Participants attend the China Development Forum 2025 in Beijing, capital of China, March 23, 2025. [Photo/Xinhua]

Against the backdrop of global economic fragmentation and rising uncertainties, China reaffirmed its commitment to innovation-driven high-quality development and global cooperation at the just-concluded China Development Forum (CDF) 2025.

Chinese Premier Li Qiang, who delivered a keynote speech at the opening ceremony of CDF 2025, underscored China's commitment to its 2025 growth target of around 5 percent, signaling strong confidence in the country's economic prospects.

The decision reflects both China's profound understanding of its economic conditions, and confidence in its governance capacity and future development potential, Li said, calling for the combination of more proactive and impactful macro policies with structural reforms, and voicing hope that China will continue to welcome enterprises from around the world with open arms.

The premier added that the country will safeguard free trade, and contribute to the smooth and stable operation of global industrial and supply chains.

Themed "Unleashing Development Momentum for Stable Growth of Global Economy," the high-profile gathering held from March 23 to 24 in Beijing brought together Chinese policymakers, global business leaders, and leading international scholars to chart a course for sustainable growth amid uncertainties.

"China is open for business and China is set for growth," said Ola Kallenius, chairman of the board of management of Mercedes-Benz Group AG, on the sidelines of the event.

Ola Kallenius (C), chairman of the board of management of Mercedes-Benz Group AG, talks with other guests before the opening ceremony of the China Development Forum 2025 in Beijing, capital of China, March 23, 2025. [Photo/Xinhua]

Stability amid uncertainties 

As the theme of stability resonated throughout the forum discussions, Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, provided insight into China's economic resilience and stability to counteract global uncertainties.

"Amid rising external instability and uncertainty, China will remain firmly focused on pursuing its own development, leveraging the certainty of high-quality growth to offset external uncertainties and striving to serve as a stabilizing anchor for the global economy," Han added.

International observers echoed confidence in China's economic prospects. Jeffrey Sachs, renowned economist and director of Columbia University's Center for Sustainable Development, said that China's around-5-percent growth target is "perfectly achievable," adding that the country is "booming in key sectors, especially digital, artificial intelligence, robotics, and this is going to propel a Chinese growth."

In the eyes of Standard Chartered Group Chief Executive Bill Winters, China's growth story has shifted. "It is now about transformation and unleashing new productive forces to flourish to support high-quality growth," he said.

A PwC report released at the CDF noted that over the past two years, driven by new quality productive forces, China has demonstrated a commercial evolution path distinct from those of the traditional industrialized nations, marked by improvements in production factors, transformations in business models, and the intelligent reshaping of industrial chains.

"This has opened up new opportunities for global business investment and development in China, highlighting the new advantages of the Chinese market during the global economic transition period," the report read.

A humanoid robot is pictured during an innovative development promotion conference focusing on artificial intelligence in Suzhou City, east China's Jiangsu Province, Feb. 14, 2025. [Photo/Xinhua]

Innovation as new growth engine 

Finance Minister Lan Fo'an offered concrete details about China's supportive fiscal policies, emphasizing their role in stimulating innovation and consumption. "We're implementing targeted measures to convert potential demand into real growth drivers," Lan explained.

"This includes increasing fiscal support for tech innovation and providing tangible assistance to private enterprises." He specifically highlighted plans to "accelerate the development of new quality productive forces" through strategic investments in artificial intelligence (AI) and other cutting-edge technologies.

Data showcased China's progress: its global innovation index ranking rose to 11th in 2024, with 19.6 percent, 27 percent, 64 percent, and 91.5 percent year-on-year growth in semiconductor wafers, industrial robots, bullet trains, and drones respectively in early 2024.

The nation's emphasis on innovation as a driver for high-quality growth resonated strongly throughout the forum. Siemens AG President and CEO Roland Busch pointed to China's advances in AI and high-tech manufacturing.

"China gave the answer for where growth would come from: Growth from high tech, growth by higher efficiency, and high-quality growth," he remarked, adding that China surprises the world with innovations like the open foundational model R-1 developed by DeepSeek.

Kallenius also praised China's innovation-driven market. "China's competitive advantage lies in its passion for innovation," he said. "That is why Mercedes-Benz continues to deepen its presence in China."

Reflecting this trend, AstraZeneca CEO Pascal Soriot emphasized the country's emergence as a global leader in life sciences. "Today, China is home to one of AstraZeneca's Global R&D Centres, where our researchers in Shanghai are spearheading 20 global clinical trials and advancing over 200 pipeline projects," he said.

Prior to the forum, the British pharmaceutical giant signed a landmark 2.5-billion-U.S. dollar agreement on Friday to invest in Beijing over the next five years, the largest single investment in Beijing's biopharmaceutical sector in recent years.

Under the agreement, AstraZeneca will establish a global strategic R&D center in Beijing, its sixth worldwide and second in China after one in Shanghai. The new center, equipped with an advanced AI and data science laboratory, will accelerate early-stage drug research and clinical development.

"Looking ahead, China will not only serve as a global innovation hub but also a core arena for setting standards and reshaping industrial chains," the PwC report added.

Open collaboration for shared future 

From CDF 2025 in Beijing to the Boao Forum for Asia (BFA) Annual Conference 2025 in south China's Hainan Province, foreign executives reaffirmed their commitment to China as a key market for investment and collaboration: China's complete industrial system, rich application scenarios, vast market scale, and large talent pool offer extensive collaboration opportunities for international industrial and technological innovation.

The Japanese Chamber of Commerce and Industry in China said in its latest survey that 58 percent of its member firms plan to expand or maintain investments in China through 2025, while 53 percent of U.S. companies are expected to invest more in the country, according to the American Chamber of Commerce in China.

BMW AG Chairman Oliver Zipse stressed that "economic prosperity comes from openness, not protectionism," while criticizing trade barriers. "The best response to 'de-risking' strategies is more cooperation, not less."

Speaking to global business leaders attending the CDF, Lan also emphasized that China's fiscal policy will support high-standard opening up, and that China will ensure equal treatment for all types of business entities and continue to improve the business environment.

"For global companies, China's commitment to high-tech innovation and open collaboration makes it an indispensable partner for long-term growth," said Busch, highlighting China's rapid technological advancements and collaborative spirit.

Jean-Pascal Tricoire, chairman of Schneider Electric, said: "China is not only our second-largest worldwide market but it's also a vital source of innovation." For the French industrial giant, China will remain a key partner as it navigates the complexities of a rapidly changing world, he added.

While China accelerates its push toward innovation-led growth and deepens its commitment to openness, global businesses continue to see the country as a critical partner in achieving long-term economic prosperity, and as the premier put it, there is a growing need for countries to open their markets and for enterprises to share resources, in order to address challenges and pursue common prosperity.