Column: China's vigorous development drives world's growth

The vigorous Chinese economy is one of the major drivers of the world's growth. China has contributed at least 30 percent to the world's economic growth in the past decade and this contribution is here to stay. Reliable partnership is always better than estrangement and containment.

by Zheng Yin

One day in April, I passed by Harley Street in central London, a famous place crowded with various private clinics. What drew my attention suddenly was several Chinese words printed on some black triangle plastic stuff on the front doorsteps of a clinic, meaning "going out and coming back safely."

I stopped and took a careful look at the stuff, then realized with surprise that with an exquisite design, the stuff well fills the space between steps and makes the zigzag stairs into a gentle slope.

This is a typical example of Chinese smartness which usually plays a big function with low cost. And this is also an epitome of benefits brought to people living in Britain by the bilateral trade cooperation with China.

Recently, some media in Britain continuously talked down the Chinese economy despite its actual strong performance, even though Britain itself has almost slipped into recession after the pandemic.

In the past four decades, the Chinese people and their government have created numerous economic miracles through hard work and unremitting efforts, which have turned China into the second-largest economy and the largest trading nation in the world. This is the source of confidence for China and its people: the Chinese economy is like a giant ship that can withstand the test of wind and waves.

To my friends in Britain who are keen to get a full picture of China's development, my suggestion to them is to understand China through two aspects.

The first one is China's consumption prosperity and its huge potential.

No one can deny the potential of China's enormous consumption market. With a population of over 1.4 billion, rising disposable incomes, as well as the growing demand for premium goods and services, China is set to become the world's largest consumer market. In the past months, despite global uncertainties, China's consumption remained resilient and continued to show signs of warming up, playing a vital role in stabilizing economic growth. Furthermore, the Chinese government has introduced practical measures to boost consumption, including subsidies for home appliances and automobiles, the promotion of green and smart products, and the development of rural e-commerce.

In the first quarter of 2025, passenger vehicle sales in China rose by 6 percent to 5.127 million units. In the five-day May Day holiday, nearly 1.5 billion cross-regional trips were made across China, representing a tourism boom in China after the pandemic. Also during this holiday, sales at key retail and catering enterprises nationwide rose by 6.3 percent year-on-year.

The other aspect is China's high-quality opening-up.

China is advancing high-quality opening-up, fostering deeper integration with the global economy through proactive measures. Early this year, the government adopted a national regulation to further relax foreign investment access, reduce the negative list for foreign investment, and allow greater participation in sectors like manufacturing, finance and healthcare.

Additionally, China has consistently worked to improve its business environment to enhance convenience for foreign enterprises. Streamlined administrative procedures, stronger intellectual property protection and preferential tax policies have been implemented to create a fairer, more transparent and more efficient market.

Foreign companies are increasingly expanding their investments and operations in China. Latest data shows that from January to March this year, 12,603 new foreign-invested enterprises were established nationwide, a year-on-year increase of 4.3 percent; the actual amount of foreign capital used was 269.23 billion yuan (around 37 billion U.S. dollars). Actual investment in China from the EU grew by 11.7 percent, while actual investment from Britain grew by 60.5 percent.

The vigorous Chinese economy is one of the major drivers of the world's growth. China has contributed at least 30 percent to the world's economic growth in the past decade and this contribution is here to stay. Reliable partnership is always better than estrangement and containment.

Editor's note: The author is an international affairs observer.

The views expressed in this article are those of the author and do not necessarily reflect the positions of Xinhua News Agency.■