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 Xiconomics: Why China’s vision for development can help promote global prosperity

President Xi Jinping in full control. PHOTO XINHUA

Beijing, China | Xinhua | In the face of profound challenges rarely seen in a century, the international community is struggling to maintain development while tackling deficits in peace and governance.

Guided by “Xiconomics,” the economic philosophy of Chinese President Xi Jinping, China is committed to following a development path with distinct Chinese characteristics and pursuing win-win cooperation worldwide. Featuring common prosperity, joint contribution with other nations and a shared future, Xi’s vision of development and governance will help bolster global confidence and rally support to address threats and challenges.

COMMON PROSPERITY

Poverty eradication is one of the greatest global challenges facing the development of the world. It also tests the resolve and capability of China, a country with a population of more than 1.4 billion.

Xi, also general secretary of the Communist Party of China (CPC) Central Committee, has pointed out that eliminating poverty, improving people’s livelihood and achieving common prosperity are essential requirements of socialism.

A moderately prosperous society in all respects “is a society to be enjoyed by each and every one of us; on the march toward common prosperity, no one must be left behind,” Xi said when he and other members of the Standing Committee of the Political Bureau of the CPC Central Committee met reporters in 2017.

By the end of 2020, China had lifted out of poverty all rural residents living below the current poverty line and met the poverty eradication target set out in the 2030 Agenda for Sustainable Development 10 years ahead of schedule — unprecedented progress in the history of human development.

Koh King Kee, president of Center for New Inclusive Asia, a non-government Malaysian think tank, said poverty reduction is the only way to achieve common prosperity, and China has laid the foundation for it.

Promoting social equity and justice and gradually realizing common prosperity for all are essential parts of Xi’s economic thought, said the expert.

Ronnie Lins, director of the China-Brazil Center for Research and Business, said China’s actions to create more significant economic and social benefits are mainly reflected in its sincere political will to act in the interests of the poorest.

China’s experience in poverty reduction has become a valuable asset in global poverty reduction cooperation.

Richard A. Black, a representative of the Schiller Institute at the United Nations in New York, said China’s achievement in poverty alleviation is a “quiet model and powerful inspiration” to the people in Africa, Latin America and much of Asia.

There are currently ongoing catastrophes of mass deaths by war, starvation and economic strangulation by Western sanctions, Black said, adding that “China has proven — by its actions, not by its words — an alternative pathway” in terms of poverty reduction.

“We must take a people-centered approach and make global development more equitable, effective and inclusive so that no country will be left behind,” President Xi stressed at the 16th G20 Leaders’ Summit via video link in 2021.

Xi, at the CPC and World Political Parties Summit via video link last year, also called for particular attention and care for underdeveloped countries and regions and impoverished people.

“Only when countries develop together can there be true development, and only when countries prosper together can there be true prosperity,” said Xi, while addressing via video link the opening ceremony of the Second UN Global Sustainable Transport Conference.

Xi has outlined an ambitious blueprint to promote common development, fairness and inclusiveness. In countries and regions eager to lift themselves out of poverty, China-championed economic cooperation has turned forgotten places into hopeful fields.

China has promoted a project to connect 10,000 African villages to a satellite TV network, helping locals access the world outside. China has built railways, highways, airports and ports to help Asian countries accelerate their development. Chinese e-commerce enterprises have been taking root in Latin America and other regions, promoting local digital transformation and joining hands with partners for a shared future.

JOINT CONTRIBUTION, SHARED BENEFITS

“Economic globalization is the trend of the times. Though countercurrents are sure to exist in a river, none could stop it from flowing to the sea,” Xi said at the 2022 World Economic Forum (WEF) virtual session.

Xi has repeatedly expressed his firm determination to promote common development and build an open world economy in the face of rising unilateralism. “Development is the right of all countries, rather than an exclusive privilege of the few,” Xi said at the CPC and World Political Parties Summit in 2021.

China has been committed to helping other developing countries grow their economy, improve livelihoods, and enhance their independent and sustainable development capacity.

The people-centered approach reflects the fundamental difference between socialism with Chinese characteristics and profit-oriented Western capitalism. Today, the vision put forward by the Chinese leader has been translated into the vivid practice of joint efforts and shared benefits.

Sommad Pholsena, vice president of the National Assembly of Laos, said while China was not the first country to express a willingness to build a railway in Laos, it was the only one to turn it into reality. By the end of 2021, the entire China-Laos Railway was put into operation, a dream come true for railway-craving Laos.

Since the launch of the Belt and Road Initiative, China has made solid progress in building the Jakarta-Bandung High-Speed Railway, the Hungary-Serbia Railway, the Mombasa-Nairobi Railway and the Gwadar Port. It has gradually improved trade and investment liberalization and facilitation to boost the global economy and trade.

“Only with openness, inclusiveness and connectivity can countries reinforce each other’s efforts and achieve win-win results,” Xi said at the opening ceremony of the Second UN Global Sustainable Transport Conference in 2021, highlighting the essence of openness and win-win cooperation.

With a population of more than 1.4 billion and a middle-income group of over 400 million, China imports about 2.5 trillion U.S. dollars of goods and services every year. Thousands of market entities worldwide rely heavily on the Chinese market, and China’s opening-up has attracted global attention.

As the world’s first import-themed national fair, the China International Import Expo has been held for four consecutive sessions, fortifying China’s commitment to opening-up and sharing opportunities with the rest of the world.

China has shared its growth dividend with the world by opening up its market, said Yana Leksyutina, a St. Petersburg State University professor.

SHARED FUTURE

The ongoing COVID-19 pandemic has dealt a heavy blow to the global economy. China has stood with other countries to fight COVID-19 and promote economic recovery, demonstrating a sense of responsibility as a major country and a commitment to building a community with a shared future for humankind.

“Facts have shown once again that amidst the raging torrents of a global crisis, countries are not riding separately in some 190 small boats, but are rather all in a giant ship on which our shared destiny hinges,” Xi said at the 2022 WEF virtual session, calling for stronger solidarity.

“We must put people and their lives first,” Xi said at the Global Health Summit in 2021, adding that “we must stick together and promote solidarity and cooperation,” and “we must uphold fairness and equity to close the immunization gap.”

With a strong sense of responsibility for the Chinese people and the international community, China quickly brought the epidemic at home under control to revive its economy and restore production. China was the first country to pledge to make its COVID-19 vaccines a global public good and launch a large-scale global humanitarian campaign. With a reliable supply of goods and efficient cross-border logistics networks, China has built a lifeline in the global fight against COVID-19 and protecting supply chains.

“China has always stuck together with the world through thick and thin,” said Cambodian government chief spokesman Phay Siphan.

To achieve a balanced, coordinated and inclusive growth worldwide, Xi proposed the Global Development Initiative at the general debate of the 76th session of the UN General Assembly.

“No country can alone face such universal problems as COVID-19 and economic stagnation. All this just confirms Xi’s vision for global governance,” said former Egyptian Prime Minister Essam Sharaf.

President Xi’s economic thinking has opened up a new horizon for strengthening global governance and promoting world development, said Sharaf.

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Xinhua

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