In the changing global landscape, the United States needs to recognize conclusion of hegemony, said former Deputy Prime Minister of Poland Grzegorz Kolodko at the Global South Think Tanks Forum on Wednesday in Beijing.
Organized by the International Department of the Communist Party of China (CPC) Central Committee and China Media Group (CMG), China's state broadcaster, the forum attracted political figures, government representatives, analysts, scholars and journalists from 76 countries and regions worldwide.
During the event, Kolodko said that the Global South countries are collaborating with increased impact, while the diminishing influence of traditional power structures like the G7 underscores a lesson learned by the West.
"China will never accept, and I don't accept either, the hegemony of the United States. The United States has to understand that it is the end of hegemony, and it is the beginning or continuation of the multi-polar world. Second, we still have the G7, and then the West has learned a lesson that the G7 is not as powerful as it used to be 20 or 50 years ago. So, we have established with the people of the world what is called the G24, where we have G7 and many (other) countries which belong to the so-called Global South," he said.
At the forum, 40 think tanks from Global South countries jointly released an initiative, reaching a broad consensus on enhancing development cooperation, promoting fairness and justice, and collaborating to build a global community for peace, security, prosperity, and progress for all.
US must recognize end of hegemony, dawn of multipolar world: Polish ex-deputy PM
Several international financial institutions have recently expressed confidence in China's economic resilience and vitality, forecasting that China will enhance global development certainty through its growing exports and consumption in 2026.
Many institutions are particularly optimistic about the structural upgrades in China's exports. In its latest report, Goldman Sachs noted that Chinese exports have shifted from being driven by cost advantages to being driven by technological advancements and supply chain efficiencies. This change has led to its formation of an irreplaceable global production cluster in new quality productive forces sectors.
UBS echoed similar sentiments, stating that China's export competitiveness remains robust. The optimization and upgrade of export product structures are progressing, with high value-added and high-tech industries continuing to enhance their competitiveness and market shares.
"Chinese companies are actively expanding overseas markets through product upgrades and innovations, optimizing product portfolios, and exporting more services, including automobiles, batteries, solar energy, and grid equipment," said Xu Bin, head of research at UBS Securities.
At the same time, the recovery and upgrading of domestic consumption are becoming crucial supports for China's economic growth. Multiple institutions have made positive forecasts regarding the revival of the consumer market in China.
"In terms of being driven by domestic demand, we are seeing a clear structural transformation," said Wang Xinjie, chief investment strategist for wealth management at Standard Chartered China.
Notably, many foreign investment institutions have pointed out that China's stable industrial and supply chains make it one of the preferred locations for expanding multinational corporations' presence in 2026.
"China has the most complete industrial chain in the world. For German and European companies, the Chinese market remains the most attractive, as its supply chains offer strong product integration capabilities and competitive pricing," said Zhang Liang, CEO of China Branch of the Commerzbank.
Foreign investment institutions optimistic about China's economy in 2026
