Report eyes Global South as ‘key’ growth engine; experts hail China’s role

A report released on Tuesday by a Chinese think tank has highlighted the Global South's growing role as a driver of world economic growth and rising presence in the international value chain, with Chinese and international experts calling for stronger cooperation among developing countries and underscoring China's role as a stabilizing force amid global turbulence.

The Global Development Report 2025, now in its fourth year, was unveiled in Beijing on Tuesday. Released under the guidance of the Development Research Center (DRC) of the State Council and produced by the Center for International Knowledge on Development (CIKD), the report focuses on overarching strategies and practical pathways to promote stable and sustainable global development.

The report warns that rising unilateralism and protectionism are creating global uncertainties that threaten developing countries' industrialization, economic diversification, and financial stability. But it also underscores the Global South's collective rise as a key driver of world economic growth.

In 2024, the Global South's growth rate reached 4.28 percent, markedly outpacing the 1.8 percent recorded by developed economies. Forecasts suggest the Global South will maintain a growth rate of about 3.7 percent in 2025, still well above that of developed nations, the report said, citing IMF data.

Developing economies are also the primary engine of global merchandise trade growth. Citing UN data, the report stated that developing economies recorded a 4 percent year-on-year increase in imports and exports in 2024, contributing more than 60 percent to overall world trade expansion.

The Global South's position in the world value chain continues to strengthen, the report added. Some countries in the bloc have become key hubs in world supply chains and are gaining competitive edges in certain emerging industries. For instance, the share of developing economies in total global services exports climbed to 30 percent in 2024.

Amid the new wave of technological and industrial revolutions, innovation capabilities in Global South nations are on the rise, bolstered by increased research and development investment, talent cultivation, and ongoing improvements to national innovation systems, the report said.

The new wave of technological revolution will drive global development, particularly for the Global South, as new technologies create fresh development opportunities worldwide that these countries can leverage to grow in the evolving international landscape, said Wang Jinzhao, executive vice-president of the CIKD.

"This trend injects new momentum into global economic growth, while the Global South's support for a fair international order and multilateralism adds stability to the world," Wang said at the meeting.

The report urged Global South nations to deepen pragmatic cooperation, mobilize development financing, and strengthen collective risk management, while intensifying collaboration in key areas such as agricultural infrastructure, capacity building, industrial digitalization, standards alignment, and green industry development.

Carlos Correa, executive director of the South Centre, an intergovernmental think tank for the Global South, pointed to the growing trend of developing countries gaining greater autonomy in their development paths. He noted that the Global South's progress has shifted from relying mainly on financial and technological aid from the Global North to increasingly drawing on its own populations, technology transfers, and open-source resources.

"China exemplifies this shift, showing how Global South countries can leverage their own resources and accumulated knowledge to achieve development," Correa said.

The unilateral, protectionist, and even unlawful measures taken by the US have forced Global South countries to come together, not as much as is desired, because there are still differences and divisions in the Global South, said Sudheendra Kulkarni, the founder and chairman of the Forum for a New South Asia.

In an interview with the Global Times on the sidelines of the meeting, Kulkarni noted that "Global South countries should now increase cooperation in trade, in investment, in knowledge sharing, and in technology transfer."

Kulkarni highlighted China's role in the multilateral framework, saying that "China is playing a very positive and stabilizing role in the world economy today," amid forces of instability and uncertainty from the US administration. "I especially commend China for its attentiveness to the needs of the least-developed countries in Africa and beyond," he added.

Kulkarni noted the great potential within the broader Global South, emphasizing that enhanced cooperation between China and India would generate hope and opportunity for other developing nations.

As a responsible major power, China is committed to serving as a stabilizing force and contributor to global development in a turbulent world, Zhang Qi, Vice Minister of the DRC and Chief Vice President of the CIKD, said in a keynote speech. She stressed advancing an inclusive form of economic globalization to build an open world economy, while promoting mutual benefit and win-win cooperation to drive the Global South's ongoing development.

This year's report also delves into the current state and challenges in areas such as global trade, climate change, health, food security and poverty reduction, industrialization in developing countries, and digital technologies. More than 150 representatives of Chinese government departments, international organizations, and think tanks attended the report's launch event.