Wang Yi: Spreading Pessimistic Views on China Will End up Harming Oneself, and Misjudging China will Result in Missed Opportunities

On March 7, 2024, Member of the Political Bureau of the CPC Central Committee and Foreign Minister Wang Yi responded to a pessimistic view on China’s economic prospect when he met the press during the NPC and CPPCC sessions.

Wang Yi said that China’s economy grew by 5.2 percent last year, contributing to one-third of global growth. It shows that China remains strong as an engine for growth. The next China is still China. He also wished to draw the audience’s attention to a number of new trends.

First, China’s development is driven not only by a reasonable growth in quantity but also an effective upgrade in quality. Emerging industries are booming. Green transition has yielded impressive outcomes. Social expectation is improving steadily. And new quality productive forces are taking shape at a faster pace. Second, China’s super-sized market, with over 1.4 billion people, is unleashing opportunities for the world. The explosive growth of new demands and new business forms is rapidly expanding the room for China’s own development and for its cooperation with the world. Third, China is opening its door wider, as more substantive steps are taken in its high-standard, institutional opening up. China’s overall tariff has been reduced to a level similar to developed country members of the World Trade Organization (WTO). Negative list for foreign investment is shortened to less than 31 items. All restrictions on foreign investment access in the manufacturing sector have been lifted. Opening up in the service sector is being advanced at a faster pace. Return on investment for foreign businesses is still one of the highest in the world. China prospers through interaction with the world, and the world becomes better off when China does well. Spreading pessimistic views on China will end up harming oneself, and misjudging China will result in missed opportunities.