China's new reform agenda may create economic opportunities for India

In a world where countries are interdependent, China, India and the world share a common future. The recent Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC) provided a window to foresee Chinese modernization. I would like to share some key words with our Indian friends.

Reform: Reform and opening-up hold the key to the destiny of China. The Plenary meeting laid out a pathway to deepen reforms comprehensively to advance Chinese modernization. It put forth more than 300 important reforms covering various fields such as the Chinese economy, politics, culture, society and ecological conservation. 

We will build a high-standard socialist market economy, foster a fairer and more dynamic market environment, and unleash internal driving forces, including the creativity of society. China’s reform project also aims to inject positive energy into the global economy that is facing uncertainties.

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Development: The Indian media worries about China’s so-called “economic slowdown." In fact, the Chinese economy has maintained a positive recovery, with GDP growth of 5% in the first half of 2024. President Xi Jinping put forward the notion of “new quality productive forces." 

China has developed many competitive industries, such as high-end equipment, new-energy vehicles and photovoltaics. We have nurtured over 140,000 specialized and sophisticated small and medium-sized enterprises that produce novel and unique products. We will promote high-end, intelligent and green development in manufacturing, which will foster new growth drivers and strengths.

Opening up: China is committed to opening up, and has adhered to it since the late 1970s. Momentous changes unseen in a century are accelerating and external uncertainties are mounting. However, China’s door will never be closed. It will only open wider. 

We will actively align with high-standard international economic and trade rules, steadily expand institutional opening-up, further relax market access, foster a world-class business environment that is market-oriented, law-based and internationalized, and develop new mechanisms for a higher-standard open economy.

We implemented unilateral visa-free policies for several countries and will provide further conveniences to foreign travellers in terms of accommodation, medical services and payments. China remains an attractive destination for foreign investment. 

In the first half of 2024, China attracted nearly 500 billion yuan in foreign investment. We are willing to share large opportunities with Indian and other foreign enterprises.

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Peace: China pursues an independent foreign policy and aims to promote a shared future for mankind. We will pursue the Global Development Initiative, Global Security Initiative and the Global Civilization Initiative. We will resolutely safeguard China’s sovereignty, security and development interests. 

Last month, President Xi Jinping addressed the Conference Marking the 70th Anniversary of the Five Principles of Peaceful Coexistence, reiterating China’s resolve to stay on a path of peaceful development. In this spirit, China is ready to work with India for a better future for all humanity.

Education: Along with science and technology, education and talent development are part of a strategic plan to underpin Chinese modernization. China has built the world’s largest education system. On average, our new entrants to the labour market received more than 14 years of education. 

And the Chinese population with higher education has reached 250 million. China has strengthened basic research and original innovation, achieved major breakthroughs in core technologies, and has joined the ranks of innovative countries.

Last month, I was invited to the inauguration of the new campus of Nalanda University. Indian Prime Minister Narendra Modi stated that India encourages learning, research and innovation. China and India could tap the potential for mutual cooperation in education. We would welcome more Indian students to study in China.

Ecology: Chinese modernization values harmony between humanity and nature. China accounts for a quarter of the world’s newly added green area since 2000. The country has the world’s biggest clean-power generation system. 

Our installed capacity for hydropower, wind power and solar photovoltaic power each tops the world. This has made major contributions to the world’s green transition and hence climate action. 

We will make concerted efforts to cut carbon emissions, reduce pollution, pursue green development and boost economic growth, and will work together with other countries for a clean and beautiful world.

Chinese modernization is a pioneering cause. Under the leadership of the CPC, we are confident of realizing our reform targets and creating more economic opportunities for the rest of the world. 

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We are willing to work with India to implement an important consensus between our two countries’ leaders that “China and India are not each other’s threat, but cooperation partners and development opportunities," bring China-India relations back on their track of steady and sound enhancement, and realize our shared dream of development and revitalization.

Xu Feihong is ambassador extraordinary and plenipotentiary of the People’s Republic of China in India.