The Fortune Global Forum 2017 opened in Guangzhou on Dec. 6th, attracting a lot of attention around the world.
With the theme of "Openness and Innovation: Shaping the Global Economy," the forum has gathered the heads of the world’s biggest multinational companies, or the Fortune Global 500, government officials and celebrities, discussing how openness and innovation – in China and beyond – are the primary forces in guiding economic development, leading to prosperity and progress.
From Guangzhou, the forefront of reform, opening-up and innovation in China, to the whole Chinese mainland, where socialism with Chinese characteristics has entered a new era, China is truly living up to the theme of the forum with the miracles it has created in over three decades. In fact, the Fortune Global Forum in Guangzhou is the latest example of China's promotion of an open economy and global cooperation and governance.
Chinese miracle ushers in new era
Some 40 years ago, China's gross domestic product (GDP) was less than 400 billion RMB, placing it in the ranks of the world's least-developed low-income countries. In 1978, China began to carry out its reform and opening-up policy.
From then on, after nearly 40 years, more than 700 million people have been lifted out of poverty. China has become the second-largest economy in the world and the world's major growth engine. China also provides a strong impetus for global governance reform. Today, the total volume of China's economy has increased over 200 times, with an annual increment equivalent to that of a medium-sized developed country. It is its reform and opening-up policy that makes China able to catch up with the times and march toward a brilliant future of national rejuvenation.
In a congratulatory letter to the Fortune Global Forum 2017, Chinese President Xi Jinping said China's economy has the foundation, condition and impetus to maintain stable growth and sound momentum.
China has maintained its position as the world’s second-largest economy and contributed more than 30 percent of global economic growth. China's massive overseas investment and growing outbound tourism provide great opportunities for the rest of the world.
John Ross, former director of Economic and Business Policy for the Mayor of London, said that no country in the world has contributed as much as China.
China has become the center of world economic growth. Therefore, China's entry into a new era will also provide opportunities for the world's economic growth, he said.
As the economy keeps growing, structural changes in China's economy have begun to affect the trend of world economic development.
After the outbreak of the international financial crisis in 2008, the world economic structure witnessed an accelerated adjustment along with global economic governance system changes. In the face of the changing circumstances, China has decisively implemented a supply-side structural reform, pushed forward the improvement of its industrial structure, helped make economic growth innovation-driven, and effectively mitigated the impact of external challenges. Led by an upgraded version of the reform and opening-up policy, China has gradually become a major contributor to world economic growth, helping to improve the global economic structure, and a leader in global economic governance reform.
Patrick Mendis, senior fellow at the Harvard Kennedy School of Government and senior fellow at the Pangoal Institution, said that China has made such a tremendous achievement that it can be called a rare success of human civilization. He said that means China's development model has proven to be useful.