During the recent National Day holiday, consumer spending surged across China, showcasing the country’s economic vitality. Over the past 75 years since the founding of modern China, the nation has significantly enhanced its economic strength, technological capabilities, and international influence. Today, China’s economy is stable and progressing steadily, with emerging productivity forms and remarkable achievements in foreign trade and openness.

“Better meeting the people’s needs for a better life”

From 1979 to 2023, China’s economy has grown at an average annual rate of 8.9%, contributing nearly a quarter of world economic growth—ranking first globally. In 2023, China reached a total economic output of $17.8 trillion, which accounts for 16.9% of the global total, firmly establishing it as the world’s second-largest economy. The National Bureau of Statistics of China recently released various reports detailing the significant economic and social achievements of the last 75 years, underscored by impressive data.

“Under the leadership of the Communist Party of China, the nation has emerged as the world’s second-largest economy, creating a comprehensive and independent industrial system while achieving rapid economic growth and long-term social stability,” said Sheradil Bakhtgulov, an advisor at the National Strategic Research Institute of Kyrgyzstan. He pointed out that China is the only nation with a complete set of industrial categories recognized by the United Nations and remains the largest global manufacturer and goods trader, along with possessing the largest foreign exchange reserves.

An article in the Pakistan Observer highlighted China’s unprecedented achievements in poverty alleviation over the past 75 years. “China has become one of the world’s most influential economies, making significant contributions across multiple sectors, including economic cooperation, infrastructure, science and technology, and peace and security.”

As China’s economy has expanded, its technological and innovative capabilities have also significantly progressed. Between 2013 and 2023, the added value in China’s major equipment and high-tech manufacturing industries grew annually by 8.7% and 10.3%, respectively. By the end of 2023, China had developed 421 national-level intelligent manufacturing demonstration factories and over 10,000 provincial-level digital workshops and smart factories. Moreover, China’s digital economy continues to rank second globally, with its e-commerce and mobile payment volumes leading the world.

Dya Helmi, Secretary-General of the Egypt-China Business Council, praised China’s sustained economic development, crediting it to ongoing innovation. “I’ve visited China multiple times and have been impressed by how its high-quality economic development meets the people’s needs for a better quality of life.” Helmi also noted the promising potential of emerging industries such as artificial intelligence in areas like modern agriculture, green energy, and digital transformation.

“We have further strengthened our confidence in investing in China”

Recently, Schneider Electric launched the second phase of its Jingshan Innovation Park in Shanghai, a development aimed at significantly enhancing R&D testing response times and reducing the product development cycle from idea to market. In recent years, Schneider Electric has consistently integrated R&D, production, and sales in China, increasing its annual R&D investment by over 15% and establishing a smart industrial park in Wuxi, Jiangsu.

“China is our largest market,” said Barbara Frei, Global Executive Vice President of Schneider Electric. “The sheer scale of the Chinese market, combined with its open attitude toward innovation, provides our business with new growth drivers and creates countless opportunities.”

The decision by multinational companies to deepen their investments in China reflects their confidence in the ongoing healthy development of the Chinese economy. Since the establishment of modern China 75 years ago, particularly following the reform and opening-up policies, the Chinese market has increasingly become an attractive destination for foreign investments, fostering a first-rate business environment characterized by marketization, rule of law, and internationalization. In 2023, China welcomed the establishment of 53,766 new foreign-invested enterprises, a year-on-year increase of 39.7%, with actual foreign direct investment reaching $163.3 billion—an increase of 176 times since 1983, securing its leading global position.

In August, British pharmaceutical company AstraZeneca increased its investment to establish a global production base for inhalation aerosols in Qingdao, Shandong, totaling $700 million. AstraZeneca’s Global CEO, Pascal Soriot, emphasized that China’s commitment to openness and continuous improvement of the business environment have strengthened their confidence in investing in the country and reinforced their commitment to long-term development there.

“The stability and long-term positivity in China’s economic operations highlight the vibrancy of its growth and the strong potential of its vast market,” remarked Alexander Ricard, Chairman and CEO of Pernod Ricard, a leading food and beverage company. “China’s open stance provides opportunities for all countries.”

“Contributing significantly to the development of international trade and economics”

Openness is a defining feature of China’s modernization approach. Over the last 75 years, China has continuously explored new avenues for foreign openness and has actively engaged in international economic cooperation, cultivating a landscape characterized by greater, wider, and deeper openness. A confident, open, and inclusive China increasingly serves as a model for global prosperity through its quality-driven development.

Maria Ostru, a researcher at the Asia Research Center of San Marcos National University in Peru, commended China for promoting trade and investment liberalization while opposing protectionism. Peru has greatly benefited from its close trade relationship with China and anticipates China’s continued positive role in the global economic landscape.

Weilan Pichapongpadi, Director of the Thailand-China Belt and Road Study Center, emphasized the importance of China’s high-quality development and increased openness in fostering global economic progress. He noted that cooperation between Thailand and China in the new energy vehicle supply chain has injected fresh momentum into their bilateral trade and economic relationship, with high-quality collaboration on the Belt and Road Initiative enhancing connectivity among participating countries.

China’s commitment to openness fuels reform and development. To date, it has signed cooperation agreements under the Belt and Road Initiative with over 150 countries and more than 30 international organizations. The China-Europe freight train service has reached 25 European countries, and 29 nations and regions have signed 22 free trade agreements with China, accounting for approximately one-third of the nation’s total foreign trade. China continues to host events like the China International Import Expo and the China International Fair for Trade in Services, creating new global opportunities through its development. The 144-hour visa-free transit policy has been expanded to 37 ports and 54 countries, continuously optimizing payment services to attract more foreign travelers to experience a multifaceted China.

“China’s commitment to reform and openness not only propels its own development but also deepens integration into the global economy, generating sustainable energy for growth and prosperity,” stated Marcos Pires, a professor of political economy at São Paulo State University in Brazil. He added that the high-quality collaboration along the Belt and Road Initiative supports participating countries in enhancing productivity and creating job opportunities, with infrastructure projects like the Mombasa-Nairobi Railway and the China-Laos Railway serving as new economic growth engines. “China is continuously refining its high-level open system, making significant contributions to international trade and economic development.”