RECENTLY, some Guyanese friends who attended the 136th Canton Fair in China excitedly shared with me the new products and technologies they saw at the exhibition, such as intelligent retractable awnings, humanoid robots, and hydrogen-powered bikes.
They expressed genuine admiration for the new achievements of China’s economic and social development and looked forward with great expectation to the deepening of cooperation between China and Guyana.
Amid a complex and challenging external environment, China’s economy is generally stable with steady progress, demonstrating strong resilience and great potential.
China’s economy experienced a 4.8 per cent year-on-year increase in the first three quarters of this year, ranking among the top in the world’s major economies.
The total value of China’s imports and exports of goods reached a record high which surpassed 32 trillion RMB yuan (4.46 trillion USD) for the first time in history during the same period, increasing by 5.3 per cent year-on-year and continuing to be a significant stimulus for global trade growth. Goldman Sachs, JPMorgan Chase, Union Bank of Switzerland and other financial institutions adjust the economic growth forecast for China upward. Apple, Intel, Mercedes-Benz, Coca-Cola and other international enterprises all indicated an intention to increase investment in China. Ola Källenius, Chairman of the Board of Directors of the Mercedes-Benz Group, stated that “Investing in China is investing in the future.”
China’s economy is stepping from a phase of high-quantity growth to an era of high-quality development, transitioning from having to thriving. In the past, we used to evaluate China’s economy mainly with GDP growth rate. Nowadays, we emphasize not only the reasonable growth of quantity but also the effective improvement of quality, highlighting that the economic development must embody the new development concept of innovation, coordination, green, openness and sharing.
Innovation is the primary driving force for leading development. According to the Global Innovation Index 2024 released by World Intellectual Property Organization (WIPO), China, as one of the fastest-growing economies in terms of innovation over the past decade, has climbed to 1lth place, up one place from its 2023 ranking. Since 2018, World Economic Forum (WEF) and consulting firm McKinsey &Company have nominated 172 lighthouse factories globally as exemplars of the most advanced, intelligent, and sustainable practices in the industry, among which the number of Chinese factories reached 73, accounting for 42 per cent and ranking first. Now, in China, from autonomous driving technology and intelligent wearable devices to low altitude airspace economy and virtual reality industry, both emerging industries and future industries are characterized by their catalyst rooted in technological innovation.
Coordination is an inherent requirement for balanced development. Guyana has the distinction between coastal and inland areas, while China has the differentiation between urban and rural regions. It is our shared responsibility to narrow the gap in urban-rural and regional development, which does not merely call for uniform economic development across all regions but rather underscores the necessity of a rational division of labour and the complementarity of advantages tailored to local conditions, to promote relative balance in development.
From 2012 to 2023, the ratio of per capita disposable income between urban and rural residents in China decreased from 2.88:1 to 2.39:1.
Regionally, the ratio of per capita regional GDP in the developed eastern region to that in the relatively underdeveloped central and western regions fell from 1.69 and 1.87 in 2012 to 1.50 and 1.64 in 2022, reflecting a marked enhancement in the balance and coordination of development.
Green is an essential prerequisite for sustainable development. Both China and Guyana are staunch advocates and active practitioners in green development. In 2023, the proportion of clean energy consumption in total energy consumption of China was 26.4 per cent increasing by 11.9 per cent compared with 2012.
From 2013 to 2023, there was a cumulative reduction in energy intensity of 26.1 per cent, positioning China as one of the countries with the most rapid decline in energy intensity globally. China has also maintained its position as the world’s leading producer and seller of new energy vehicles for nine consecutive years, with local sales accounting for 90 per cent.
China also provided more than 60 per cent of global photovoltaic components and 70 per cent of the world’s wind power equipment, among which new added local orders accounted for more than 80%，making outstanding contribution to the world’s green energy transition. The Executive Director of the International Energy Agency, Faith Birol, praised:“In the world we live in today, almost every energy story is essentially a China story.”
Openness is the necessary path to common prosperity. China will only open its door even wider to the outside world since China and the world are mutually dependent. In the first half of the year, over 14 million foreign visitors entered China through various ports, marking a year-on-year increase of 152.7 per cent.
We warmly invite more Guyanese friends to travel and visit China. China serves as both the world’s factory and its market, with its expansive market size presenting significant opportunities for countries worldwide. The 7th China International Import Expo (CIIE), held in Shanghai recently, has attracted 3496exhibitors from 129 countries and regions, achieving a new record with 297 Fortune Global 500 companies and industries leaders set to attend. Referring to the recent International Trade Outlook for Latin America and the Caribbean, 2024 report published by Economic Commission for Latin America and the Caribbean (ECLAC), it indicates that China is projected to be the fastest-growing market for exports from the Latin America and Caribbean region this year.
Sharing is the principal embodiment of the people-centered development philosophy. The development goals of both China and Guyana ultimately aim to improve the quality of life for the population.
During the Diwali celebration in Region Three, H.E. President Ali called on the citizens to unite and uplift each other for collective advancement. The Chinese government consistently reiterates the achievement of common prosperity, enabling the people to share in the fruits of development. In a decade, China successfully lifted 100 million rural residents out of poverty, achieving the poverty reduction target outlined in the United Nation 2030 Agenda for Sustainable Development 10 years ahead of schedule. China has also established the world’s largest education system, social security system, and healthcare system. Between 2013 and 2023, China’s average life expectancy rose from 75.4 to 78.6 years and the proportion of the middle-income population increased from approximately one-quarter to nearly one-third, reflecting continuous improvements in the standard and quality of life for the population.
The high-equality development of China’s economy is of great significance to the world economy and will continue to provide important driving force for the world economic development. Of course, while recognizing the achievements and highlights, we also confront the internal and external challenges facing China’s economy, such as the sluggish recovery of global economy, the notable rise in protectionism, the insufficiency of effective domestic demand, and the lingering risks in key areas. A series of policy measures by the Chinese government are bearing fruit. When viewed comprehensively, the fundamental strengths of China’s economy—marked by strong resilience, substantial potential, and sustained dynamism — remain steadfast and unchanged. With institutional advantages, market advantages, industry advantages and human resource advantages continuing to be reinforced, China possesses both the confidence and the capability to achieve long-term stable development, continually leveraging its new development to bring fresh opportunities and positive momentum to Guyana and nations worldwide.