China has recently started to adopt a new development pattern of "dual circulation" that features the domestic market as the mainstay with domestic and international markets reinforcing each other. What China envisions is not a development loop behind closed doors, but a more open domestic and international circulation.

Moreover, as Beijing has proposed a long-term goal over the next 15 years to electrify high-quality development and build a high-level market economy at the just concluded fifth plenary session of the 19th Communist Party of China Central Committee, enterprises worldwide can be sure of even more opportunities of investment and cooperation in China.

In his keynote speech at the opening ceremony of the third CIIE, Chinese President Xi Jinping put forward a batch of new opening-up proposals, including nurturing new pacesetters of opening up, pursuing creative ways to grow foreign trade, keeping improving its business environment, and promoting deeper bilateral, multilateral and regional cooperation.

Designed to usher in a new round of higher level opening-up in China, the proposals have once again sent out a strong and explicit message of the country's dedication to openness and win-win cooperation.

While China is doing what it can to honor its promise of opening-up with substantial actions and share its development opportunities with the wider world, compounded challenges of the still-spreading coronavirus outbreak and rising trade protectionism and isolationism are threatening to drag the struggling global economy deeper into the abyss of recession. And to pull through this age of crises needs input from everyone.

"All countries need to come together to jointly tackle risks and challenges, strengthen cooperation and communication, and embrace greater openness," Xi said in his Wednesday speech.

History does not lack epic odysseys illustrating humanity's courage and wisdom to forge ahead when confronted with seemingly unconquerable challenges and serious setbacks. To restore global growth as soon as possible and build a more resilient world economy, the international community should join hands even tighter this time. And in the process, China will as always be ready to play its part. Enditem