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China is able to work with the EU to grab alternatives and meet challenges to pave the way in which for the subsequent 50 years of China-EU relations and contribute our share to international peace, stability and prosperity, Ambassador Cai Run writes in a Euronews unique.
This can be a second of intensifying geopolitical conflicts, rising international protectionism and a sluggish world financial restoration.
Towards this backdrop, European pals are paying shut consideration to China’s financial prospects and the way forward for China-EU cooperation.
China lately held the Central Financial Work Convention, the nation’s most vital annual financial assembly. A collection of vital indicators have been launched from the assembly.
You will need to word that the Chinese language economic system will obtain new growth, which suggests new alternatives for China-EU cooperation. We’ve got full confidence on this regard.
First, China’s economic system has remained typically steady and has progressed steadily this yr.
It’s true that there are problems with inadequate home demand, operational difficulties for some enterprises, sure pressures on employment and revenue progress, and the deepening opposed impression of adjustments within the worldwide setting.
Nonetheless, we’re absolutely assured that the financial progress goal we set for 2024 will likely be achieved.
Within the first three quarters of this yr, China’s economic system grew by 4.8% year-on-year, rating among the many high performers globally. That is no small achievement for a rustic with a inhabitants of over 1.4 billion and a gross home product exceeding 126 trillion yuan (€16.7bn).
With the current introduction of a bundle of incremental insurance policies to develop home demand and enhance consumption, market confidence and expectations have considerably improved, and the economic system has proven a transparent upward development.
The composite PMI in November reached 50.8%, with the manufacturing PMI rising to 50.3%, a rise of 0.2 proportion factors from the earlier month.
Retail gross sales of client items in October grew 1.6 proportion factors increased than in September. Shopper confidence rebounded for the primary time after six consecutive months of decline, whereas the monetary and actual property sectors noticed progress of three proportion factors or extra.
General, China is on observe to fulfill main socio-economic objectives for 2024, with anticipated full-year financial progress of round 5%.
Extra proactive, more practical and extra productive
Second, the basics of China’s long-term financial progress stay unchanged.
From the large image, China’s economic system advantages from a steady basis, an enormous market, sturdy resilience, vital potential, and an entire industrial system.
The Third Plenary Session of the twentieth CPC Central Committee set out a scientific plan for additional deepening reform and advancing Chinese language modernisation.
Over 300 key reform measures are to be carried out inside 5 years, which is able to give full play to China’s financial strengths and inject sturdy momentum into its growth.
From the angle of macroeconomic coverage, China will implement extra proactive fiscal insurance policies and reasonably accommodative financial insurance policies.
By enhancing the coverage toolbox and utilizing a mixture of measures, China will make macroeconomic regulation extra forward-looking, focused and efficient to enhance the general coverage effectivity.
From the angle of business and know-how, China is accelerating the event of latest productive forces, with new applied sciences, industries, enterprise codecs and fashions rising repeatedly.
Within the first three quarters, the value-added output of enormous industrial enterprises elevated by 5.8% year-on-year, with high-tech manufacturing rising by 9.1% and data transmission, software program and data know-how providers by 11.3%.
Breakthroughs have been achieved in areas equivalent to manned spaceflight, quantum data, nuclear energy know-how and enormous plane manufacturing. Underpinned by affordable progress in amount, China’s economic system is bettering in each construction and high quality, and inner forces are driving growth.
Notably, China’s financial progress is more and more greener, with non-fossil power consumption in complete power consumption rising by 2.6 proportion factors year-on-year.
Alternatives to develop collectively
Third, China is able to share growth alternatives with Europe and the broader world. We imagine that a greater China means a greater world, and a greater world means a greater China.
Over time, China has constantly contributed round 30% to international financial progress.
This yr, China lifted all restrictions on overseas funding within the manufacturing sector, launched the primary nationwide adverse record for cross-border commerce in providers, and steadily expanded entry in sectors equivalent to telecommunications, web, training, tradition and healthcare.
To additional facilitate cross-border journey, China has carried out or optimised the unilateral visa-free coverage for 38 nations, together with 24 EU member states.
Going ahead, China will proceed to develop high-level opening up, align with worldwide high-standard commerce guidelines, introduce extra voluntary and unilateral opening-up insurance policies, and develop a globally oriented community of high-standard free commerce zones.
The efforts to advertise institutional opening up and create a world-class enterprise setting that’s market-oriented and law-based will present new alternatives for different nations to revenue from China’s growth. China will stay a key driver of worldwide financial progress.
Companions, not rivals
The world has entered a interval of turbulence and transformation. China and the EU, as two main forces driving multipolarity, two massive markets supporting globalisation, and two nice civilisations advocating range, haven’t any basic conflicts of curiosity.
There may be way more consensus than divergence and way more cooperation than competitors. This makes us companions, not rivals.
The essence of China-EU sensible cooperation in commerce and different areas is complementary benefits and mutual profit.
It’s hoped that the 2 sides can correctly deal with financial and commerce frictions by means of dialogue and session to keep away from a commerce struggle. That is within the pursuits of each side and the world.
Subsequent yr, we’ll have fun the fiftieth anniversary of China-EU diplomatic relations. As a Chinese language saying goes, “Blossoms in spring flip into fruits in autumn, and a bumper harvest is the reward of exhausting work.”
At this new place to begin, China is able to work with the EU to grab alternatives and meet challenges to pave the way in which for the subsequent 50 years of China-EU relations and contribute our share to international peace, stability and prosperity.
Ambassador Cai Run is Head of the Chinese language Mission to the European Union.
