BEIJING, Nov 27(ABC): Navigating a changing international environment in the past decade, China has remained a firm advocate of an open global economy, with proactive actions taken and across-the-board progress made in its opening-up endeavors.
At the 29th Asia-Pacific Economic Cooperation Economic Leaders’ Meeting, China reaffirmed its resolve to open up wider to a high standard, calling for efforts to actively expand opening-up and comprehensively upgrade regional economic cooperation.
Consistent opening-up endeavors, alongside steady economic growth over the past decade, have made China a sought-after destination for global investors.
In 2021, foreign direct investment in the Chinese mainland, in actual use, surpassed 1 trillion yuan (140.18 billion U.S. dollars) for the first time, up 62.9 percent from the 2012 level and ranking second globally.
Despite a global economic slowdown this year, foreign funds flowing to the country expanded 14.4 percent year on year to nearly 1.09 trillion yuan in the first 10 months.
Bai Ming, a researcher with the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, highlighted China’s stable economic performance, unwavering opening-up policy, optimized business environment and stronger protection of the legitimate rights and interests of foreign investors as key factors behind its strong appeal.
After crossing the 100-trillion-yuan threshold in 2020, China’s gross domestic product (GDP) further expanded to over 114 trillion yuan last year, contributing over 30 percent to world economic growth.
Back in 2012, its GDP stood at around 53.86 trillion yuan, accounting for about 11.5 percent of the global total.
Such robust growth has shored up trade expansion. China has now become a major trading partner for more than 140 countries and regions, with its trade in goods and services totaling 6.9 trillion U.S. dollars in 2021 and securing the top position globally for two consecutive years.