China’s opening-up resonates with the values of the world: Global Times editorial
Published: Mar 27, 2023 11:39 PM
Boao Forum for Asia. Photo:VCG

Boao Forum for Asia. Photo:VCG

Immediately following the three-day China Development Forum 2023 (CDF) which concluded on Monday, the Boao Forum for Asia Annual Conference 2023 kicks off on Tuesday. Senior political figures from various countries, heads of international organizations, and CEOs of Fortune 500 companies have visited China intensively these days, and their strong expectations for the Chinese economy and their urgent desire to strengthen mutually beneficial cooperation with China are self-evident. The two high-level forums, one in the south and the other in the north, have created a hot atmosphere throughout China, bringing spring warmth to the global economy in the cold wind.

The CDF primarily is a platform for large multinational corporations. This year's theme is "Economic Recovery: Opportunities and Cooperation." The Boao Forum for Asia focuses on inviting more political leaders from various countries to participate, with the theme: "An Uncertain World: Solidarity and Cooperation for Development amid Challenges." Both forums underline the keyword "cooperation" and have received positive responses from the outside world. Despite the continuous gloomy international situation, it cannot conceal the common aspiration that seeks opening-up, cooperation and win-win development, instead of seclusion, confrontation and monopoly. This will effectively hedge against many uncertainties currently arising and provide a stable anchor for the giant ship of human society's shared destiny.

Currently, the variability and complexity of the international political and economic environment are unprecedented. Problems such as high inflation, high debt, slow economic growth, and energy and food crises have emerged in both Eastern and Western countries. In this circumstance, many countries hope to find a cooperative space to maintain sustainable economic growth. Previously, the G20 Bali summit has proven that cooperation is possible. Although there are still voices hyping decoupling and outsourcing, the global trend of solidarity and cooperation in seeking economic recovery is irresistible. What the world needs is to unite this hope, combine efforts, and involve the maximum range of countries, striving not to let any country fall behind. China is the biggest driving force and certainty factor in this endeavor.

The world has turned its attention to China, and China has also opened its arms to embrace the world. This positive interaction has been deepening. The holding of the two major forums once again proves this point. In the past decade, China's average contribution to global economic growth has exceeded 30 percent, and according to IMF's forecast, China will contribute one-third of global economic growth this year. A 1 percentage point increase in GDP growth in China leads to 0.3 percentage point increase in growth in other Asian economies, on average. In addition, there have been continuous bank failures in the US and Europe recently, and a financial crisis is approaching. However, China does not have significant pressure from inflation or deflation, and its monetary policy has a greater room for maneuvering. The stability of China's economy and finance will also provide positive spillover effects for the volatile international financial market.

As the most active and sensitive tentacles of globalization, moves of large multinational enterprises are representative. We have noticed that many American media outlets are paying close attention to Apple CEO Tim Cook's trip to China and at the same time mentioned the "dramatically different treatment" that TikTok CEO Shou Zi Chew received in Washington a few days ago. In China, Cook "gave an optimistic speech that was met with applause." He described Apple's relationship with China as "a symbiotic kind of relationship that we have both enjoyed." However, in the US, Shou Zi Chew faced several hours of questioning, which was a "politically motivated crowd-pleasing drama." Such a contrast is obviously very strong.

This shows that cooperation has urgent practical significance at present. Because some people continue to create obstacles, the world needs to form a powerful force to overcome and correct them. It requires joint efforts from all parties. China has always stood on the side of peace, development, and cooperation. From the 20th National Congress of the Communist Party of China to the two sessions and to the two major forums, China has sent extremely strong signal to promote high-level opening-up. Multinational enterprises have felt the warmth of being "one family" on this land. This will, in turn, promote the international community's vigilance and resistance toward decoupling. In fact, the more daunting the challenge is, the stronger the collective resistance against it will be, and this is determined by the strong inherent driving force of peace and development.

The holding of the two major forums not only shows China has met the world halfway in the economic field but also represents a resonance of Chinese values with the international community. From Global Development Initiative to Global Security Initiative and to Global Civilization Initiative, the interaction between the world and China has already surpassed the economic and trade level. Chinese values have taken root and are bearing fruits. The appeal and attractiveness it creates have appeared at the venues of the two major forums and in the enthusiastic interactions between multinational enterprises and China. It will appear in every corner of the world in the future.