China's high-level openness to foster win-win opportunities

China's high-level openness will offer a vast market and win-win opportunities to the world in the face of an international landscape marked by the rise of unilateralism and protectionism, said Qu Yingpu, publisher and editor-in-chief of China Daily, on Thursday.

"The world is now in a period of turbulence and transformation," Qu said. "Economic fragmentation is being exacerbated, while globalization is encountering headwinds. The world is facing a stern test of either forging ahead against the current or losing ground."

The fragmentation of the global economy, as estimated by the International Monetary Fund in January, has the potential to result in a 7 percent reduction in global GDP, roughly equivalent to the combined GDP of France and Germany in a single year.

To pass this test, China is steadfastly becoming more open, fostering cooperation and seeking mutual gain, showcasing its grand vision and sense of responsibility as a major country, Qu said.

"We keenly perceive the global anticipation that the Chinese market offers mutually beneficial prospects and has the eagerness to seize the broader cooperation opportunities from the flourishing development of China's emerging industries," he said.

Undeniably, the Chinese economy itself has indeed encountered some internal and external challenges recently. Nevertheless, it has demonstrated immense resilience, significant potential and considerable flexibility, he said.

Over the past few months, Chinese policymakers have put forward a holistic set of forceful policies, including fiscal, monetary and property market measures, aimed at giving a much-needed boost to the economy to anchor market sentiment and strengthen recovery.

As the effects of the policy package continue to unfold, evidence of the economy's vitality and momentum is growing, reinforcing market confidence and catalyzing a notable upsurge in both market sales and the service industry, Qu said.

Meanwhile, foreign investment in renminbi assets is showing a positive trend, with many international institutions raising their expectations for China's economic growth, Qu added.

Due to China's policy shift, financial services group Nomura increased its China full-year GDP growth prediction in mid-November to 4.8 percent, compared to its prior 4.7 percent forecast.

Before Nomura's upgrade, both UBS Investment Bank and JPMorgan Chase had already raised their forecasts for China's full-year economic expansion this year to 4.8 percent, up from previous estimates.

Facts will once again prove that pessimistic narratives surrounding so-called overcapacity, a debt crisis, hard landing or economic collapse are merely the wishful thinking of some foreign media and politicians, Qu said.