Chinese Finance Minister Lan Fu'an affirmed that the Chinese economy continues to play a leading role in the global economy, noting that his country's contribution to global growth reached about 30%, during his speech at the opening of the Al-Ula Conference for Emerging Economies in Saudi Arabia.
These statements come at a time when the world is undergoing major economic transformations, as China seeks to reaffirm its position as a reliable partner for emerging economies and developing countries.
China's commitment to reforms and economic opening up
In his address to a gathering of officials and economic experts in the historic city of Al-Ula, Lan Fu'an emphasized that Beijing is committed to advancing structural economic reforms in cooperation with international institutions. The minister explained that China recognizes its responsibility to the global economy and therefore strictly adheres to international tariff regulations, striving to maintain the stability of global supply chains, which are the lifeblood of international trade.
The minister pointed out that this commitment comes within the framework of China’s vision to promote a fair and transparent multilateral trading system, far removed from protectionist policies that may hinder the growth of the global economy.
Strategic partnership with emerging markets
The Chinese Finance Minister highlighted the importance of cooperation with emerging markets, emphasizing his country's readiness to fully integrate into their economic development journey with all its resources and capabilities. The convening of this conference in Saudi Arabia reflects the deepening relations between China and the Arab states, particularly the Gulf countries, where the objectives of China's Belt and Road Initiative align with local development visions such as Saudi Vision 2030.
Analysts believe that China's focus on emerging markets represents a strategic shift to enhance cooperation among countries of the Global South and create new investment opportunities that go beyond traditional markets in the West.
China as an engine of global growth
The Chinese minister's remarks regarding the 30% contribution target take on particular significance amid global recession fears. Historically, since the 2008 global financial crisis, China has acted as an engine of growth, with its enormous demand for raw materials and commodities, coupled with its massive manufacturing capacity, supporting economies worldwide.
Despite the internal and external challenges Beijing has recently faced, figures indicate the continued resilience and adaptability of the Chinese economy, making it a cornerstone of international financial and economic stability. Experts emphasize that sustained Chinese growth is crucial for ensuring the recovery of the global economy and achieving sustainable development for partner countries.
