Editor's note: Xue Tianhang is an Associate Researcher at the Institute for National Strategy and Regional Development, Zhejiang University. The article reflects the author's opinions and not necessarily the views of CGTN. It has been translated from Chinese and edited for brevity and clarity.

As an inevitable outcome of scientific and technological progress and an objective requirement for advancing productive forces, economic globalization is an essential path for the development of human society. Today, the world is undergoing global changes of a magnitude not seen in a century, with sci-tech revolutions and industrial transformations evolving with each passing day. While welcoming new opportunities, human society is also facing unprecedented challenges. To address the pressing issues confronting human development, the global community needs international cooperation, openness, and sharing more than ever.

Process of China's reform and opening up attracts worldwide attention

China has consistently regarded opening-up as a defining banner of national development. Through opening up, the country has not only achieved remarkable development but also shared its development opportunities with the world, benefiting people across the globe.

Since the launch of reform and opening up in 1978, China has pursued development with open doors, actively integrated into the global economy, and continuously sought international cooperation opportunities.

In 1980, China restored its legitimate seats in two key UN agencies, the International Monetary Fund and the World Bank, marking a major step toward integration with the world economy.

In 1991, China officially joined the Asia-Pacific Economic Cooperation, aligning its development closely with regional growth and contributing Chinese wisdom and strength to the prosperity of the Asia-Pacific region.

In 2001, after multiple rounds of arduous negotiations, China acceded to the World Trade Organization (WTO), signifying its full integration into the global trading system. Over the past 24 years, China has comprehensively fulfilled its WTO commitments, reducing its overall tariff level from 15.3 percent to 7.3 percent.

Supachai Panitchpakdi, former Director-General of WTO, once praised China's accession commitments for being among the deepest and broadest of all members, not only easing market access for goods and services but also achieving a higher-standard opening up in certain areas.

Throughout its opening-up process, China has remained both an active advocate and a staunch practitioner of multilateralism, emphasizing the resolution of differences through dialogue and consultation.

SCO successfully charts a path for regional cooperation and prosperity

In 2001, together with Russia and other countries, China co-founded the Shanghai Cooperation Organization (SCO). Since its establishment, the SCO has abided by the Shanghai Spirit featuring mutual trust, mutual benefit, equality, consultation, respect for diversity of civilizations, and pursuit of common development. Over the past 24 years, it has grown into a regional organization that covers the largest area and population in the world. The SCO has successfully charted a path of regional cooperation that reflects the spirit of the times and meets the needs of all parties, setting an example of a new type of international relations.

According to the latest data from China's Ministry of Commerce, China's trade with other SCO member states stood at around $512.4 billion in 2024, while its total investment stock in other SCO member states had exceeded $84 billion, covering sectors such as processing and manufacturing, infrastructure construction, and green development. These investments have provided a powerful impetus for the growth of member states. Within multilateral frameworks, China also initiated the establishment of institutions such as the BRICS New Development Bank and the Asian Infrastructure Investment Bank, significantly advancing infrastructure construction and economic growth in relevant countries.

China commits to sharing the dividends and opportunities of its development with the world

As China advances its opening up, an ever-growing number of countries and regions are sharing the dividends of its development. Currently, China is the largest trading partner for more than 150 countries and regions. Data from the National Bureau of Statistics shows that from 1979 to 2023, China's economic growth averaged 8.9 percent annually, and its average annual contribution to world economic growth was 24.8%, ranking first in the world. In 2023, China's GDP reached 17.8 trillion dollars, accounting for 16.9 percent of the world's total and solidifying its position as the world's second-largest economy.

Today, unilateralism and trade protectionism are on the rise globally, with some developed countries imposing sweeping tariffs that pose daunting challenges to economic globalization. Despite the rising specter of unilateralism and trade protectionism, China remains steadfast in opening its door wider.

Looking ahead, China will continue to participate actively in international organizations and cooperation mechanisms, share its development opportunities with countries worldwide, and drive economic globalization to become more inclusive, universally beneficial, and balanced.

By Xue Tianhang

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