Xinhua Commentary: China a firm builder of dynamic global supply chains

This photo taken on Nov. 28, 2023 shows the Raytheon hybrid engine platform of automaker Geely at the exhibition area of intelligent vehicles during the China International Supply Chain Expo in Beijing, capital of China. (Xinhua/Ren Chao)

BEIJING, Dec. 1 (Xinhua) -- The China International Supply Chain Expo stands as a pioneering drive in global trade, reflecting China's pivotal and responsible role in fostering cooperation in global industrial and supply chains.

The expo, the first of its kind at the national level, has attracted exhibitors from over 50 countries and regions. It is evident that multinational corporations anticipate and need more extensive collaboration with their Chinese counterparts to uphold resilient, efficient and dynamic industrial and supply chains, with such collaboration serving as an important assurance for global economic development.

It is all the more necessary to enhance industrial and supply chain collaboration given that the global economy is undergoing a difficult and unbalanced recovery due to the impact of the COVID-19 pandemic, geopolitical tensions and the rise of deglobalization headwinds among other factors.

Like other major fairs such as the China International Import Expo, the ongoing supply chain expo provides a new window into China's high-level opening up and new opportunities for multinationals to develop their businesses in China. According to the economic outlook released by the Organization for Economic Co-operation and Development on Wednesday, China's economy is forecast to expand by 5.2 percent in 2023.

China stays committed to opening up and walks the talk in this regard. The country has announced that it would remove all restrictions on foreign investment access in the manufacturing sector. Its ever-improving industrial system and large market provide strong support and broad space for industrial and supply chains.

From key materials to basic components and operating systems, the participation of numerous specialized new enterprises at the supply chain expo illustrates China's determination and efforts to continuously break through to the high end of the industrial value chain. China's manufacturing sector topped the world rankings in size for 13 years with the added value of the sector accounting for 27.7 percent of domestic GDP in 2022.

China has demonstrated its firm commitment and concrete action to work with the global community to maintain resilient, efficient and inclusive global industrial and supply chains. Joint efforts in this regard can boost global economic recovery, whereas so-called "de-risking," trade protectionist and bullying practices will only result in counteractive effects.