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GUANGZHOU, China, April 20, 2023 /Xinhua=KYODO JBN/--

China's pursuit of high-quality development will produce notable positive

spillover effects for the global economy, facilitating trade and contributing

to global decarbonization efforts, according to participants at an ongoing

international forum in the southern Chinese city of Guangzhou.

The conference, Understanding China -- Greater Bay Area Dialogue, themed

"Chinese modernization and new opportunities for the world" and scheduled from

April 18 to 20, has attracted celebrated figures from the global political,

academic and economic communities, from both home and abroad.

Fred Hu, chairman of Primavera Capital Group, said that China's high-quality

development is of great significance to promoting production and foreign trade,

and ensuring the security of the global supply chain.

"China's economic strength has improved significantly over 40 years of rapid

growth, and now it has assumed an increasingly bigger role in the world

economy," Hu said.

He cited the fact that China's gross domestic product accounted for 18.5

percent of the global total in 2021, much higher than the 7.7 percent

registered in 2001.

Gordon Brown, former prime minister of the United Kingdom, also acknowledged

China's contribution to the global economy, saying that the country's rapid

growth is something that any Western finance minister "can only dream of".

Along with its economic takeoff, China has now become a major trading partner

for more than 140 countries and regions, cementing its position as the largest

country in global trade in goods, Hu noted.

The country's rise within the global trade system is supported not only by its

big population, vast territory and large economic scale, but also its enabling

business environment and institutional arrangements made in the form of trade

agreements, Hu said.

Singapore's Emeritus Senior Minister Goh Chok Tong echoed Hu's words,

predicting that ASEAN will seize the opportunities arising from China's

continued growth by upgrading the ASEAN-China free-trade agreement.

A substantive upgrade to the agreement will pave the way for deeper regional

economic integration and a stronger rules-based multilateral trading system,

Goh said.

Looking forward, Hu said he believes that China's continuous efforts in

expanding opening-up will boost the confidence of overseas businesses and forge

more stable and sustainable trade and investment ties.

Another important part of China's high-quality development is green

development, which Hu believes means achieving zero carbon emission goals as

soon as possible and acting as a bellwether in addressing climate change.

Laurence Tubiana, chief executive officer of the European Climate Foundation,

said that China is now a global champion of clean energy.

The country's pursuit of the dual carbon goals, its pace of deployment of

renewable energy and the development of electrical vehicles are all very

promising signs, Tubiana added.

"The world needs China to make decarbonization affordable, and that's what

China has done in the past for a good number of clean energies," said Tubiana.

China should complete the energy transition at an early date, further

consolidate its position as a global leader in climate change response and

promote the sustainable development of the world, according to Hu.

To that end, China should leverage green technology, scale up support for

decarbonization and green finance, and increase the share of renewables in the

energy mix, Hu said.

Source: Understanding China - GBA Dialogue