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Author: WuhuW

China Focus: China Holds Central Economic Work Conference to Plan for 2023

Xi Jinping, general secretary of the Communist Party of China Central Committee, Chinese president and chairman of the Central Military Commission, delivers an important speech at the annual Central Economic Work Conference in Beijing, capital of China. The conference was held in Beijing from Dec. 15 to 16. (Xinhua/Ju Peng)


BEIJING, Dec. 16 (Xinhua) — The annual Central Economic Work Conference was held in Beijing from Thursday to Friday as Chinese leaders decided priorities for the economic work in 2023.

Delivering an important speech at the conference, Xi Jinping, general secretary of the Communist Party of China Central Committee, Chinese president and chairman of the Central Military Commission, reviewed the country’s economic work in 2022, analyzed the current economic situation and arranged next year’s economic work.

Li Keqiang, Li Qiang, Zhao Leji, Wang Huning, Han Zheng, Cai Qi, Ding Xuexiang and Li Xi attended the conference.

It was noted at the meeting that an overall recovery and improvement is expected in the country’s economic performance in the next year, and that a firm confidence is necessary to do a good job in the economic work.

The meeting demanded making economic stability a top priority and pursuing steady progress while ensuring economic stability for the next year.

Proactive fiscal policy and prudent monetary policy will continue to be implemented next year. Meanwhile, efforts will be made to intensify macro-control and coordinate various policies to form synergy for high-quality development, according to the meeting.

The proactive fiscal policy should be stepped up for its effectiveness, with a better mix of tools including fiscal deficits, special-purpose bonds and interest subsidies. While high-quality development should be effectively supported, fiscal sustainability must be ensured and local government debt risks should be controllable, the meeting noted.

The prudent monetary policy should be targeted and effective, with reasonable and sufficient liquidity to be maintained and stronger support from financial institutions for micro and small businesses, technology innovation and green development.

The yuan’s exchange rate should be kept basically stable at an appropriate and balanced level, and the systems to safeguard financial stability should be reinforced, according to the meeting.

The meeting stressed that industrial policies should be optimized to facilitate the transformation and upgrading of traditional industries and the cultivation and growing of strategic emerging industries, as well as shore up the weak links in industrial chains and forge new competitive advantages in the country’s pursuit of carbon peaking and neutrality goals.

In terms of science and technology policies, China will carry out an array of national-level major science and technology projects, giving full play to the role of government in leading the work on making breakthroughs in key and core technologies and highlighting the principal role of enterprises in technological innovation, said the meeting.

Social policies should ensure people’s livelihood, put promoting the employment of young people, especially college graduates, in a more prominent position, and strive to mitigate the impacts of structural price rises on some of those in difficulty in a timely and effective manner.

The country will optimize childbirth support policies and seek to gradually postpone the statutory retirement age when time is right and take the initiative to cope with population aging and low fertility rate, it noted.

The meeting stressed better coordinating epidemic prevention and control with economic and social development, urging efforts to optimize epidemic response based on time and situation and focus on the elderly and those with underlying diseases.

Stronger coordination should be also achieved between qualitative and quantitative growth, between supply-side structural reform and domestic demand expansion, as well as between economic policies and other policies, the meeting said.

To foster a new development paradigm, the endogenous dynamics and reliability of domestic circulation should be strengthened, while the quality of international circulation should be elevated.

The meeting also stressed the need to handle current work well and at the same time take future development into consideration.

Pointing out that there are a multitude of tasks in the economic work in 2023, the meeting underlined moves to improve public expectations and boost confidence for development.

The country will focus on boosting domestic demand next year by prioritizing the recovery and expansion of consumption, increasing urban and rural personal income through multiple channels and encouraging more private capital to participate in the construction of key national projects, said the meeting.

China will accelerate the building of a modern industrial system, according to the meeting. Efforts will be made to identify the weak links in key and core technologies as well as components and parts in the country’s major manufacturing industrial chains, and pull together resources to tackle the problems so that the industrial system is independent, controllable, safe and reliable, said the meeting.

Efforts will also be made to speed up the planning and construction of a new energy system, enhance the global competitiveness of traditional industries, accelerate the research and application of cutting-edge technologies, and vigorously develop the digital economy.

The meeting urged efforts to deepen the reform of state-owned enterprises (SOEs) while improving their core competitiveness, requiring that legal and institutional arrangements must be made to ensure the equal treatment of private enterprises and SOEs.

Law-based protection will be provided to the property rights of private enterprises and to the interests of entrepreneurs, the meeting said.

The country will make greater efforts to attract and utilize foreign capital, widen market access, promote the opening-up of modern service industries, and grant foreign-funded enterprises national treatment, the meeting said.

China will actively seek to join the high-standard economic and trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement, the meeting said.

The meeting also stressed effectively forestalling and defusing major economic and financial risks, promoting the steady development of the property market, ensuring timely deliveries of pre-sold housing and meeting the reasonable financing demand of the sector.

Efforts need to be made to effectively prevent and defuse risks of high-quality and industry-leading developers and improve debt-to-asset ratio of the real estate sector, said the meeting.

People’s basic housing needs and the need for improved housing conditions should be met, while a long-term rental housing market is to be explored.

Sticking to the principle that “housing is for living in, not for speculation,” the country is seeking to promote a smooth transition of the real estate industry to new development models, according to the meeting.

The meeting stressed the necessity to adhere to the centralized, unified leadership of the CPC Central Committee over financial work, and called for efforts to prevent and defuse local government debt risks.

Rural revitalization will be advanced across the board, ensuring that people do not return to impoverishment in large numbers. The high-quality development of the Belt and Road Initiative will also be promoted.

For an economy of China’s size, it is vital to maintain a stable economic performance. Efforts will be made to stabilize growth, employment, and prices so that major economic indicators will stay within an appropriate range, the meeting noted.

The innovation and creativity potential of the whole society should be unleashed to the greatest extent, according to the meeting.

The potential of the domestic market will also be fully tapped so that domestic demand can play a stronger role in driving economic growth.

The construction of major projects to shore up weaknesses will be pushed forward, with a focus on economic development and the urgent needs of the people.

‘1+6’ Talks Highlight Need for Global Unity

Chinese Premier Li Keqiang attends the Seventh “1+6” Roundtable in Huangshan of East China’s Anhui province December 9, 2022. [Photo/Xinhua]

Participants in the Seventh “1+6” Roundtable have agreed on the importance of working together and staying on the path of multilateral and international cooperation to address the many severe challenges facing the global economy today.

They also expressed opposition to decoupling or fragmentation of global trade, saying that it will be costly for the world.

The roundtable, held in Huangshan, Anhui province, under the theme of “Strengthening Multilateral Cooperation for Global Common Development”, was the first in-person one since the start of the COVID-19 pandemic.

Discussions were held between Premier Li Keqiang and the heads of six major international economic organizations, including the World Bank, the International Monetary Fund and the World Trade Organization.

“We held this roundtable to show our commitment to safeguarding multilateral cooperation and to shore up confidence in global development,” Li told reporters at a news conference after the meeting.

The IMF’s World Economic Outlook, released in October, forecasts that global growth will slow from 6 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023.

Noting that many countries face challenges such as high inflation and problems in food and energy security, Li said it remains important not to slow the steps in building a more open world economy.

As a beneficiary and promoter of global opening-up, China firmly supports the steady growth of the global economy in the process of opening-up, he said, and the country will also continue to advance high-quality opening-up and steadily expand institutional opening-up.

“We welcome businesses from all countries to expand trade with their Chinese partners and we welcome more foreign companies to come to China for investment and operation,” Li said.

According to the premier, China’s economy has made an extraordinary journey this year, in particular with the impact of COVID-19 and other factors beyond expectation.

After the adoption of a package of policies, the economy has been picking up and now maintains overall stability, he said.

“Going forward, we will take further measures to keep transportation and logistics open, ensure secure industrial and supply chains, and facilitate international travel and people-to-people exchanges,” Li said.

Starting in 2016, the “1+6” Roundtable has been held for seven consecutive years. Its purpose is to show to the world that China is taking concrete actions to promote global opening-up, Li said.

IMF Managing Director Kristalina Georgieva noted the importance of strengthening multilateral cooperation during these particularly challenging times, saying that the world economy today is like “a boat in rough waters”.

“We can only bring our boat safely to shore if we all row together in the same direction,” she said.

Ngozi Okonjo-Iweala, director-general of the WTO, said that it is estimated that if the world were to fragment into two trading blocs, it would result in a 5 percent loss in global GDP in the longer term.

China Focus: China, A Leading Growth Engine for World Economy Amid COVID-19 Control

BEIJING, Dec. 10 (Xinhua) — For the past three years, China has effectively coordinated COVID-19 prevention and control with economic and social development, with positive results seen and new achievements made on the two fronts, making it a reliable and important driving force of global economic growth.

Specifically, China has maintained the overall stability of its economy, ensured grain supply, kept industrial and supply chains basically stable, and effectively protected people’s lives and health.

Globally, there have been over 641 million confirmed cases of COVID-19, including 6.62 million deaths, reported to the World Health Organization, while the incidence rate and the death toll of COVID-19 in China have been the lowest among major countries.

Effective virus control helped China emerge from the epidemic-induced slump, with its economy growing at an average annual rate of more than 5 percent over the past two years, better than the global average.

In 2020, China was among the first countries in the world to resume work and reopen businesses, and registered a 2.3-percent gross domestic product (GDP) growth, making it the world’s only major economy to attain positive growth.

Its GDP crossed the 100-trillion-yuan (about 14.37 trillion U.S. dollars) threshold in 2020 and further expanded to over 114 trillion yuan in 2021, contributing over 30 percent to world economic growth.

For 2022, the country has spared no effort to consolidate the upward trend of economic recovery, keep employment and prices stable, and strive for the best possible outcome in economic work.

The past three years were unusual and extraordinary for China as it has withstood multiple tests. However, China has historically eradicated absolute poverty, significantly expanded the size of the middle-income group, completed the building of a moderately prosperous society in all respects, and embarked on a new journey of building a modern socialist country in all respects.

In particular, China, the world’s most populous country, is making every effort to ensure grain supply amid growing uncertainties in global food security.

The country’s grain output topped 650 billion kg for seven consecutive years by 2021, with the per capita grain supply remaining higher than the internationally recognized security line. This year, China has seen output increases in summer grain and early rice and expects another bumper harvest.

As the world’s manufacturing powerhouse, China boasts the world’s biggest and most complete industrial system, making it a key contributor to global industrial chains.

In 2020, China’s export of medical supplies maintained steady and orderly growth, offering stronger support to the global society in fighting the COVID-19 epidemic. Meanwhile, Chinese manufacturing’s added value accounted for 28.5 percent of the global total.

Nowadays, the global economy faces various challenges, and China has offered solid support related to raw materials, production capacity, logistics, and sales for both domestic and foreign companies. By strengthening the resilience of industrial and supply chains, China has helped ease the inflation pressure globally.

Meanwhile, China’s determination to open up further to the outside world remains unwavering, providing enormous opportunities for the rest of the world.

In the first 11 months of this year, China’s trade in goods expanded 8.6 percent year on year to 38.34 trillion yuan, according to the General Administration of Customs.

The new momentum deriving from deepened efforts in advanced manufacturing has played a solid role in boosting growth. The Belt and Road Initiative, the Regional Comprehensive Economic Partnership, the pilot Free Trade Zone and other major institutional innovations have injected impetus and vitality into the high-quality development of foreign trade, said Zhuang Rui, a professor at the University of International Business and Economics.

The country has also continued widening market access and shortening the negative list for foreign investment. It has put into force the Foreign Investment Law, which took effect on the first day of 2020, to protect foreign investors’ legitimate rights and interests.

Backed by these endeavors, China has retained its strong appeal to foreign businesses despite gloomy investment sentiment around the globe. Foreign direct investment in the Chinese mainland, in actual use, went up 17.4 percent year on year to 168.34 billion U.S. dollars in the first 10 months, official data showed.

Next year, the country will pay special attention to ensuring steady growth, employment, and prices, forestall and defuse major risks effectively, and strive to achieve an overall improvement in the country’s economic performance, characterized by higher quality and reasonable growth, according to a meeting convened by the Political Bureau of the Communist Party of China Central Committee on Tuesday.

China’s economy will still face challenges next year, said Yang Zhiyong, a researcher with the Chinese Academy of Social Sciences. “The meeting urged strengthening policy coordination, which will help maintain policy intensity, and focus on sustained efforts in key areas to ensure steady development and reasonable growth next year.

International Monetary Fund Managing Director Kristalina Georgieva said that they had forecast 3.2 percent growth in China’s economy in 2022, improving to 4.4 percent in 2023.

China has fiscal space to boost its economy and counter the downward pressure, Georgieva said, adding that the country is also looking at moving toward a more targeted response for epidemic prevention and control, which could help reduce supply chain interruptions and counteract slowing growth.

Late Leader Jiang’s Ashes Scattered in Sea

The ashes of Comrade Jiang Zemin, who passed away in Shanghai on Nov 30 at the age of 96, were scattered in the sea at the estuary of the Yangtze River on Sunday, in accordance with the wishes of Jiang and his family. [Photo/Xinhua]


The ashes of Comrade Jiang Zemin, who passed away in Shanghai on Nov 30 at the age of 96, were scattered in the sea at the estuary of the Yangtze River on Sunday, in accordance with the wishes of Jiang and his family.

Jiang was an outstanding leader enjoying high prestige acknowledged by the whole Communist Party of China, the entire military and the Chinese people of all ethnic groups. His remains were cremated on Dec 5 in Beijing, followed by a grand memorial meeting the next day to mourn and pay respect to him.

Entrusted by the CPC Central Committee, Cai Qi, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and a member of the Secretariat of the CPC Central Committee, and Jiang’s widow, Wang Yeping, and other relatives escorted Jiang’s ashes for the ashes-scattering ritual.

Earlier in the morning, Jiang’s ashes were carried by a hearse from Zhongnanhai, the central headquarters of the CPC and the State Council, where Jiang had worked as a Party and State leader, to Xijiao Airport in Beijing. Jiang’s ashes were later flown by a special plane to Shanghai’s Hongqiao International Airport, where his ashes were transferred by a hearse to the military vessel CNS Yangzhou at a military port. Yangzhou, Jiang’s hometown, is a city in Jiangsu province.

At 12:35 pm, Cai joined Jiang’s widow and other family members in scattering Jiang’s ashes in the waves, along with flower petals, from aboard the military vessel.

Jiang was hailed as a great Marxist and a great proletarian revolutionary, statesman, military strategist and diplomat.

He was the core of the third generation of the Party’s central collective leadership and the principal founder of the Theory of Three Represents, which defines the role of the Party and stresses that the Party must always represent the requirements for developing China’s advanced productive forces, the orientation of China’s advanced culture and the fundamental interests of the overwhelming majority of the Chinese people.

Inter-provincial Passenger Transport Lines in Wuhu Have Steadily Resumed

In recent days, in accordance with the requirements of the Ministry of Transport’s Notice on Further Optimizing the Implementation of the Novel Coronavirus Epidemic Prevention and Control of Transport, the Municipal Transport Management Center in Wuhu promptly publicized and guided the road passenger transport enterprises to further optimize nucleic acid testing and inspection measures, ensure the orderly transport services smooth traffic logistics, strengthen the protection of employees, and maintain the normal production order.

Up to now, 92% of the inter-city passenger lines in Wuhu have resumed operation; The restoration of inter-provincial routes has been gradually started, with the current recovery rate reaching 46%. Among them, the passenger volume of Wuhu Bus Station has reached a high level in the past three months. Two inter-provincial passenger lines and seven inter-municipal passenger lines have been restored, and the daily passenger volume has recovered to 1,200. Inter-city passenger lines from the station to Wuwei have all resumed operation, and lines to Qingdao, Shitai, Hefei, Lujiang, Tongling, Bengbu, Fuyang, Lu ‘an and Ma ‘anshan have all resumed operation. According to the analysis, although the road passenger volume of our city is still at a low level, the national policy has not restricted the flow of passengers and buses, and the overall passenger flow will increase steadily with the return of college students, migrant workers and other business groups.

Translated by Yuan Mengwen from Foreign Affairs Office of Wuhu Municipal People’s Government

Chery Exported 400,000-plus Vehicles in 2022

It is learned from Chery Holding Group that in November, Chery Group sold 100,531 vehicles, and the monthly sales exceeded 100,000 vehicles for the sixth consecutive month of the year. From January to November, Chery sold a total of 1,127,289 vehicles, up 32.6% year-on-year, hitting a record high in history.

Chery Group, which is actively implementing its go-global strategy, has accelerated from “going global” to “integrating into the global market” and then to “expanding the global market”, and has become a partner with more and more overseas dealers and outstanding enterprises in the global automobile industry chain to jointly explore overseas markets. Since the beginning of this year, Chery Group has successively broken the record of exporting Chinese brand passenger cars, with its monthly export exceeding 50,000 vehicles for four months. By the end of November, Chery exported a total of 406,540 vehicles, an increase of 70.9% year-on-year, setting another new record for Chinese brand passenger cars going global.

Chery Group sold 13,025 new energy vehicles in November, with a total sales of 220,918 vehicles for 11 months, up 147.9% year-on-year. Based on iCar’s ecological service model, Cherys new energy vehicles ranked first in new energy brands with a customer satisfaction score of 87.21 points in the 2022 China Automobile After-sales Customer Satisfaction (CAACS) Research published in November.

Translated by Wang Mengxiao from Foreign Affairs Office of Wuhu Municipal People’s Government

Three Projects of Wuhu Shortlisted in the Entrepreneurship Competition in Anhui Province

Recently, the final of the first Anhui Entrepreneurship Competition in Wuhu City was held in Wuhu Youth Entrepreneurship Center. After a day of fierce competition,three projects, namely the third generation of semiconductor power devices, RF high-precision positioning products and application solutions and metal composite pipe research and development and industrialization based on heterogeneous materials will represent our city to participate in the first Entrepreneurship Anhui Provincial Competition.

This selection contest was carefully organized and promoted by our city, and actively promoted by the human resources and social affairs bureaus of counties and urban areas, entrepreneurial carriers and universities. A total of 466 online and offline entries were received, which set a new high for the number of similar municipal events in years. After the preliminary examination and review, 10 projects are selected into the final.

This year, the provincial Party Committee and provincial government have made great efforts to build the brand of “Entrepreneurship Anhui”, and steadily carried out the action of entrepreneurship Anhui, making entrepreneurship become the fashionable vitality and image name card of Anhui, and making Anhui become a hot land for all kinds of talents to start businesses.

Translated by Yuan Mengwen from Foreign Affairs Office of Wuhu Municipal People’s Government

Intellectual Property Work in Wuhu Improved in Quantity and Quality in the First Three Quarters

According to the press conference on IPR protection in Wuhu on November 25, the indicators of IPR creation, protection and application in Wuhu ranked among the best in the assessment of the province’s business environment in the first three quarters of this year.

Since the beginning of this year, our city has made remarkable achievements in the protection of the source of intellectual property rights, and the quantity and quality of patent and trademark registrations have increased. From January to September this year, there were 12863 patents granted in Wuhu, including 2302 invention patents and 84 PCT (international application), ranking the second in the province. Up to now, Wuhu has 21,643 valid invention patents and 138,876 valid registered trademarks, ranking the second in the province. The number of effective invention patents reached 58.9, ranking first in the province for 11 consecutive years.

In recent years, our city has strengthened the cooperation between departments and regions, and focused on building the “great protection” pattern of intellectual property rights. The Municipal Market Supervision Bureau established a cooperation mechanism for intellectual property protection in Wuhu with six units, including the Municipal Middle Court and the Municipal Procuratorate. It also established a working mechanism for connecting administrative mediation and judicial confirmation of intellectual property disputes and another for connecting litigation and mediation of intellectual property disputes with the court of Wuhu Economic Development Zone, taking the lead in realizing the interconnection of mediation organizations, mediators and case notifications on the “People’s Court mediation platform” in Wuhu. Municipal Bureau of Justice and Municipal Bureau of Market Supervision built the first intellectual property notarization service center in Anhui Province, which has handled more than 130 cases of intellectual property notarization since its operation. The Municipal Procuratorate and the Municipal Market Supervision Bureau implemented the mechanism of “linkage between government and procuratorate”, established a joint meeting system, and set up an intellectual property protection center in Wuhu Area of Free Trade Zone.

Translated by Yuan Mengwen from Foreign Affairs Office of Wuhu Municipal People’s Government

China Encourages Foreign Investment

Overseas funding seen as key to high-quality national development

China’s latest move to open its market to foreign investment in the manufacturing sector will contribute to high — quality development, and ensure the stability and security of global industrial and supply chains, market watchers and business leaders said.

Right after the conclusion of the 20th National Congress of the Communist Party of China last month, the National Development and Reform Commission, which is the country’s top economic planner, and five other central government departments jointly released a notice to encourage foreign investment in high-end equipment, basic components and key parts for advanced manufacturing, as well as high-tech industries.

The government will take further steps to facilitate the border entry and exit of executives and technicians of multinational companies and their families in accordance with national COVID-19 pandemic prevention and control policies, according to the notice.

China will also encourage foreign investment in research and development, design and modern logistics in the service industry, as well as in innovation and applications related to new energy, green and low-carbon technologies, the notice said.

Wang Wen, executive dean of the Chongyang Institute for Financial Studies of the Renmin University of China in Beijing, said these policy measures reflect China’s unwavering determination to expand high-level opening-up, optimize foreign investment structure and attract more global stakeholders to invest and develop in the country.

Reiterating that high-end manufacturing is crucial for growing the real economy and advancing new industrialization, he said that the high-quality development of Chinese manufacturing needs the participation of foreign companies, and that their investment will in turn generate decent financial returns.

As China continues to focus on supporting the real economy and expanding the use of foreign investment in key sectors for innovation-driven development — for instance, high-tech manufacturing and other strategic and emerging industries — it will accelerate the transformation and upgrading of traditional industries and bring growth opportunities to small and medium-sized businesses in the years ahead, said Zhao Ping, deputy head of the Academy of Beijing-based China Council for the Promotion of International Trade.

“The policies aimed at facilitating the exchange of workers from foreign companies are also conducive to further shoring up the confidence of multinationals and speeding up the implementation of major foreign investment projects,” she said.

Thanks to its social stability, tremendous economic potential, complete industrial chain and preferential policies, China’s attractiveness as a destination for foreign direct investment remained strong in the third quarter of 2022, according to a survey released by the CCPIT.

Attracted by opportunities in areas such as carbon neutrality, high-end manufacturing and innovation-driven development, foreign direct investment in China expanded 15.6 percent year-on-year to more than 1 trillion yuan ($136.7 billion) in the first nine months of the year, statistics from China’s Ministry of Commerce show.

The ministry data showed that the FDI growth rate in the high-tech sector was 32.3 percent between January and September. The figures for high-tech manufacturing and high-tech services were 48.6 percent and 27.9 percent, respectively.

“China is playing an ever-greater role in the world,” said Chen Yudong, president of Bosch China — a branch of Germany’s Robert Bosch GmbH-and a five-time participant at the annual China International Import Expo, which concluded on Nov 10. “Take the automotive industry as an example. This market is leading the transformation towards electrified and connected mobility.”

Bosch operates four business divisions in China: mobility solutions, industrial technology, consumer goods, and energy and building technology. The most significant sector, mobility solutions, accounts for 75 percent of its total business.

Under its plan, Bosch’s cross-domain computing solutions research and development center will be inaugurated in Shanghai later this month. Phase II of the company’s united automotive electronic systems plant in Taicang, Jiangsu province, is expected to be completed in the second quarter of 2023.

Danish engineering company Danfoss Group is upbeat about the development of the green sector in China after seeing its sales revenue jump from 4 billion yuan in 2015 to over 10 billion yuan last year.

“Danfoss is committed to investing in China, which is the company’s second home market,” said Arthur Xu, president of Danfoss China.

“We are committed to long-term investment in China. Our recent announcement of 100 million euros ($103 million) to build a power module plant in Nanjing, Jiangsu province, is a clear sign of our continued positive outlook for the Chinese market,” he said.

As it further unleashes the potential of foreign investment for driving high-quality development, the country is expected to better align its domestic economic agendas with the concerns and interests of foreign investors, said Sun Xiao, secretary-general of the China Chamber of International Commerce.

Moreover, China’s advantages — including a complete industrial system, fast-growing 5G technology, the tangible growth of China-Europe freight train services, its huge market and positive long-term economic fundamentals, as well as participation in bilateral and multilateral trade agreements such as the Regional Comprehensive Economic Partnership — will continue to contribute to the growth of overseas companies in the country, he added.

Tamas Hajba, the representative of the Organization for Economic Cooperation and Development in China, said, “Foreign investment has long played an important role in driving the growth of China’s economy.”

Even though China is a major draw for FDI, its accumulated stock relative to GDP is still low. This means there is still room for improvement and more opportunities to expand and attract foreign capital, he added.

China to Bring More Stability, Certainty

President Xi Jinping meets with UN Secretary-General Antonio Guterres in Bali, Indonesia, Nov 16, 2022. [Photo/Xinhua]


China will work with the United Nations to push for concrete progress in implementing the Global Development Initiative and the Global Security Initiative in order to bring more stability and certainty into a volatile world, President Xi Jinping said on Wednesday.

Xi made the remark while meeting with UN Secretary-General Antonio Guterres on the sidelines of the 17th G20 Summit in Bali, Indonesia.

At a time when important changes have taken place across the global, Xi said all countries must put mankind’s future and destiny above everything else and work together to overcome difficulties.

“In particular, major countries should lead by example, instead of creating divisions or confrontations, or even profiting from others’ misfortunes,” he said.

Xi expressed China’s willingness to push for mankind’s progress with Chinese modernization and to bring new opportunities for the world through the country’s own development.

Noting that developing countries, especially vulnerable ones, have been severely affected by the unprecedented challenges facing global development, Xi said development must be put at the center of the international agenda and efforts must be made to enable the fruits of development to better benefit every country and every person in a fairer way.

To this end, all countries should act on what they say and present their achievements to the world instead of speaking empty words, he said.

Xi also said that to achieve world peace, the purposes and principles of the UN Charter must be observed and the legitimate security concerns of all countries must be taken seriously.

China is a staunch supporter of the international system with the UN at its core and will continue to uphold true multilateralism and support the UN’s work, he added.

“I’m convinced that the historical trend of peace, development, cooperation and win-win results is irresistible and that mankind has a bright future,” Xi said.

This is the second meeting between Xi and the UN chief this year. In February, Xi met with Guterres when he traveled to China to attend the opening ceremony of the 2022 Olympic Winter Games in Beijing.

In their meeting on Wednesday, Guterres again congratulated Xi on his reelection as general secretary of the Communist Party of China Central Committee.

Guterres said developing countries are facing one crisis after another regarding food, energy and climate change, and there still remains great inequality in global development.

The UN highly commends China for upholding multilateralism, he said, noting that China has played an incomparable role in helping developing countries.

Guterres also said the UN firmly supports the one-China principle, which is a red line that cannot be crossed and must be respected.