Beijing (TDI): President Xi Jinping affirmed on Tuesday that China remains confident in achieving its economic growth targets for 2024 and will continue to serve as the world’s leading economic engine.
Speaking during the “1+10” Dialogue in Beijing, Xi met with heads of major global economic organizations, including Dilma Rousseff, Kristalina Georgieva, Ajay Banga, and Ngozi Okonjo-Iweala.
During the dialogue, Xi emphasized China’s commitment to further opening its economy and aligning with high-standard global trade regulations to foster a business-friendly environment.
“Tariff wars, trade wars, and sci-tech wars defy the course of history and economics, yielding no winners,” he remarked, urging cooperation with the United States to stabilize bilateral ties.
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The foreign dignitaries praised China’s accomplishments, particularly in poverty alleviation and promoting sustainable development, calling its people-centric policies a model for other nations.
They expressed hope for China’s continued leadership, especially for the Global South.
China’s Economic Reforms, Multilateralism
China’s ongoing reforms and high-quality development remain crucial for global economic stability, according to Zhou Mi, a senior research fellow at the Chinese Academy of International Trade.
“Amid uncertainties, China’s dialogue with global organizations underscores its role in fostering economic stability,” Zhou told the Global Times.
Representatives of international bodies also reaffirmed their commitment to collaboration with China in upholding multilateralism and free trade.
Meanwhile, they criticized protectionist policies, including US tariffs, which have disrupted global trade dynamics.
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Despite challenges, trade between China and the US showed resilience, with bilateral trade reaching 4.44 trillion yuan ($612.4 billion) from January to November 2024, marking a 4.2% increase.
Observers have noted the limited efficacy of US tariffs in curbing China’s exports while increasing costs for American businesses and consumers.
China’s economic indicators, including robust trade performance, continue to meet expectations.
Policy guidance from recent high-level meetings, such as the CPC Political Bureau’s review of 2025 economic strategies, is expected to boost growth further.
Analysts are now closely monitoring the upcoming Central Economic Work Conference, where China’s policymakers will outline economic priorities for 2025, potentially reinforcing the nation’s role as a global growth catalyst.
