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China’s economic diplomacy pursues mutual benefit, win-win results
By Zhao Lei
China is the world’s second-largest economy, largest trader in goods and top recipient of foreign investment. The Chinese economy is deeply integrated with the global economy, and the country’s economic diplomacy has become an important part of major-country diplomacy with Chinese characteristics.
China’s economic diplomacy not only serves the development of China, but also safeguards the common interests of the international community. It pursues mutual benefit and win-win results.
“Opening up” is a keyword of China’s economic diplomacy. In the past more than 20 years after China’s accession into the WTO, China’s overall tariff level has dropped to below 7.4 percent from 15.3 percent, much lower than what the country promised when entering the organization.
Last year, China’s annual foreign trade value, seeing improvement in its scale, quality and efficiency, for the first time exceeded 40 trillion yuan (about $5.94 trillion). The country has maintained the world’s top trading nation in goods for six years in a row.
Amid mounting global protectionism, China has made important contributions to building an open world economy with concrete actions.
In the next step, the country will steadily expand institutional opening-up with regard to rules, regulations, management and standards, further widen market access, reasonably shorten the negative lists for foreign investment access, and improve the system of pre-establishment national treatment plus a negative list for foreign investment, so as to foster a market-oriented and world-class business environment governed by a sound legal framework.
China has worked to build a globally-oriented network of high-standard free trade areas and to promote the negotiation and conclusion of high-standard free trade agreements.
Since establishing the first pilot free trade zone (FTZ) in 2013, the country has so far set up 21 pilot FTZs and the Hainan Free Trade Port.
China will advance its free trade agreement strategy to effectively connect domestic and foreign markets and relevant resources, in terms of “expanding scope, improving quality and raising efficiency,” aiming to provide institutional support for its high-level opening-up and to serve the building of a new development paradigm.
The country has signed 19 free trade agreements with 26 countries and regions. The volume of trade between China and its free trade partners accounts for about 35 percent of the country’s total foreign trade.
China has made joint efforts with relevant parties on the full and high-quality implementation of the Regional Comprehensive Economic Partnership, so as to make the world’s biggest free trade agreement release more dividends.
At present, China is actively advancing its accession to high-standard economic and trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement, which fully demonstrates the confidence of China’s economic diplomacy.
China is also joining hands with relevant parties to advance high-quality Belt and Road cooperation.
So far, China has signed over 200 BRI cooperation documents with 151 countries and 32 international organizations. A large batch of flagship projects have been put into use or are under construction, such as China-Laos Railway, Piraeus Port, Mombasa-Nairobi Standard Gauge Railway, Addis Ababa–Djibouti Railway, Belgrade-Budapest Railway, China-Belarus Industrial Park and Jakarta-Bandung High-Speed Railway.
China is to consider holding the third Belt and Road Forum for International Cooperation this year, so as to inject new impetus into global development and prosperity.
China is actively pushing for closer international cooperation in development.
In 2021, the country proposed the Global Development Initiative (GDI). Aiming at building a global community of development, the GDI puts development first and the people at the center. It advances practical cooperation in key areas including poverty alleviation, food security, COVID-19 response and vaccines, development financing, climate change and green development, industrialization, digital economy and connectivity.
The GDI puts development high on the global macro policy agenda, strengthens policy coordination among major economies, and ensures policy continuity, consistency and sustainability. Besides, it fosters global development partnerships that are more equal and balanced, forges greater synergy among multilateral development cooperation processes, and speeds up the implementation of the UN 2030 Agenda for Sustainable Development.
More than 100 countries and many international organizations including the UN have voiced support for the initiative, and nearly 70 countries have joined the Group of Friends of the GDI.
China’s economic diplomacy always puts safeguarding the stable and smooth flow of global industrial and supply chains in a very important position and adheres to the right course of economic globalization. It strives to promote the liberalization and facilitation of trade and investment, advance bilateral, regional, and multilateral cooperation, and boost international macroeconomic policy coordination.
It will surely make greater contributions to fostering an international environment conducive to development and creating new drivers for global growth.
- … Endorses Solar Drive, Sets Sights on 2030 Energy Targets
- …Urges Journalists to Support, Not Sabotage Nigeria’s Clean Energy Transition
In a renewed push for sustainable national development, civil society organizations have thrown their weight behind Nigeria’s shift to renewable energy, commending the Energy Commission of Nigeria (ECN) for its commitment to powering underserved communities through clean energy solutions.
Under the umbrella of the CSOs Budget Implementation, Assessment, Monitoring, and Evaluation Committee (CBIAMEC), stakeholders held a press briefing in Abuja themed “Powering Nigeria’s Future: Advocating for a National Shift Toward Renewable Energy for Sustainable Development.”
Speaking at the event, CBIAMEC Chairman, Ambassador Splendour Agbonkpolor, emphasized that renewable energy holds the key to unlocking economic prosperity, job creation, and climate resilience. He described Nigeria’s energy access gap, where over 85 million citizens still lack electricity as a national emergency that demands bold, innovative, and inclusive solutions.
“We are here today not just to speak truth to power, but to align with power that works for the people. Renewable energy is not just a technology; it’s a tool for justice, equity, and human dignity.”Agbonkpolor said.
The committee particularly commended FG for its strategic initiatives aimed at deploying 4 megawatts of renewable energy in all 36 states and the FCT, as well as a separate plan to deliver 5 megawatts to every local government in partnership with the Association of Local Governments of Nigeria (ALGON).
“These projects are not only ambitious, they are necessary. They represent a real chance to lift communities out of darkness, boost local economies, and bring Nigeria closer to its renewable energy target of 30% by 2030.” Agbonkpolor noted.
The committee also addressed the ongoing ₦10 billion in the 2025 approved budget for the installation of a solar mini-grid at the Presidential Villa. While acknowledging growing media interest and public scrutiny of the initiative, CBIAMEC clarified that its position is not one of opposition but of constructive engagement.
“We had a fruitful interface with the Director General of ECN where detailed clarifications were provided on procurement procedures, project scope, and transparency mechanisms. The Commission assured us that all steps are being taken in line with the Public Procurement Act, including competitive bidding and regular performance audits.” Agbonkpolor added.
The group pledged to serve as an independent watchdog, monitoring the implementation to ensure the solar intervention truly benefits the people and delivers value for every kobo spent. “We will be vigilant, objective, and fact-driven in our oversight role.”
Meanwhile the Committee also raised concerns over what it described as “media trials” that could derail public trust and investment in renewable energy projects. It urged journalists to uphold ethical standards, verify information, and avoid sensationalism that may hinder national progress.
“We are not calling for silence, we are calling for responsibility. The media has a powerful role to play in this transition, not as saboteurs, but as storytellers of change and partners in development.” he restated.
The briefing concluded with a five-point call to action, encouraging households to explore solar home systems, innovators to invest in green technology, communities to support mini-grid projects, policymakers to prioritize renewable energy in national planning, and the media to amplify success stories in the sector.
- …Sets the stage for a future of more possibilities
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has officially marked the incredible milestone of its 80th anniversary on Friday, May 2nd, 2025.
Celebrated as Nigeria’s oldest indigenous bank, Wema Bank was founded on May 2nd, 1945, as Agbonmagbe Bank Limited; an institution that has now evolved from a single-branch operation aimed at empowering indigenous Nigerians into a formidable force that continues to blaze the trail in Nigeria’s banking and financial industry.
From bridging gaps in access to finance for underserved Nigerians to empowering businesses with insightful financial solutions and support, providing a platform for other industries to thrive and proactively delivering financial solutions tailored to the needs of every Nigerian, Wema Bank has built a legacy of impact for 8 decades. With millions of customers and global presence via 150+ branches and the ALAT App, Wema Bank continues to set the pace in customer-centric innovation and impactful banking.
Extending heartfelt gratitude to the Bank’s stakeholders, Moruf Oseni, the MD/CEO of Wema Bank reiterated the Bank’s commitment to continue going above and beyond in service of its customers in the decades to come. According to him, “Wema at 80 is a milestone that extends deeply into the very roots of the industry, the people and the nation. This is an 80-year-old bank that began to set the pace for indigenous businesses in the depths of colonial rule and has remained resolute in carrying on that mission since 1945, showing the world that ‘Nigerian-owned’ can last, and institutions can be agents of transformation in their own capacity. It’s a journey I am deeply proud of and I cannot celebrate alone”.
“I take this moment to express my sincerest gratitude to every person and institution that has played a part in Wema Bank’s success story. From our customers to shareholders, investors, partners to employees past and present, and every other stakeholder whose efforts run in the veins of this great Bank. We are Wema and I take this moment, on behalf of the Board and Management of the Bank, to reiterate our lifelong commitment to you. Wema Bank is built to last, Wema Bank is built for you and Wema Bank will never relent in delivering optimum value to you. It has been 80 years of impact, and as we look ahead to a future of limitless possibilities, our promise to you remains the same. We Are With You, All The Way!”, Oseni concluded.
Wema Bank’s 80th anniversary has taken the world by storm, with a major highlight being the Wema at 80 Gala Night scheduled to hold in Lagos at 6 p.m. on Friday May 2nd, 2025. Headlined by Afrobeats stars Davido and Wande Coal, Fuji legend Ayuba, vocal sensation Yinka Davies, 9ice and a star-studded lineup of celebrities, dignitaries and stakeholders; the night promises to be one for the books, convening 8 decades of generations in a glamorous ceremony themed ‘Timeless Elegance’.
Anyone can be a part of the Wema at 80 Gala Night by tuning in live at 7 p.m. to the Bank’s YouTube Channel as well as select national TV stations.
The Africa Trade Consortium, a premier platform for promoting intra-African trade, is set to host its 5th edition of the “Tea Break Edition” on May 14th, 2024, at the Grand Pela Hotel, Durimi, Abuja. This annual event, organized by PR Times Africa Media Ltd, aims to boost trade relations within the continent and explore new business opportunities.
*Key Highlights of the Event:*
– *Date:* May 14th, 2024
– *Time:* 10:00 am
– *Venue:* Grand Pela Hotel, Durimi, Abuja
– *Theme:* “Tea Break Edition”
– *Objective:* To promote intra-African trade, strengthen economic cooperation, and unlock new trade opportunities in the tea industry and related sectors.
*This Year’s Focus:*
The 5th edition of the “Tea Break Edition” will bring together top decision-makers, businessmen and women, and diplomats from diverse regions of the continent to discuss the tea industry as a business opportunity and explore related trade prospects. The event will also address key challenges facing trade within the continent, including trade barriers, border challenges, security, and weather-related issues.
*Quotes from the Organizers:*
“The Africa Trade Consortium is committed to fostering economic growth and development within the continent by promoting trade and investment,” said the Lead Consultant of PR Times Africa Media Ltd and Convener of the Africa Trade Consortium. “We believe that the tea industry has immense potential for growth and we look forward to exploring new trade opportunities with our partners from across Africa.”
*About the Africa Trade Consortium:*
The Africa Trade Consortium is a trade initiative launched in Abuja, Nigeria in 2022. Its primary objective is to promote trade between Nigeria and other African countries, fostering economic cooperation and collaboration among nations on the continent. The consortium brings together stakeholders from various sectors, including government, private enterprise, and civil society, to facilitate dialogue and collaboration.
For more information, please visit (link unavailable) or call +234802422404.
CSOs Back Nigeria’s Clean Energy Push, Applaud ECN’s Commitment
Wema Bank Celebrates 80 Years of Impact
