(Yicai) March 24 -- Representatives from international organizations and multinational companies expressed strong confidence in China's ability to sustain economic growth amid global uncertainties and optimism about its path toward sustainable development at the China Development Forum.

China is rapidly evolving into a more resilient and inclusive economy, offering valuable experience for other emerging economies in their developing and transformation journeys, several speakers said during the two-day key annual international business conference in Beijing that ended today. 

Held under the theme 'Unleashing Development Momentum for Stable Growth of the Global Economy,' the CDF attracted over 100 international delegates, including representatives from 86 multinationals across 21 countries. In addition, this year's forum saw a record number of first-time corporate participants.

Initiatives like Made in China 2025 have focused on upgrading industrial capacity, fostering innovation, and enhancing global competitiveness, said Dilma Rousseff, chairwoman of the New Development Bank. DeepSeek and other Chinese firms are achieving breakthroughs and competing with global peers through cost-effective and open-source solutions, she noted, adding that these innovations could transform not only the high-tech sectors but also traditional industries.

The world's economy is undergoing a massive transformation driven by many aspects, noted Roland Busch, president and chief executive officer of German tech giant Siemens. China has found the answer to global growth issues by focusing on high-tech, higher efficiency, and high-quality growth, he pointed out.

While household consumption as a share of gross domestic product in China has grown, it is still among the lowest compared to most Organisation for Economic Co-operation and Development member countries, according to Nigel Clarke, deputy managing director of the International Monetary Fund.

"Overall, our analysis suggests that a comprehensive package of reforms to boost consumption and lift productivity could raise China's potential growth by about 1 percentage point per year over the medium term," Clarke said. "That translates into a level of GDP that is close to 20 percent higher than our baseline by 2040."

High-quality development requires a prudent rebalancing of the economy, noted Masato Kanda, president of the Asian Development Bank. This involves stimulating domestic demand and household consumption via income growth, stabilizing the property market through supply and demand reforms and empowering the private sector with a level playing field, he added.

Opening up the services sector could diversify trade and attract foreign investment, Kanda pointed out.

In addition, participants at the CDF unanimously agreed that international cooperation remains critical to managing shared developmental challenges.

Editor: Martin Kadiev