"Understanding China - GBA Dialogue" Conference Discusses New Development Paradigm and Solutions for Global Growth

Held on April 19 in Guangzhou, China, the event highlights new development possibilities and the need to build a world economy underpinned by balance, inclusion, and tolerance.

GUANGZHOU, China, May 4, 2023 /PRNewswire/ -- A seminar of the annual "Understanding China – GBA Dialogue" conference recently gathered distinguished figures in the realm of politics, academics, and business to shed light on the cooperation opportunities lying ahead of China and the world to boost economic recovery in the post-pandemic era.

Thematically focused on "New Development Paradigm and Balanced, Coordinated, and Inclusive Global Economic Development", the event, co-hosted by China Institute for Innovation & Development Strategy, gave a platform for global leaders to delve into topics concerning today's key challenges, and China's role in facilitating global trade and economic rebound.

While the global economy has somewhat recovered, the ongoing threat of downward pressures fueled by energy crises and geopolitical frictions continues to persevere, with rising international tensions introducing further uncertainty that clouds the global growth outlook.

Against this backdrop, the seminar aimed to create a space that brought together global politicians, academicians, thinkers, and business leaders to look back on China's contributions to driving social and economic progress and examine new possibilities for China and beyond to unlock the next phase of growth.

Speakers recognized China's effort in injecting fresh energy into the world economy in 2023, and the optimized COVID-19 response policies helping to boost global demand and easing supply chain restrictions.

During his speech, former British Prime Minister Gordon Brown also highlighted China's achievements in social development while emphasizing the urgent need for global cooperation in addressing the world's most pressing challenges.

He called on major powers to work jointly to better forge multilateral collaboration, promote reforms for international institutions, improve the international economic governance system, and strive to build a more prosperous, equal, and sustainable future.

Lord O'Neill of Gatley, a Senior Adviser to the Royal Institute of International Affairs in the UK, shared Brown's sentiment, stressing that the spirit of global cooperation among the G20 must be revived in response to global problems such as economic recession, regional conflicts, climate change, and public health.

Deputy Director of the Economics Department of China's National Academy of Governance, Xu Zhengzhong, noted that China's new development blueprint will help redraw the map of global innovation and reshape the global economic structure, refining international standards and norms while enabling more countries to enjoy the fruits of economic globalization.

Director of the China Economic Research Center at the China Institute for Innovation and Development Strategy, Liu Xinghua, emphasized that it is the collective responsibility of all nations to pursue the path of peaceful development and collaborate in resolving global economic problems. He stressed the importance of establishing a just and equitable global economic framework that prioritizes balance, coordination, inclusiveness, cooperation, and common prosperity.