Liu Jun, Consul General of China in Erbil

Recently, the China Development Forum (CDF) 2025 Annual Conference was successfully held in Beijing under the theme “Unleashing Development Momentum for Stable Growth of Global Economy”. 

This high-level dialogue, which brought together political and business leaders from around the world, sent a clear message to the international community: despite a complex and volatile international environment, China's economy exhibits remarkable resilience and vitality, injecting certainty into the global landscape through its commitment to high-quality development.

Robust Consumer Momentum Fuels China’s Vibrant Mega-Sized Market

Consumer activity serves as a vital barometer of China’s economic vitality. In 2024, final consumption expenditure contributed 44.5% to China’s economic growth, driving 2.2 percentage points of GDP expansion and cementing its position as the primary driving force. The national per capita disposable income and consumption expenditure of national residents reached 41,341 yuan ($5,700) and 28,277 yuan ($3,900), respectively, each growing by over 5% in real terms, further expanding the world’s largest middle-income group. In the first two months of 2025, China’s total retail sales of consumer goods increased by 4% year-on-year. During the Spring Festival, tourism consumption surged 7%, while box office revenues surpassed 9.5 billion yuan ($1.3 billion), underscoring the dynamism of China’s domestic demand.

The expansion and enhancement of China’s consumption market are driven not only by steady income growth but also by targeted policy measures. In 2024, trade-in programs stimulated over 1.3 trillion yuan ($179.4 billion) in consumption across automobiles, home appliances, and home furnishings. The 2025 "Action Plan to Boost Consumption" further includes subsidies for mobile phones, smart devices, and other products. Craig Allen, President of the U.S.-China Business Council, remarked that China has become the world’s second-largest consumer market, offering vast business opportunities for multinational enterprises.

Innovation-Driven Development: From "Made in China" to "Created in China"

China’s innovation capabilities are rapidly advancing to the forefront of global competition. In 2024, R&D investments in China exceeded 3.6 trillion yuan ($497 billion), with R&D intensity rising to 2.68%, propelling the nation to 11th place in the Global Innovation Index. From the Chang’e-6 mission returning samples from the far side of the moon to the launch of domestically built large cruise ships and heavy-duty gas turbines, China is reshaping global industrial landscapes through advancements in AI, quantum technology, and new energy.

Breakthroughs are accelerating the growth of new quality productive forces. In 2024, value-added output in high-tech manufacturing grew 8.9%, and core digital economy industries accounted for 10% of GDP. China’s "New Three"  products  contribute 60% of the global wind power equipment, 70% of solar modules, and over 70% of key raw materials for power batteries. Roland Busch, Chairman of Siemens AG, commented that China has provided an answer to the global growth challenge through its focus on high technology, efficiency, and quality.

China’s innovation ecosystem is attracting renewed global investor confidence. The country now hosts 26 of the world’s top 100 science and technology clusters, with tech giants like Tencent, Alibaba, and Xiaomi joining forces with rising stars such as Hangzhou’s "Six Tech Dragons" and breakthrough innovators like DeepSeek to form a diversified innovation matrix. Ola Källenius, Chairman of the Board of Management of Mercedes-Benz Group, praised China’s innovative spirit, highlighting the conducive environment and robust policy support that unlock the nation's creative potential.

Expanding Opening-Up: Sharing China’s Opportunities with the World

China’s high-level opening-up is creating new opportunities for foreign investment. In 2024, the country fully lifted foreign investment restrictions in the manufacturing sector, resulting in the establishment of 59,000 new foreign-invested enterprises and the utilization of 826.25 billion yuan ($114 billion) in actual foreign investment. High-tech manufacturing attracted an increasing share of this investment, rising to 11.7%. The business environment has been further optimized through initiatives like the 2025 Action Plan for Stabilizing Foreign Investment, which launched pilot openings in services and strategic sectors. Nearly 90% of foreign firms rated China’s business climate as satisfactory, with foreign direct investment (FDI) returns averaging 9%, ranking among the highest globally. Multinational companies are accelerating their expansion in the Chinese market: BMW signed a cooperation agreement with Huawei, and Tesla's first energy storage gigafactory outside the U.S. began production in Shanghai this February. As Masatsugu Asakawa, President of the Asian Development Bank, stated, Cooperation is the catalyst for shared prosperity. China’s opening-up measures have injected vital stability into the global economy.

There Are No Winners in Trade or Tariff Wars and Protectionism Is A Dead End.

Recently, certain countries has imposed tariffs on all its trading partners, including China, under various pretexts. This severely infringes upon the legitimate rights and interests of all countries, severely violates World Trade Organization (WTO) rules, severely undermines the rules-based multilateral trading system, and severely disrupts the global economic order. The Chinese government strongly condemns and resolutely opposes such move. Such action defies the fundamental laws of economics and market principles, which is a typical act of unilateralism, protectionism and economic bullying. Economic globalization is the only way to human progress, openness and cooperation are a historical trend, and the whole world aspires for win-win cooperation. There are no winners in trade or tariff wars. Protectionism is a dead end. All countries should uphold the principles of extensive consultation, joint contribution and shared benefit. They should jointly oppose all forms of unilateralism and protectionism. We are confident that the vast majority of countries, committed to fairness and justice, will stand on the right side of history and act in their best interests.

During a meeting with representatives of International Business Community, President Xi Jinping clearly stated, "multilateralism is the only choice for addressing global challenges, and economic globalization is an unstoppable trend of history. China upholds true multilateralism, promotes universally beneficial and inclusive economic globalization, actively participates in global economic governance, and is committed to building an open world economy."

In 2024, China-Iraq bilateral trade reached a historic high of $54.2 billion, marking a 9% year-on-year increase, with the Kurdistan Region (KRI) playing a pivotal role. As the joint implementation of the Belt and Road Initiative between China and Iraq deepens and takes shape, a growing number of Chinese enterprises have invested in the KRI, contributing to its modernization and digital transformation. Simultaneously, an increasing number of Kurdish businessmen are investing and doing business in China, sharing the dividends of China's development. Looking ahead, no matter how the international landscape evolves, China will remain unwavering in advancing high-standard opening up. Through concrete actions, we will demonstrate that embracing China is embracing opportunities, believing in China is believing in a better tomorrow, and investing in China is investing in the future.