Reforming in the face of challenges: China's strategy for growth

As China navigates an era of profound global uncertainties, the Chinese Embassy in the United Kingdom has provided insights into the country's evolving economic landscape and foreign relations based on the recently concluded third plenum in Beijing.

In a recent discussion, Bi Haibo, Minister Counsellor, highlighted how China plans to sustain its reform momentum, foster international collaboration, and address global challenges.

China's economic trajectory and opening-up

Beijing has set its GDP growth target at approximately 5 percent for 2024 despite global uncertainties, including ongoing conflicts in Europe and the Middle East and trade tensions with the U.S. and the European Union.

Bi argues that Western rhetoric often critiques China's economic policies and performance by citing the scale of foreign investment in China and the number of newly established foreign-funded enterprises this year.

"In the first half of this year, China established 26,870 new foreign-invested enterprises, a year-on-year increase of 14.2 percent," said Bi. "The scale of foreign investment attracted nearly 500 billion RMB [$68.73 billion], reaching a high level in the past decade, with the proportion of actual use of foreign investment in high-tech manufacturing continuously increasing, indicating China's strong appeal to foreign investment."

The recently concluded third plenary session outlined more than 300 reform measures designed to enhance China's governance system and foster societal innovation.

Bi noted that these reforms are not merely policy adjustments but are aimed at setting China on a path toward advanced modernization and a more robust economic structure.

Navigating global challenges 

The onset of the U.S.-China trade war came in July 2018 when the United States imposed a 25 percent tariff on $34 billion worth of Chinese goods.

The legacy of the dispute continues to influence U.S.-China relations and global economic dynamics. Six years after, the European Union followed suit, imposing additional tariffs on China-made electric vehicles starting in July.

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Bi stated that China remains committed to fostering technological innovation and sustainable development by supporting over 140,000 small- and medium-sized enterprises specializing in novel and unique products.

"In recent years, China has developed several competitive industries, such as high-end equipment, new energy vehicles, and photovoltaics. Emerging industries like new-generation information technology, new materials, the low-altitude economy, and new types of energy storage are also thriving," added Bi.

China-UK Relations: A path forward

In the early 2010s, the China-UK relationship entered what was widely celebrated as a "Golden Era." This phase, marked by burgeoning economic partnerships and high-level diplomatic engagement, saw both countries invest in each other's economies, with the UK serving as a major gateway for Chinese investment in Europe.

The collaborative ethos gradually gave way to a more complex and cautious phase, with the UK's then Prime Minister Rishi Sunak declaring in 2022 that the so-called golden era of relations with China was over.

The newly elected Labour government has pledged to review and overhaul Britain's relations with China within 100 days of taking office.

"No matter how the political situation changes in the UK, China's policy towards the UK remains consistent and clear," said Bi. "China is willing to work with the new UK government based on principles of mutual respect, equality, mutual benefit, and non-interference in internal affairs, to promote the healthy and stable development of China-UK relations. This will benefit the people of both countries and contribute to global peace, stability, and prosperity."

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