The global community needs China's consistency in growth

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"Peace and stability should be cherished more in the wake of experiencing anxiety caused by conflicts and instability," Chinese Premier Li Qiang said when addressing the opening of the 14th Annual Meeting of the New Champions, also known as the Summer Davos, on June 27.

With about 1,500 participants from business, government, international organizations, and academia attending the event, it is a message directed at the international community that's seeing rising instability caused by political conflicts and ideological differences. Push for trade globalization has been threatened by unilateral sanctions; strive for scientific cooperation has been impeded by constant politicization; and the drive for cultural exchanges has been hampered by distrust, political pressure, and geopolitical conflicts.

Globalization has made all countries closely intertwined in the world economy. It is "an irreversible historical trend" for countries to cooperate and coordinate with each other, Premier Li told World Economic Forum(WEF) Executive Chairman Klaus Schwab in Tianjin before the opening of the Summer Davos.

China has been commonly acknowledged as one of the largest beneficiaries of globalization. And it is. Since the reform and opening-up, China has been able to achieve unprecedented feats in governance. It eradicated extreme poverty by lifting nearly 800 million people out of poverty. Between 2013 and 2021, World Bank data shows that China contributed up to 38.6 percent of the world's economic growth. During and after the COVID-19 pandemic, China stayed a strong growth engine when other major economies were struggling to produce a positive GDP growth rate.

A June 25, 2023 photo showing a view inside the Tianjin Meijiang Convention Center, the venue for the 14th Annual Meeting of the New Champions, also known as the Summer Davos Forum, in north China's Tianjin Municipality, China. [Photo/Xinhua]

The Chinese economy has huge potential. In an exclusive interview, WEF President Borge Brende said that the global economy is growing at 2.8 percent in 2023. "China is almost double that, at least more than 4 percent. So, China is still growing faster than most economies in the world," Brende said, "I think that the Chinese government is also now taking steps to make sure that this growth continues."

This makes those who seek to get away from China all the more nonsensical. Phrases like "de-risking" and "de-coupling" have become popular in Western politics, used as a façade to mask Western countries' geopolitical aggression against China. In his address, Premier Li warned against overstretching the concept of "de-risking" or turning it into a political or ideological tool.

WEF President Brende said that "if you decouple and stop trading with each other, and you go into a situation with just friend-shoring, that will have a huge economic impact for all stakeholders." International media might give the impression that China-U.S. trade is decreasing, but trade between the two kept increasing over the past several years despite all the tension.

"There is a political rhetoric and what the press is reporting, and then there's the reality on the ground," Brende said.

And the reality is, as mentioned before, there are 1,500 participants from business, government, international organizations, and academia attending the Summer Davos in China. Before this, business heavyweights like Elon Musk and Bill Gates visited China and were met with enthusiastic welcomes. IMF predicted that China will account for 30 percent of the total global growth in 2023.

Premier Li said that China has full confidence and the capability to achieve steady and sustained high-quality development of its economy in a long time to come. Despite the constant rumoring of an economic collapse, China has not disappointed in its record of providing growth and stability.

The global community welcomed such consistency. And it's what the global community needs now.