Deloitte China CEO highlights China's role in global economic cooperation

DAVOS, Switzerland -- China continues to be a steadfast force in advancing multilateral economic and trade cooperation worldwide, said Patrick Tsang, chief executive officer of Deloitte China, emphasizing the country's significant contributions to global trade, investment, and the green and digital economy.

"China has consistently unleashed domestic demand and created opportunities for global goods and services," Tsang noted in an interview during the annual meeting of the World Economic Forum (WEF), which began on Monday.

He highlighted the evolution of China's imports, which now encompass a wide range of products, from cosmetics and health items to virtually every category of goods. Furthermore, China has been actively attracting foreign investment in high-tech sectors while boosting outbound investments to enhance global capital flows and economic development.

Tsang pointed out that China's high-tech investments abroad increasingly target sectors such as new energy, new materials, and high-end equipment manufacturing.

China's gross domestic product (GDP) grew by five percent year-on-year in 2024, achieving the government's annual target, according to the National Bureau of Statistics. Reflecting confidence in China's economic prospects, the International Monetary Fund recently raised its growth projections for the country for 2025 and 2026 in its latest World Economic Outlook update.

Tsang also commended China's efforts to promote green industries and foster global technological innovation. He noted that the rapid development and industrialization of China's green technologies have reduced global technology costs, enabling more nations to adopt sustainable economic models affordably.

Amid rising geopolitical tensions, trade protectionism, and global economic uncertainties, Tsang lauded China's commitment to high-level opening up. "As the world's second-largest economy, China's insistence on advancing high-level opening up not only supports its high-quality economic development but also positively influences the global economic structure," he said.

China has completely lifted restrictions on foreign investment in its manufacturing sector and continues to steadily open its service industries, including healthcare, telecommunications, and education. For instance, wholly foreign-owned hospitals in China have achieved significant milestones.

The opening of China's services sector "not only enriches service offerings for Chinese people but also creates more business opportunities for global companies," Tsang said.

In 2024, China introduced its first national-level negative list for cross-border trade in services, establishing systematic measures to ensure the secure and efficient flow of talent, funds, technology, and data. The country has also implemented initiatives to facilitate personnel exchanges, such as visa policies. To date, China has full visa exemption agreements with 25 countries, unilateral visa exemption policies with 38 countries, and transit visa exemptions for 54 countries.

The surge in "China Travel" demonstrates the country's dedication to expanding high-level opening to the world, Tsang said.