Xi calls for more just, equitable world order at BRICS forum

China opportunity

China will remain an important opportunity for the world's development, Xi said in the speech, stressing China's firm resolution in advancing high-standard opening-up, fostering a world-class, market-oriented business environment governed by a sound legal framework, and building a globally-oriented network of high-standard free trade areas.

China enjoys several distinct advantages: a socialist market economy in systemic terms, a supersize market in terms of demand, a full-fledged industrial system in terms of supply, and abundant, high-caliber labor force and entrepreneurs in terms of human resources, the Chinese president said, emphasizing that the Chinese economy has strong resilience, tremendous potential and great vitality, and the fundamentals sustaining China's long-term growth will remain unchanged.

As it endeavors to achieve modernization for its more than 1.4 billion people, China will surely contribute even more to the global economy and provide even more opportunities for the global business community, Xi said.

China's GDP expanded 6.3 percent year on year in the second quarter of 2023 with total goods imports and exports expanding 2.1 percent year on year to 20.1 trillion yuan (2.81 trillion U.S. dollars), according to official data.

The Chinese economy is projected to grow 5.6 percent in 2023, led by a rebound in consumer demand. Capital spending in infrastructure and manufacturing is expected to remain resilient, according to a World Bank press release in June.

China's share of the global economy is crucial. By pursuing internal reforms and speeding up the opening up of its domestic market to foreign companies, China is offering opportunities to the rest of the world, said Lyazid Benhami, vice president of the Paris Association of French-Chinese Friendship.

"By investing in emerging countries, it is increasing the attractiveness and economic stability of countries that want to develop sustainably," said Benhami.