Business / Economy

China's innovation, opening-up boosts global economic recovery

(Xinhua) Updated: 2015-11-21 15:12

BEIJING -- China is offering solutions to warm up the tepid global-growth climate, with promises to lead the world along a path of innovation in development.

At the recently-concluded G20 and APEC summits, President Xi Jinping said China will forge ahead with reform and innovation; continue to progress its growth model and economic structure; address the difficult issues in development; and identify new drivers for development.

The development path put forward by Xi was based on the proposed 13th Five-Year Plan (2016-2020), in which the government outlined how the country would ensure the healthy development of its economy. A move that will help with global economic recovery.

World leaders agree that reform and innovation are integral to putting the global economy back on the right track.

As the largest trade partner, export destination and investment source of many economies, China has always been a participant, driver and leader in regional and global cooperation.

As Xi emphasized at the APEC Manila meeting on Wednesday, China's foreign investment policy will not change; Its doors will remain open.

Meanwhile, the advancement of domestic reform will help increase inbound investment and boost employment, a move that has been welcomed by partners the world over.

China has also promised to lift more than 70 million of its rural population out of poverty, set up a fund for South-South cooperation, and welcomed its neighbors to board China's fast train of development, citing the Belt and Road Initiative, the Asian Infrastructure Investment Bank (AIIB) and the Silk Road Fund, all China-backed development proposals aiming to build a community of common destiny.

The "Belt and Road" initiative has been warmly received by the over 60 countries and international organizations that have registered their interest.

The AIIB, with formal operation slated for the end of this year, will facilitate financing of infrastructure for participating countries that have found their development hampered by poor infrastructure.

All these promises show China is determined to reinvigorate the world economy. Earlier in October, the International Monetary Fund downgraded the global economic growth forecast to 3.1 percent this year from the previous 3.3 percent, underlining the grave challenges faced by the world.

Under this downward pressure, China's emphasis on pursuing good economic prospects has boosted global confidence. In fact, its own development path, featuring innovation, opening-up and coordinated, green and shared development, has served as a shining example.

In the first three quarters, China's economy grew by 6.9 percent, contributing about 30 percent to global growth.

"The stronger China grows, the more secure the peace of the Asia-Pacific region and the world will be; the steadier the Chinese economy runs, the more promising regional and global prosperity will become," according to Foreign Minister Wang Yi.

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