China's commitment to the world in key CPC blueprint bolsters global confidence

HIGH-QUALITY DEVELOPMENT

China will accelerate creating a new development pattern and pursue high-quality development, said Xi Jinping while delivering the report to the key CPC congress.

"We must fully and faithfully apply the new development philosophy on all fronts, continue reforms to develop the socialist market economy, promote high-standard opening up, and accelerate efforts to foster a new pattern of development that is focused on the domestic economy and features positive interplay between domestic and international economic flows," Xi said.

Quality has become a keyword in China's future development and this focus on quality will also bring greater benefits to China's trading and investment partners, said Oh Ei Sun, principal adviser for Malaysia's Pacific Research Center.

China's gross domestic product has come to account for 18.5 percent of the world economy, up 7.2 percentage points over the past 10 years. The world's second largest economy has become a major trading partner for over 140 countries and regions, leading the world in total volume of trade in goods.

The Malaysian expert said over past years, Southeast Asian countries have benefited from China's economic growth and its reform and opening up, including through the Belt and Road Initiative (BRI), an upgraded China-ASEAN Free Trade Area and the Regional Comprehensive Economic Partnership.

Participants walk outside the Nanning International Convention and Exhibition Center, the venue of the 19th China-ASEAN Expo and the China-ASEAN Business and Investment Summit, in Nanning, south China's Guangxi Zhuang Autonomous Region, Sept. 16, 2022. (Xinhua/Lu Boan)China's commitment to promoting high-standard opening up is very positive for the rest of the world, as countries are recovering from the COVID-19 recession, he said.

In recent years, China has continued widening market access and shortening the negative list for foreign investment. It has put into force laws and regulations, including the Foreign Investment Law, to protect foreign investors' legitimate rights and interests.

As a collaborative endeavor, the BRI has been welcomed by the international community both as a public good and a cooperation platform.

At a time when many developing countries are encountering development headwinds, China's high-quality development is needed more than ever, said Adhere Cavince, a Kenya-based international relations scholar.

While expressing his hope that China continues to be an "anchor of global economic stability," Cavince said China's endeavors will help many emerging markets overcome challenges in the current situation.