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Asia-Pacific sees bright prospects for economic growth

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By Yang Yi, People’s Daily

The economic growth of the Asia-Pacific region is expected to reach 4.6 percent this year, up from 3.9 percent in 2022, according to the Regional Economic Outlook for Asia and Pacific recently released by the International Monetary Fund (IMF).
The report said that “economic activity in Asia and the Pacific remains on track to contribute about two-thirds of global growth in 2023.”
In a recent Asian Development Outlook report, the Asian Development Bank (ADB) forecasted that the region’s developing economies will grow 4.7 percent this year.
Against the backdrop of a sluggish recovery of the world economy this year, the Asia-Pacific region has shown resilience and vitality, with continuous progress made in regional cooperation.
The Asia-Pacific region accounts for one-third of the world’s population, over 60 percent of the world’s economy, and nearly half of global trade. Experts said that the Asia-Pacific region boasts rich production factors, a huge market size, diverse resources, and strong economic complementarity.
Currently, market demand in the region is gradually recovering, the tourism industry is rebounding rapidly, and consumption is showing resilience. Inflationary pressures in some countries in the region are decreasing.
The Pacific Asia Travel Association recently estimated that by the end of 2023, the number of international tourists visiting the Asia-Pacific region is expected to exceed 516 million, reaching approximately 76 percent of the pre-pandemic level in 2019. By 2024 and 2025, the number is projected to increase to 107 percent and 116 percent of the pre-pandemic level, respectively.
The Asia-Pacific region is a pioneer and a demonstration area for promoting digitalization and developing the digital economy. According to a recent forecast by International Data Corporation (IDC), the digital economy is expected to contribute 65 percent of the overall economic output of the Asia-Pacific region in 2023, and businesses in the region are anticipated to generate 43 percent of their revenues from the digital economy chain.
Experts believe that digitalization is reshaping the Asia-Pacific economy, and the region is facing opportunities for digital transformation.
In addition, the IMF predicted that inflation for most Asia-Pacific economies would fall within central bank targets by the end of 2024, earlier than the rest of the world.
In June this year, the Regional Comprehensive Economic Partnership (RCEP) agreement came into effect for all its 15 members, entering a new phase of comprehensive implementation. According to the agreement, over 90 percent of trade in goods within the region will eventually be tariff-free.
This will make trade relations smoother and closer among member countries, further promote trade and investment liberalization and facilitation in the Asia-Pacific region, and enhance the region’s intrinsic momentum for economic growth.
With the signing of the RCEP, the dividends are gradually released. As the construction of the China-ASEAN Free Trade Area advances, the industrial and supply chain cooperation between the two sides, based on complementary advantages, has continuously been strengthened.
Bilateral trade volume between China and ASEAN reached over $970 billion last year, and they have been each other’s largest trading partners for three consecutive years.
The negotiations on Version 3.0 China-ASEAN Free Trade Area were launched earlier this year, which would further reduce tariff and non-tariff barriers and promote regional economic integration.
Krishna Srinivasan, director of the IMF’s Asia and Pacific Department, noted that implementing the RCEP has bolstered economic diversity across the region, integrating more economies and deepening cooperation among regional trading partners. In the long run, the agreement is expected to create a more attractive investment environment and boost regional economic growth.
As one of the most important economies in the Asia-Pacific region, China has enormous potential for economic growth and has made significant contributions to promoting regional economic growth.
According to the ADB’s Asian Economic Integration Report 2023, China’s contribution to economic growth in the Asia-Pacific region reached 64.2 percent. The country also contributed to 37.6 percent of the region’s growth in goods trade and 44.6 percent in services trade.
According to statistics, China’s GDP exceeded 91.3 trillion yuan ($12.54 trillion) in the first three quarters of 2023, growing 5.2 percent year-on-year. China’s imports and exports with other Belt and Road countries increased by 3.1 percent from the same period last year, accounting for 46.5 percent of its total trade volume.
“The accelerated recovery of the Chinese economy has greatly improved the overall liquidity and consumption performance in the Asia-Pacific region,” said Srinivasan. Recent economic indicators showed that both the manufacturing and service sectors of China have entered a path of recovery, a significant sign of China’s economic rebound, Srinivasan added.
Aksornsri Phanishsarn, adviser to the Foreign Affairs Committee of the Thai Senate and associate professor of the Faculty of Economics at Thammasat University, said that China’s economy boasts numerous promising areas, with rapidly emerging industries and innovative business models, all of which hold immense growth potential. This dynamic landscape serves as a powerful catalyst for economic growth in the Asia-Pacific region, she added.
World Bank Vice President Manuela Ferro said that the growth of the Asia-Pacific region, particularly China’s economy, has exceeded expectations. The broad recovery of the Asia-Pacific and global economy this year can largely be attributed to the driving force of China’s economy. She believed the region is expected to see a recovery in exports and other related trade in 2024

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China’s new chapter in global innovation

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By Gu Yekai, Liu Yiqing, People’s Daily

At a smart construction project site managed by China State Construction Engineering Corporation, a quiet technological revolution is underway. Amid cranes and concrete, engineers are deploying advanced artificial intelligence (AI) systems that could fundamentally reshape the construction industry.

Li Fengjian, an AI specialistwith Xianyuan Technology, detailed how the company’s latest intelligent system – built on a large model – adapts to complex construction environments.”Engineering machinery equipped with intelligent agents can adjust its operations automatically in response to weather conditions,” Li explained, adding that a spatiotemporal sensing network further enhances the system, providing real-time tracking of both personnel and materials throughout the construction site.

In February this year, Xianyuan Technology rapidly integrated its self-developed model with DeepSeek-R1, effectively blending a general-purpose framework with industry-specific models. This integration, Li noted, has produced a solution capable of delivering expert-level performance in challenging, dynamic environments. The firm is based in the Shanghai Foundation Model Innovation Center, aburgeoning AI incubator that now hosts over 200 innovative enterprises.

China’s technological transformation extends well beyond the construction sector. Overthe past three decades, the country has evolved from its initial forays into internet connectivity to becoming a key player in global digital innovation.

Here, a steady stream of technological innovations are emerging, from the early days of emails and web browsing to the cutting-edge technologies represented by DeepSeek and the dynamic evolution of social media.

Wu Jianping, an academician at the Chinese Academy of Engineering and headof the Zhongguancun Laboratory, pointed out that while China had introduced only one internet standard before 2005, it now contributes to over 200 worldwide. Such strides illustrate the country’s concerted push toward high-level technological self-reliance – a journey marked by both persistence and determination.

Beyond the digital realm, China is makingsignificant inroads in aerospace, new energy, and other high-tech sectors. It has transitioned from being a follower to standing shoulder-to-shoulder with global leaders, and in some areas, even taking the lead. Wu attributed these achievements to a dynamic ecosystem of policy reforms and talent cultivation that encourages creativity and technical expertise at every level.

Amid intensifying international competition, collaborative research and the integration of new technologies with traditional industries are central to China’s high-quality economic development.

Mei Linhai, a researcher at China’s State Key Laboratory of Cognitive Intelligence, remarked that the age of AI calls for continuous exploration. “In this era, everyone is an innovator. Only by persistently pushing the boundaries can we remain at the forefront of both technological and industrial development,” Mei observed.

In the field of general-purpose AI, Mei emphasized that independent innovation is paramount. He advocates for a self-driven industrial ecosystem that leveragesbreakthrough technologies to boost productivity and unlock new possibilities, Mei said.

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Chinese democracy in action:a village bench meeting shapes national law

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By Wei Zhezhe, Liu Botong, People’s Daily

In a modest corner of Jiangmen, south China’s Guangdong province, residents of Weidong village are experiencing firsthand a form of democracy that starts at the grassroots level and reverberates all the way to Beijing.

Wu Tengxin, a local villager who relies on a scooter for daily mobility after contracting polio, recalls a time when the village’s public spaces were ill-equipped for people with disabilities. Now, thanks to a simple suggestion made during a meeting, his everyday life has changed.

In November 2022, a team from a local legislative outreach office – a branch of China’sNational People’s Congress (NPC) – visited Weidong village and set up a “bench-style meeting.” Residents, including the elderly and those with disabilities, gathered to voice their concerns about inadequate accessibility.

Amid the conversation, Wu offered a straightforward proposal: “I hope rural accessible facilities can be improved to make mobility easier for people with disabilities and the elderly.” His words were relayed verbatim to lawmakers.

The response was swift. On June 28, 2023, at the third session of the 14th NPC Standing Committee, legislators passed a law on building a barrier-free living environment. The law stipulates that improvements”shall align with social and economic development levels, coordinate urban and rural progress, and gradually narrow the gap in infrastructure between urban and rural areas.”

Today, Wu observes that the village’s main roads and public squares have been upgraded with accessibility features that make getting around considerably easier.

This episode illustrates what Chinese officials call “whole-process people’s democracy” – a system where citizen input is woven into every stage of policy development.

Jilie Ziri, head of Abuluoha village in Butuo county, southwest China’s Sichuan province, remarked that for young generations in China, democracy has become a lived experience. “Villagers are the masters of village affairs,” he said, emphasizing how active villager participation has injected new vitality into local governance.

Experts point to consultative democracy as a cornerstone of this process. Tao Kaiyuan, vice chairman of the Central Committee of the China Association for Promoting Democracy and vice president of the Supreme People’s Court, underscores the important role of the Chinese People’s Political Consultative Conference, whose members hail from every stratum of society and bring a wealth of expertise and connections.

Their regular forums, field research, and public consultations have created robust channels for citizens to contribute ideas and forge consensus.”This approach gathers collective wisdom and transforms public voices into policy,” Tao said.

Another crucial manifestation is the effectiveness of China’s political party system. Under the leadership of the Communist Party of China, Chinese democratic parties actively fulfill their duties, offering recommendations that often translate into concrete policy decisions. This integrated approach demonstrates the unique strengths of China’s political system and the advantages of whole-process people’s democracy.

Tao emphasized that whole-process people’s democracyhas evolved into an efficient and dynamic democratic practice – one that not only reflects the essence of socialist democracy but also presents a pioneering model of political civilization, contributing Chinese wisdom and solutions to global governance and democratic development.

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Chinese modernization: blueprint for global progress

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By He Yin, People’s Daily

At China’s recent annual “two sessions,” Chinese modernization once again captured global attention. International observers are closely following a range of new measures designed not only to accelerate Chinese domestic transformation but also to unlock fresh opportunities for global development.

They believe that Chinese modernization, built on a foundation of openness and cooperation, will continue to yield global benefits with each new milestone.

Today, China stands as a formidable force in the global economy – accounting for around 18 percent of the global economy and nearly 30 percent of world manufacturing output. Year after year, the nation has contributed about 30 percent to global economic growth. With import and export records with almost all countries and regions designated in the United Nations Statistics Division, the country is a major trading partner for more than 150 countries and regions. In 2024, its exports to over 160 countries and regions saw growth.

Often hailed as the “world’s largest developing country,”the “second-largest economy,””world’s factory,””global market,” and “innovation powerhouse,” China is increasingly viewed as a beacon of stability and progress.

In recent years, high-profile events such as the seventh China International Import Expo – where intended deals exceeded $80 billion – and the establishment of over 1.239 million foreign-invested enterprises have reinforced the nation’s reputation as a vast, dynamic market.

Meanwhile, policies encouraging Chinese companies to “go global” have seen a steady stream of new technologies, goods, and services permeate international markets, knitting the country ever tighter into global value chains and bolstering its commitment to win-win cooperation.

The influence of Chinese modernization is evident far beyond its borders. In the Central African Republic, President Faustin-Archange Touadera has repeatedly screened China’s political documentary Carry the Reform Through to the End for cabinet discussions, while officialsin Uzbekistan are adapting China’s poverty-reduction experience to suit their national context. These moves challenge the assumption that modernization must follow Western models, suggesting that China’s alternative pathway offers a viable route to development.

Beyond economic growth, Chinese modernization is increasingly celebrated for its potential to foster win-win cooperation and shared prosperity.

Under the Belt and Road Initiative (BRI), for example, Kazakhstan secured its first maritime access and Laos launched its first modern railway. Support from the Global Development and South-South Cooperation Fund has propelled over 160 projects, benefiting more than 30 million people. Moreover, China has given all the least developed countries with which it has diplomatic relations zero-tariff treatment for 100 percent tariff lines, signaling its commitment to an open and inclusive global economy.

China’s modernization agenda also tackles global challenges head on. In response to global environmental risks, China advocates for building a community of all life on the Earth. To bridge the digital and AI divide, it has launched the AI Capacity-Building Action Plan for Good and for All to ensure that technological advancements benefit every corner of the globe.

On the security front, China continues to promote dialogue and reconciliation in conflict zones while engaging in multilateral security collaborations, reinforcing its reputation as a nation committed to peace and stability.

By proposing initiatives such as the Global Development Initiative, the Global Security Initiative, and the Global Civilizations Initiative, China is not just charting its own course toward modernization but championing an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization – one that seeks to ensure that no nation is left behind on the path to prosperity.

The global appeal of Chinese modernization is far from accidental. Decades of reform and opening up have accelerated its development while enabling the country to contribute to global governance. On the international stage, it has taken on a leadership role – actively shaping global norms, building a community with a shared future for mankind, and advancing world peace and development. By sharing its successful experiences and technological advancements, the country seeks to help other developing countries chart their own courses toward progress.

With over 1.4 billion people engaged in this modernization journey – a number that surpasses the total population of all developed countries combined – China’s approach is redefining the global modernization landscape. For China, modernization is not solely a national endeavor but a blueprint for global progress – a vision that promises a more inclusive future for all.

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