Opening-up helps China withstand pressure

That nearly 100 leaders and senior officials from around the world and the heads of 11 regional and international bodies have gathered in Boao, Hainan province, for the Boao Forum for Asia Annual Conference 2023, which opened on Thursday, shows the great expectations the world has pinned on China stoking the global economic recovery this year.

As Premier Li Qiang stressed in his opening address, the Chinese economy showed “encouraging momentum of rebounding” in January and February, and the situation in March looks “even better”, as consumption and investment have picked up and “market expectations have improved”.

Thanks to the optimization of the COVID-19 pandemic prevention and control policies and the effective pro-growth and pro-business policies of the government, China’s retail sales rose 3.5 percent in January and February over the same period last year, recovering from the 1.8 percent contraction in December, and the growth in investment in real estate and other fixed assets accelerated to 5.5 percent from 5.1 percent in December, a sign that the rebuilding of confidence is accelerating.

The rebound of the world’s second-largest economy will undoubtedly inject tremendous vitality into regional economic growth and beyond. In her meeting with Li on Wednesday, International Monetary Fund Managing Director Kristalina Georgieva said China is expected to contribute more than one-third of world economic growth this year, which will provide important opportunities for other countries.

Notably, contrary to the debt-trap smearing of China by the United States, she highlighted China’s important contribution to maintaining stability by helping developing countries avoid a debt crisis.

Warning that chaos and conflict must not happen in Asia, otherwise its future “would be lost”, Li urged all countries to join hands with China to maintain regional stability at a time when some external forces are trying to turn the region into an arena for geopolitical rivalry.

Calling China an “anchor of peace”, Li said that no matter how the world situation may evolve, the country remains committed to reform, opening-up and innovation-driven development, and countries around the world are welcome to share the fruits of its development.

Those remarks by the new premier of China, who has spent most of his time on fact-finding inspections around the country since he took office earlier this month, should offer reassurance that China will not withdraw into a shell in the face of the US’ campaign of pressure.

For China, a community with a shared future has never been just empty talk, and trust, solidarity and cooperation have never been just cliches. This year marks a critical turning point for the world economy and a valuable window of time for countries to think beyond their own concerns, and refocus on global challenges. The Boao forum provides a platform for meaningful exchanges in that regard.

Editorial, China Daily