Xiconomics: China's vision for an open world economy in a turbulent era

FAIRER ECONOMIC ORDER

Amidst global economic storms, Global South countries bear the brunt of the economic squeeze, a fact crystallized in a recent World Bank finding: by the end of 2025, nearly all advanced economies had seen per capita incomes rise above their 2019 levels, while about one in four developing economies remained below pre-pandemic income levels.

"Rising uncertainty and geopolitical fragmentation, alongside slower growth, are currently the most worrying challenges for the global economy, especially for developing countries that depend on open trade and stable investment flows," Deni Friawan, an economic researcher at the Jakarta-based Center for Strategic and International Studies, told Xinhua.

As a result, more developing countries are increasingly calling for fairer participation in economic globalization.

In December 2024, Xi held a meeting with the leaders of major international economic organizations, reaffirmed China's commitment to collaborative global progress: "China is ready to work with the major international economic organizations to practice multilateralism, promote international cooperation and support the development of Global South countries, so as to advance an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization, and build a just world of common development."

"Global South economies require a balanced international environment that combines openness, stability, and access to affordable financing," said Asif Javed, associate research fellow at Pakistan's Sustainable Development Policy Institute. "Trade and investment should be fair and inclusive so that developing countries may integrate into global value chains."

This growing chorus for partnership is now materializing in the economic realm. The expansion of trade and supply chain cooperation under the upgraded China-ASEAN Free Trade Area 3.0 framework and the steady implementation of the African Continental Free Trade Area both underscored a growing willingness among emerging economies to seek stability through more coordinated economic engagement.

"There is a clear convergence between President Xi's emphasis on dialogue-based governance and the Global South's aspiration for a more balanced and cooperative global economic order," Alok Kumar Pathak, associate fellow at the BRICS Institute India, told Xinhua.

That convergence, observers noted, is increasingly reflected in projects under various initiatives. In Africa alone, China has helped build and upgrade over 10,000 km of railways, nearly 100,000 km of roads, while rolling out more than 200,000 km of fiber-optic cable, supporting industrialization and regional connectivity.