Xinhua Commentary: Embracing "China Opportunity 2.0" for shared prosperity

BEIJING, Nov. 6 (Xinhua) -- China has set its development priorities and policy directions for the next five years, and the world's second-largest economy will bring new opportunities for shared growth with global partners and investors.

In recent years, there has been increasing talk of Chinese opportunities among investors, analysts and entrepreneurs. Indeed, along with a pivotal shift from high-speed economic growth to high-quality development, driven by factors including more emphasis on innovation and consumption, business opportunities in China are still immense and exciting.

The term "China Opportunity 2.0" is aptly used to summarize China's more open, inclusive, and tech-powered economic interaction with the rest of the world, which comes after its integration into the global economy over 40-plus years of reform and opening-up.

"China Opportunity 2.0" abounds in the country's industrial transformation and upgrading. China has remained the world's second-largest economy since 2010. With marked enhancements to its economic and technological strength, China's manufacturing sector is becoming more high-end, intelligent and green, and steadily climbing up the value chain. Its electric vehicles, solar panels and lithium batteries -- just a few examples of its many tech products -- have contributed significantly not only to China's green transition, but also to global efforts to tackle climate change.

Over the next five years, China will redouble its efforts to develop emerging pillar industries such as new energy and new materials, and work to foster new drivers of economic growth such as quantum technology, embodied artificial intelligence (AI) and 6G mobile communications. These initiatives will create investment opportunities.

The Global Innovation Index for 2025 has shown rapid expansion of China's innovation capacity, ranking China in 10th place for the first time. Technological innovation drives industrial upgrading and embodies new growth points.

The country's innovation ecosystem benefits global firms. In recent years, China has seen a marked increase in the number of foreign-funded enterprises established in the country, and in the numbers of multinationals opening regional headquarters or research and development centers -- hard proof that China remains a crucial market with significant opportunities, and a reliable partner for international businesses.

With a complete industrial system and dense industrial clusters, China provides efficient, reliable production and supply chains for global businesses, exemplified by the inauguration of Airbus's latest final assembly line for its A320 aircraft family in October -- the second it has established in China's Tianjin city. Approximately 200 suppliers in China support Airbus's commercial aircraft production.

Against the backdrop of China's technological rise and tech product exports, however, certain Western scholars and politicians have taken to spreading their "China shock" rhetoric once again. They are attempting to scapegoat China for the economic woes of their own countries, and to devise an excuse for their protectionist plans.

China's high-quality, reasonably priced products have reduced the living costs of consumers, alleviated the inflationary pressures of many economies, and greatly expanded access to the benefits of technological progress for people around the world. China has, for example, driven down the global cost of wind power by more than 60 percent and photovoltaic power by 80 percent, increasing their affordability for more people.

"China Opportunity 2.0" goes beyond industry and innovation. The expansion and upgrading of consumption present significant opportunities. China's super-large market has great consumption potential that has yet to be released.

Having achieved moderate prosperity, Chinese citizens are pursuing better lives, and their demand for quality services, goods and wellness products is also increasing. The country's middle-income group is projected to double to 800 million people in the coming 10-plus years.

China aims to "achieve a notable increase in household consumption as a share of GDP" in the next five years. The annual China International Import Expo in Shanghai is a key platform for global enterprises to tap the world's second-largest consumer market. And this year's record-high number of participating companies offers a glimpse into the scope of business opportunities in China.

Furthermore, investment opportunities may come from the country's new urbanization, and from its growth in new infrastructure areas such as computing networks and smart cities.

Another key catalyst of shared growth opportunities is China's continued reform and opening-up. China's negative list for foreign investment has been shortened to only 29 items, and all restrictions on the manufacturing sector have been removed.

China grants either unilateral visa exemptions or full mutual visa-free entry to citizens of 76 countries. And it has zero tariffs in place on imports of products from the world's least-developed countries that have diplomatic relations with China.

During the next five years, China will pursue balanced development of imports and exports, continue to expand its high-standard opening-up, and promote common development with the world. Among the latest developments, the China-ASEAN Free Trade Area 3.0 upgrade agreement has been signed. China's Hainan Free Trade Port will launch island-wide independent customs operations in December -- a landmark opening-up event.

China's opportunities are also increasingly moving beyond its borders. Chinese companies going global create jobs and promote local industrialization in other countries, where they invest in the construction of factories and infrastructure such as ports, highways and railways under the framework of the Belt and Road Initiative, enabling shared development and contributing to the development of a community with a shared future for humanity.

Leading Chinese EV maker BYD and battery maker CATL have built plants in multiple countries, including Brazil, Thailand, and Germany, epitomizing open cooperation and mutual benefits.

The Chinese economy will continue growing within an appropriate range. Partnering with China means seizing the "China Opportunity 2.0" for shared growth with the largest contributor to global GDP growth. ■