During my frequent trips to China, I have observed a widespread positive outlook and hope for the future among the Chinese population, driven by their steadily improving living standards. This stands in stark contrast to the pessimism about the present and future among many Europeans and Americans during a major shift in the global pattern.

In particular, young people in Europe and the United States feel that their future prospects and living standards will decline compared to those of their parents.

As a researcher, with an interest in social studies, I believe this disparity can be attributed to declining living standards and increasingly corrupt democratic systems in the West.

Multipolarity

In reality, the U.S. can no longer dominate the world as it once did, given that the global landscape is steadily moving toward multipolarity.

We are witnessing ongoing structural shifts where other major world civilizations—including Chinese, Indian, Russian, African, Arab and European—are no longer accepting subservience to the U.S. These civilizations are cautiously asserting their identities in a multipolar world.

The U.S. response to the decline of its global hegemony and the shift toward multipolarity has been marked by an increased use of unilateral sanctions in international trade, often imposed without adherence to World Trade Organization rules.

Despite comprising only about 4 percent of the world's population, the U.S. has received general support from other Western governments, leading to disruptions in supply chains for their allies in unsuccessful attempts to isolate Russia and China.

However, these governments' support for the U.S. is by no means altruistic and unconditional, as they are dependent on the American dollar-dominated global financial system established by the Bretton Woods agreement and the NATO military alliance, which is heavily influenced by the North American arms industry.

Opportunities and confidence

In the face of the current global turbulence, China, while continuing its steady rise, has been actively and responsibly proposing to the international community a respect for and promotion of the purposes and principles of the UN Charter.

China has also put forth a range of proposals for international initiatives to increase global economic development and stability.

At the same time, the country is increasingly opening itself up to the outside world, intensifying its relations and promoting a network of partnerships with many countries. However, China does not lose sight of its main objective, namely that development must provide a better standard of living for its entire population of over 1.4 billion.

With a view to sharing China's development with the rest of the world, President Xi Jinping said in his written speech at the APEC CEO Summit in San Francisco, the U.S., on November 16 last year, "I also hope to see an active part of the global business community in the Chinese modernization drive to benefit from the huge opportunities brought by China's high-quality development."

Chinese society presents some advantageous structural characteristics, such as a large market in terms of demand, a diversified industrial system, a huge skilled workforce and a business community growing markedly in quantity and qualifications. All of these represent great opportunities for foreign businesses.

Nowadays, it is uncommon for leaders to offer to share the competitive advantages and resources of their countries' rapid and harmonious development with the international community.

I would therefore like to highlight another statement from President Xi at the APEC CEO Summit last November: "We have the confidence in, and even more capability of achieving long-term and stable growth, and through our development we will continue to provide the world with new growth momentum and opportunities." This statement matters as China continues to be one of the most powerful engines of global growth.

China has hosted many international political and business leaders over the past weeks and months. These leaders have expressed their confidence in the country, which several of them deemed the "best investment destination."

Despite its rapid economic growth, advancements in high-value production and technological development, China remains, above all, a reliable and resilient partner.

Foreign leaders have also expressed their support for continued cooperation with China.

Olaf Scholz, for example, visited China for the second time as German chancellor for three days from April 14 to 16, accompanied by a delegation of ministers and representatives of major German companies, including manufacturing company Siemens AG, as well as car makers BMW and Mercedes-Benz. According to the German Economic Institute, direct investment from Germany to China reached a record high of 11.9 billion euros ($12.7 billion) in 2023, a 4.3-percent increase compared to the previous year.

The visit was quite a success, with meetings held with President Xi and Premier Li Qiang. The final statements reaffirmed a confidence in the deepening of economic relations between both countries.

Much to offer

Next, if we look for a country to help chart the way forward for humanity, we'll find that China has a lot to contribute.

The nation seeks sustainable growth, which is why it is committed to applying a development philosophy featuring innovative, coordinated, green, open and shared development, and is pursuing high-quality development that incorporates high added value.

In recent years, Chinese exports of the "new three," i.e., new-energy vehicles, lithium-ion batteries and photovoltaic products, have seen rapid growth.

China continues to open up its markets to foreign direct investment, especially in the manufacturing industry, by announcing the removal of restrictive measures and creating more development opportunities and benefits for other countries.

Naturally, China has been prioritizing agreements with nearby countries and regions, among which are the Digital Economy Partnership Agreement (DEPA), to which China has applied, and the Regional Comprehensive Economic Partnership. The latter is a free trade agreement between the 10 member states of the Association of Southeast Asian Nations (ASEAN) and its five trading partners—Australia, China, Japan, New Zealand and the Republic of Korea.

On a global scale, China is stepping up collaboration with many countries on all continents through the Belt and Road Initiative, an initiative to boost connectivity along and beyond the ancient Silk Road routes, first proposed by President Xi in 2013.

Based on its internal development and the modernization of its economy, which is driven by science, technology and innovation, China is committed to promoting the opening of its markets and providing quality services to foreign investors. The country is continuously improving mechanisms for protecting the rights and interests of foreign investors, sharing innovation resources, reforming the digital economy, and ensuring the free and orderly flow of data per the law.

The arguments advocating decoupling from China not only contradict the trends of economic globalization but also go against the true interests of the peoples of the world, as working with China adds to the wellbeing of the world.

The Global South is influencing the emergence of more rational voices, contributing to the creation of more enlightened public opinions, including a call for an immediate ceasefire in current wars, so that peace becomes a reality (the first step toward the development of each country).

It also contributes to the urgent and necessary collective fight against climate change and, in this way, to a prosperous community with a shared future for humanity. BR

The author is a historian and president of the Observatory for China. This is an edited excerpt of an article first published on Chinadiplomacy.org.cn 

Copyedited by Elsbeth van Paridon

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