Towards development and progress: Building economic partnerships for a common future

The world today is undergoing profound changes, marked by rapid globalization and regional integration. Countries are becoming more interdependent, with their interests more closely intertwined. Pursuing peace, development, and cooperation has become the dominant trend. Yet, the world is far from stable. The question now is how we can collectively confront these challenges while safeguarding world peace and promoting common development.

China’s economic resilience is evident, bolstered by the vast market potential of its 1.4 billion people and supported by robust governmental policies focusing on high-quality development. The country's approach to shared development is transforming economies worldwide, fostering closer ties between countries, and promoting a vision of common prosperity.

China’s experience in reform and opening up has not only benefited its people but also significantly contributed to global economic growth. China’s model of economic openness is built on mutual benefit and complementarity. China has consistently managed trade frictions, improved market access, and optimized its trade structures in adherence to international trade rules. This comprehensive opening-up is the foundation of China’s vision of building a global community of a shared future where every nation benefits from development.

The “Belt and Road Initiative” (BRI) and Global Connectivity

China’s BRI is a cornerstone of its global economic outreach. BRI promotes policy, infrastructure, trade, financial, and people-to-people connectivity across the globe. From 2013 to 2022, the cumulative value of trade between China and BRI countries reached a staggering $19.1 trillion, growing at an annual rate of 6.4%. This infrastructure-driven approach has deepened economic ties, increased investment flows, and created new trade opportunities, particularly for developing economies.

China has further strengthened these efforts by establishing the Silk Road Fund (SRF) and the Asian Infrastructure Investment Bank (AIIB), both of which play vital roles in funding BRI projects encompassing transportation, energy, public health, and digital infrastructure, contributing to global economic connectivity.

China’s BRI also aims to foster cooperation in emerging fields such as green development, digital economy, and technological innovation. These efforts are essential to addressing pressing global issues like climate change, food security, and public health challenges. One of the most striking aspects of China’s international approach is its emphasis on bottom-up development financing. In response, China has promoted regional and national development initiatives that prioritize local input and cooperation. The country’s commitment to fostering a more integrated global economy is evident in its support for cross-border trade, investment, and tax reform.

China continues to promote global trade through platforms like the China International Import Expo (CIIE), the world’s first national-level import-themed expo. Over five years, CIIE has facilitated business transactions worth nearly $350 billion, making it a key platform for international procurement, cultural exchanges, and investment promotion. Alongside CIIE, events like the Canton Fair, the China-ASEAN Expo, and the China-Eurasia Expo are instrumental in boosting international trade and cooperation. These platforms have expanded China’s influence in global trade, fostering closer ties with countries across Asia, Africa, and Europe.

South-South Cooperation

China’s focus on South-South cooperation is another cornerstone of its international strategy. China’s win-win approach to global trade has attracted widespread support from developing nations, who see China as a partner that respects their sovereignty while promoting mutual growth. China’s contributions to the development of the Global South are vast. From infrastructure investment to education and healthcare, China has played a pivotal role in supporting modernization efforts in countries across Asia, Africa, and Latin America. The country’s adherence to the Five Principles of Peaceful Coexistence also underscores its commitment to promoting sustainable growth and stability in the Global South.

China is laying the groundwork for a more inclusive and prosperous future by continuing to promote economic partnerships and build stronger networks. Whether through investing in infrastructure, fostering industrial cooperation, or supporting technological advancements, China’s efforts are aimed at creating a global community where every country can share the benefits of development.

Contributed by Mr. Khalid Taimur Akram, Executive Director, Pakistan Research Center for a Community with Shared Future (PRCCSF), Islamaba