Xinhua Commentary: Resilience of Chinese economy anchors global stability

BEIJING, Aug. 5 (Xinhua) -- Amid escalating global uncertainties fueled by rising unilateralism, protectionism and geopolitical tensions, China's commitment to stable policymaking and consistent long-term planning stands as a vital asset for the stability of the global economy.

This stable and promising policy environment was reaffirmed at the meeting of the Political Bureau of the Communist Party of China Central Committee last week, which set the tone for the country's economic policy approach in the second half of the year.

According to the meeting, macro policies should be intensified in a sustained and timely manner. It urged rigorous implementation of a more proactive fiscal policy and a moderately loose monetary policy to strengthen their effectiveness.

The important arrangements of the meeting indicate that China has ample room for macro policies and a robust policy toolkit. As the Central Economic Work Conference emphasized last December, the policy toolkit should be enriched and improved, and macro regulation should be more forward-looking, targeted and effective. These are essential for sustaining economic growth and driving high-quality development.

China's economy grew by 5.3 percent in the first half of this year. The Political Bureau meeting on July 30 called for striving to accomplish the annual economic and social development targets and tasks for this year, successfully completing the 14th Five-Year Plan (2021-2025), and doing a good job in formulating the 15th Five-Year Plan (2026-2030).

China's five-year plan, starting as early as the 1950s, is not only about economic planning, but also a strategic tool for managing expectations. Faced with external uncertainties, China responds from within, preventing unchecked fluctuations and proactively shaping economic order.

As the world's second-largest economy that contributes about 30 percent of global economic growth, China stands as a beacon of stability in the ever-shifting tides of the global economy. Its long-term planning anchors steady confidence in uncertain times.

The greater the difficulties and challenges, the more imperative it becomes to seek momentum from reform. Reforms in key sectors, such as building a unified national market, will further smooth the circulation of the national economy, improve the efficiency of resource allocation, and strengthen the internal driving force for China's economic development.

The messages conveyed by the meeting signal opportunities for those seeking to grow alongside China.

The meeting called for effective promotion of the dual circulation strategy, integrating domestic and international markets. It also emphasized the need to unlock the full potential of domestic demand by encouraging goods consumption and fostering new growth drivers in services consumption. Expanding high-standard opening-up was also highlighted as critical to keeping the fundamentals of foreign trade and investment stable.

In the first half of this year, final consumption expenditure contributed 52 percent to China's economic growth, further highlighting the role of consumption as the "main engine."

The continuous consumption upgrades among China's 1.4 billion people will create more opportunities for global producers and investors. The recent opening of LEGOLAND Shanghai Resort showcased the country's consumption shift and growth potential. Small and medium-sized enterprises within China and from the Association of Southeast Asian Nations are delivering tropical fruits to Chinese households through local e-commerce platforms.

Data from China's Ministry of Commerce paints a broader picture. China has held its position as the world's second-largest importer for 16 consecutive years and serves as the major export destination for nearly 80 countries and regions.

In the face of trade protectionism and zero-sum thinking, China's economic policy prioritizes openness and cooperation. Its development trajectory will be driven by new quality productive forces. Green and low-carbon transformation, the digital economy, and the artificial intelligence industry will open wider avenues for cooperation.

The Chinese economy, riding powerful waves of change, offers abundant opportunities to the world. Those who come well-prepared and truly understand the core of value creation will seize these opportunities and turn potential into lasting success. ■