This year marks the final year of China’s 14th Five-Year Plan period (2021-2025). In the past five years, global transformation not seen in a century unfolded at a faster pace and the international landscape has undergone profound changes. This year especially, the U.S. tariffs delivered a severe impact on the global economy, with increasing instability and uncertainties. China’s economy has withstood pressures and demonstrated strong vitality and resilience, continuing to be the most stable, reliable, and active force driving global development. China’s economic progress has three key characteristics.
First, stability is the anchor of China’s economy. China’s GDP grew by 5.3% in the first half of this year, marking steady progress toward the annual growth target of 5%. Benefiting from the socialist system with Chinese characteristics, a supersized market, a complete industrial system, and a vast pool of talent resources, China’s economy has maintained an average annual growth rate of around 5.5% over the years. It remains the world’s largest manufacturing hub, the top trader in goods, and the country with the largest foreign exchange reserves. Contributing over 30% to global economic growth, China has truly served as the key engine and anchor of stability for the world economy. The International Monetary Fund recently cast a vote of confidence by raising its forecast for China’s economic prospect by 0.8 percentage points.
Second, innovation is the oar of China’s economy. Guided by the innovation-driven development strategy, a multitude of major scientific and technological achievements have emerged: Tiangong, China’s first space station, has been fully completed and operational; AI models like DeepSeek are rapidly iterating and being applied; the self-developed HarmonyOS has realized the interconnection of all things. Behind those accomplishments lie the world’s second-largest R&D expenditure, biggest pool of R&D personnel, and more than 460,000 high-tech enterprises—the cornerstone of China’s innovation-driven development.
Science and technology has contributed to over 60% of China’s economic growth. A month ago, H.E. Uchral Nyam-Osor, Mongolia’s First Deputy Prime Minister and Minister of Economy and Development, attended the 2025 World Artificial Intelligence Conference in China, which displayed extensive applications of AI in manufacturing, robotics, early warning systems, and more. China’s innovation is empowering a wide range of industries and making its way into countless households, becoming a more resilient and powerful driver of economic growth.
Third, opening-up is the flag of China’s economy. As a responsible major country, China firmly opposes unilateralism and is committed to expanding high-level opening-up. In the first half of this year, China’s total import and export value of goods reached 21.79 trillion yuan, hitting a record high for the same period in history. Trade with over 190 countries and regions achieved growth, while the value of trade with Belt and Road Initiative partner countries accounted for 51.8% of the total. As the world’s second-largest economy, China is always open and committed to drive global demand and maintain the stability of industrial and supply chains. In the first half of this year, the number of newly established foreign-invested enterprises in China increased by 11.7% year-on-year, with companies like Tesla, Toyota, and AstraZeneca expanding their business in China, underscoring widespread confidence in the Chinese market.
Mongolia is an important partner for China in the high-quality Belt and Road cooperation. Our two countries complement each other in areas such as mineral resources, energy, infrastructure, agriculture and animal husbandry. Fruitful results have been achieved in our economic and trade cooperation in recent years: according to China’s statistics, our bilateral trade reached $18.26 billion last year, a year-on-year increase of 10%. The groundbreaking of the Gantsmod-Gashuunsukhait cross-border railway and the Erdeneburen hydropower station, along with the progress in China-Mongolia Erenhot-Zamyn-Uud economic cooperation zone and port infrastructure upgrades, all have significantly boosted Mongolia’s economic and social development, making our cooperation deeper and more solid. At the end of this month, the 5th China-Mongolia Expo will be held in Hohhot, attracting more than 500 Mongolian enterprises, some of which will also stay to join the following 15th China-Northeast Asia Expo in Changchun. Mongolia will set up a national pavilion at the 8th China International Import Expo in November as well, providing an important platform for its enterprises to access the Chinese and regional markets.
Looking ahead, China’s economy may still encounter challenges. However, with the solid foundation, wide-range strengths, strong resilience, and vast potential, China has both the confidence and the capacity to achieve long-term and stable growth. This is not only a Chinese story, but also a global vision which will offer tangible development opportunities for all countries including Mongolia. The future of China’s economy holds great promise, and China-Mongolia cooperation boasts broad prospects!
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