International community needs China more than ever: CEOs at China Development Forum 2023

(ECNS) -- China's economic rebound gives a welcome lift to the world economy, said Kristalina Georgieva, managing director of the International Monetary Fund (IMF).

"The robust rebound means China is set to account for around one third of global growth in 2023. And beyond the direct contribution to global growth, our analysis shows that a 1 percentage point increase in GDP growth in China leads to 0.3 percentage point increase in growth in other Asian economies," Georgieva said at the China Development Forum 2023 in Beijing on Sunday.

Georgieva pointed out that with such a solid recovery, China can now build on positive momentum and—through comprehensive policies—stay on the growth path towards convergence with advanced economies.

Oliver Bäte, CEO of Allian, pointed out at the forum that the international community needs China more than ever as the world's second largest economy is also one of the sources of innovation and quality for the years to come.

He also noted that it is pride that international companies have contributed to China's rapid progress along the path to modernization, with which hundreds of millions of Chinese have been raised out of poverty. "The benefits of cooperation can clearly be seen, and we're looking forward to supporting China as it continues its modernization," he said.

Yi Xiaozhun, former vice minister of commerce and former World Trade Organization (WTO) deputy director-general, stated at the forum that over the 40 years of reform and opening up, China has deeply integrated into the global value chain and has become the global manufacturing hub and the world's factory. Therefore, it is difficult for multinational corporations to build a new global value chain on their own without China.

"In the face of various global crises, countries should abandon zero-sum thinking and return to the correct path of multilateral cooperation to jointly maintain a mutually dependent, efficient, and stable global supply chain," he said.

China will further expand market access and steadily advance opening-up in rules, regulations, management and standards, said Han Wenxiu, executive deputy director of the office of the Central Committee for Financial and Economic Affairs.

Han added that in the past three years, China's actual use of foreign investment has increased from 144.4 billion US dollars in 2020 to 189 billion US dollars in 2022, which is the best proof of foreign investors' confidence in China.

The CDF 2023, themed "Economic Recovery: Opportunities and Cooperation," opened in Beijing on Sunday. It is hosted by the Development Research Center of the State Council.