Insights丨Foreign experts: World to benefit from China's growth

By Wei Chenxi

(ECNS)—“Based on the concepts including ‘new quality productive forces’ and ‘high-quality development’, the Chinese government is outlining a new model of economic development,” said Fabio Massimo Parenti, professor of international studies at the International Institute Lorenzo de’ Medici in Florence, Italy, in a recent interview with China News Network. 

China's 2024 two sessions have attracted global attention. Parenti noted that he paid close attention to the “Two Sessions”, and commended the contribution of Chinese proposals to global economic development. 

Two sessions: A unique window to observe China

Parenti said that “Two Sessions” of China, one of China’s most important political events, provides a unique window to observe the whole-process people’s democracy in China for the rest of the world, to some who have a limited understanding of the Chinese political system. 

Parenti told China News Network that people-centered democracy involves a wide representation of society, not only at the top political level, but also from the bottom of the society involving many sectors, such as media, scientists, etc.

In addition, he also noted that for this year's China’s “Two Sessions”, key terms like “new quality productive forces” and “high-quality development” as well as “economic growth targets” have attracted much attention from international media outlets.

Parenti further pointed out that the Chinese government is outlining a new economic development model based on these concepts. “From renewable energies to quantum computers and industrial robots, China decided to focus on emerging and future-oriented strategic industries, as well as upgrading traditional industries,” he added.

“China is in a continuous process of reforms, transformation, and opening-up,” Fabio said. He noted that since the 1980s, with the acceleration of innovation, China has made great efforts to form a new model of economic development. Fabio held the view that economic prospects will be even brighter for China, adding that “we are experiencing unprecedented vitality.” 

Chinese proposals: beneficial to the international community

Chinese Premier Li Qiang delivered a government work report recently, noting that the global market share of China’s exports remained stable, the mix of utilized foreign investment was improved, and the Belt and Road Initiative (BRI) cooperation gained greater international influence and appeal. 

Parenti spoke highly of the report, noting that it offered profound insights into how China's economy will continue to play a leading role in many aspects this year.

He believes that Chinese ideas and proposals are beneficial to the international community, which is reflected in various fields such as science and technology, infrastructure, and production, and this is also proved by projects like the BRI proposed by China to promote cooperation among countries.

The year 2024 marks the beginning of the second decade of the BRI’s development. Over the past decade, the China-Europe Railway Express (CRE), a key logistics arm in BRI, has increased connectivity between China and partner countries and regions. Considering rising geopolitical tensions like the Red Sea crisis, and its impact on the global logistics and supply chain, the “stabilizer” role of the CRE has proven to be more prominent.

In this regard, Parenti said that the CRE once again highlighted the worth of the international cooperation framework promoted by China. And China and Europe will continue to coordinate to maximize bilateral interests and jointly push the BRI cooperation to a new level marked by higher quality as both move into the next decade, said Parenti.

According to Parenti, new economic opportunities are emerging thanks to the new connections and the improvement of past connections among nations. He also mentioned that China’s economic growth target at around 5%, will be positive for other countries and regions.

He said that China has become an important engine for global development and will continue to contribute at around 30% to global economic growth in the new year. “The world can enjoy and be affected in a positive way by this growth and that the world grows with China at the same time,” concluded Parenti.