What does the 20th CPC National Congress mean to world economy?

At week-long 20th National Congress of the Communist Party of China (CPC), which concluded on Saturday in Beijing, a blueprint for China's future development has been mapped out.To get more news about the 20th CPC national congress, you can visit shine news official website.

As the world economy is facing a tough situation this year, with probably tougher prospects for the next, China's economic outlook carries global significance. Voicing their confidence in China's future growth, business communities worldwide believe that China's modernization stride and innovation-driven growth will inject more certainty into the global economy.

China will accelerate creating a new development pattern and pursue high-quality development, said Chinese President Xi Jinping, also general secretary of the CPC Central Committee, while delivering a report at the CPC congress.

"We must fully and faithfully apply the new development philosophy on all fronts, continue reforms to develop the socialist market economy, promote high-standard opening-up, and accelerate efforts to foster a new pattern of development that is focused on the domestic economy and features positive interplay between domestic and international economic flows," Xi said.

Deeply impressed by the remarks, Wichai Kinchong Choi, senior vice president of the leading Thai bank Kasikornbank, said he can see China's future development direction focus more on high-quality and sustainable development. "This is good news for Thailand and other neighboring countries," he said.

In the past few years, many Chinese high-tech enterprises have set up factories in Thailand, which is exactly what Thailand needs, he noted, saying that they have helped the Thai economy to transform and upgrade, and enhance its competitiveness.

Over the past decade, China's gross domestic product has come to account for 18.5 percent of the world economy. It has become a major trading partner for over 140 countries and regions, leading the world in total volume of trade in goods. Since the COVID-19 pandemic broke out, China, which has managed to coordinate pandemic control and economic development, still maintains a stabilizer of the global supply and industrial chains, and is keeping driving the world economic recovery.

Moreover, its development is not achieved at the expense of the environment. Instead, China is striving to make its development greener and more sustainable. In pursuit of harmonious coexistence between humanity and nature, the country has cut its carbon emission intensity by 34.4 percent over the past 10 years, and pledged to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060.

In the eyes of Chenhong Huang, global executive vice president of the German multinational software company SAP SE and president of SAP Greater China, China's green development will profoundly change the global energy, environment and economic landscape.

"Chinese enterprises are using digital technology to make carbon emission data transparent and quantifiable, and promote a balance between green development and commercial development," Huang said.

Meanwhile, China renewing its commitment in the CPC congress report to promoting a high-standard opening-up also strikes a chord with the international business community. U.S. automaker Tesla's success in China speaks volume for Beijing's determination to further opening-up.

Thanks to the efforts of the Chinese government to facilitate foreign investment, Tesla became the first wholly foreign-owned auto enterprise in China, Vice President of Tesla Tao Lin said, adding that the U.S. company is seeking to further expand its presence in the Chinese market.