Ambassador Xie Feng elaborates on China's high-quality development

On March 13, 2024, Ambassador Xie Feng was invited to deliver a speech at the US’ session of the “Opportunities in China” Global Media Dialogue. Noting the theme of the dialogue, Ambassador Xie talked about the bright future of the Chinese economy and underscored that confidence is more important than gold and cooperation makes a better future.

Ambassador Xie said that the “two sessions” have come to a successful conclusion in Beijing. This “spring meeting” of the 5,000-plus deputies and representatives, including himself, epitomizes China’s vigorous efforts for high-quality development. A China in its own path of modernization has a lot to offer to this world.

Xie pointed out that the Chinese economy is rebounding, providing a stronger underpinning for investing in China. Last year, with a 5.2% GDP expansion, China contributed to one third of global growth. It now stands proudly as the world’s second largest consumer market and the biggest auto exporter. The Chinese economy has its strengths in its market size, sound infrastructure, complete industrial system and vast human resources. Its potential comes from the new quality productive forces, a new-type of urbanization, upgraded consumption structure and its transformation toward green and low-carbon development. The Chinese people are confident in growing the GDP by around 5% this year. China’s development has its best days lying ahead.

Xie said that the Chinese market is one-of-a-kind, nurturing a stronger momentum of investing in China. The recent Spring Festival saw a record high of travels and box office revenue. China’s middle-income population has reached 400 million, and the number is still growing by tens of millions annually. The huge, vibrant Chinese market is open to companies of all countries. The Chinese government has further shortened the negative list, and lifted all restrictions on foreign investment access in the manufacturing sector. Foreign investors can expect broader market access in telecommunications, health care and other service sectors. International visitors will soon find making payment more convenient. In a word, China is building up a market-oriented, law-based and world-class business environment. 

Xie stressed that the opportunities that China brings should not be missed; investing in China has even broader prospects. China remains a popular destination for global investment. Last year, the number of foreign-invested companies in China increased by 39.7%. Paid-in investment from France, the UK and the Netherlands grew by 84.1%, 81% and 31.5% respectively. Using a microscope to examine the Chinese economy doesn’t solve one's own challenges. Viewing e-vehicles as “iphone(s) on wheels” or describing cargo cranes as “trojan horses” only gets one into a never-ending cycle — overstretching national security leads to excessive anxiety. If “de-risking” is all about China, it means lost opportunities and lose-lose outcomes. After all, with over 70,000 American companies investing in China and the two economies so closely connected, a forced “de-coupling” can be too expensive.

Xie said that the successful summit meeting between President Xi Jinping and President Joe Biden last November has stabilized the bilateral relationship and set forth the San Francisco vision. The two Presidents recently exchanged letters of congratulations in this 45th anniversary year of China-U.S. diplomatic ties. They both underscored continuing the efforts to stabilize and grow this relationship. China is ready to work with the US side to garner stronger momentum for cooperation and build a breakwater to protect bilateral relations. The two sides, guided by the principles of mutual respect, peaceful co-existence and win-win cooperation, should work together to turn the San Franscisco vision into reality and promote stable, sound and sustainable development of China-U.S. relations. 

The Dialogue was hosted by CGTN America and CCTV UN Bureau. Vice Minister of the Publicity Department of the CPC Central Committee and President of China Media Group Shen Haixiong, former US Ambassador to China Max Baucus, Consul General of China in Chicago Zhao Jian also gave remarks. Representatives from various social sectors in the US attended the event, including former Governor of Kansas Jeff Colyer, former Mayor of Chicago Lori Lightfoot, former deputy Mayor of Chicago Samir Mayekar, President of Illinois Institute of Technology Raj Echambadi.