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Home Market Overview Economy News

As China’s economy grows, so does its global reach

by MarketNewsBoard
3 hours ago
in Economy News, Market Overview
As China’s economy grows, so does its global reach
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China’s expanding global influence has become increasingly evident through its economic growth, development initiatives and contribution to international stability, experts say.

According to China Daily, China’s modernisation has not only transformed its own fortunes but also provided valuable lessons for developing nations pursuing their own paths to progress.

The observations come as the Communist Party of China (CPC) marks its 105th anniversary, a milestone that has prompted renewed reflection on the Party’s role in shaping modern China through resilience, innovation and long-term leadership.

Analysists say the country’s remarkable rise has been driven by the CPC’s stewardship over the past century, turning a nation once weighed down by poverty and instability into one of the world’s leading economic powers.

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The Party was founded in 1921 at a time when China was grappling with foreign aggression, widespread poverty and unsuccessful attempts to reverse national decline. From its inception, the CPC declared its mission as securing the wellbeing of the Chinese people and achieving the rejuvenation of the Chinese nation.

More than a century later, China has emerged as the world’s second-largest economy. It has recorded major advances in science and technology, dramatically improved living standards for its population and established itself as an important anchor of stability and certainty during a period of increasing global turbulence.

Michael Borchmann, former head of the European and International Affairs Department of the German state of Hesse, said the CPC’s consistent commitment to a people-centred development philosophy has been central to China’s achievements.

“A defining feature of this transformation has been that the Chinese people took their destiny back into their own hands. They cast off foreign humiliation and oppression, successfully lifted hundreds of millions out of poverty, and regained their national confidence,” Borchmann said.

He added that China’s development experience provides valuable insights for Africa and other countries across the Global South.

“China offers lessons and inspiration to Africa and the Global South. Its growth is an inspiration for Africa,” he said.

Peter Kagwanja, president and chief executive officer of the Africa Policy Institute, a Nairobi-based think tank, said China’s economic rise ranks among the most remarkable development stories of the modern era.

According to Kagwanja, the country has progressed from being one of the world’s poorest developing nations in the 1980s to becoming the world’s second-largest economy.

He said China has further strengthened its international standing through the Belt and Road Initiative and four major global proposals: the Global Development Initiative, the Global Security Initiative, the Global Civilisation Initiative and the Global Governance Initiative.

“Through its Belt and Road Initiative as well as its four global initiatives… China has amassed immense global influence, becoming a major player in international trade and diplomacy,” Kagwanja said.

He believes Africa can draw confidence from China’s development journey.

“China offers lessons and inspiration to Africa and the Global South. Its growth is an inspiration for Africa. Poverty is not a curse for any civilisation. Africa can also rise and lift its people out of poverty,” he said.

For Mafa Kwanisai Mafa, a Zimbabwean Pan-Africanist researcher and political commentator, the CPC’s 105-year history demonstrates the importance of disciplined leadership, institutional capacity, accountability and continuous reform in building an effective state.

“As nations of the Global South carve out their own sovereign paths to modernisation, the CPC’s century of self-improvement and decades of governance practice will remain an indispensable touchstone for scholarly inquiry, high-level policy deliberation and thoughtful localised adaptation for generations to come,” Mafa said.

Source: Original Article

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