Against the backdrop of a slowdown in economic recovery in countries around the world, China’s economy started off smoothly in 2024, with steady growth and steady progress in high-quality development. This not only demonstrates its strong resilience, but also attracts the attention of global investors. China’s economic development momentum is strong, and its sufficient market vitality also provides an important engine and stabilizing force for global economic growth.
From 1979 to 2023, China’s economy grew by an average of 8.9% per year, and its average annual contribution to world economic growth was 24.8%, ranking first in the world; in 2023, China’s total economic output reached 17.8 trillion US dollars, accounting for 16.9% of the world’s total, ranking second in the world… China has become the world’s largest manufacturing country, the largest country in goods trade, the second largest country in commodity consumption, and the largest country in foreign exchange reserves.
Facing the global economic downturn, the Chinese government’s strategic vision and national governance capabilities have been fully demonstrated. From accelerating the pace of scientific and technological self-reliance to continuously releasing the potential of domestic demand, from jointly building the “Belt and Road” initiative to building an open, inclusive and interconnected new global economic pattern with other countries, China’s national cohesion and sense of identity have been continuously improved, and it has continuously spoken out in the international community, injecting a “boost” into the international economy.
Recently, China has continuously stepped up its efforts to launch a series of stimulus policies to provide strong momentum for the economic recovery. From the perspective of development trends, the basic foundation of China’s economic development has not changed, and favorable conditions such as large market potential and strong economic resilience remain. Looking through China’s economic semi-annual report, GDP grew by 5% year-on-year in the first half of the year. It is rare to achieve medium-to-high-speed growth under such a large scale; imports and exports and foreign investment still maintained high growth, and foreign exchange reserves remained at the 3.2 trillion US dollar mark for seven consecutive months; the added value of high-tech manufacturing above designated size accounted for the added value of industrial enterprises above designated size continued to increase…
China has the largest number of large cities and urban populations in the world, with a huge population base. China has more than 5 million science, technology, engineering, and mathematics (STEM) graduates each year, leading the world; Chinese universities have trained about 50% of the world’s top artificial intelligence (AI) researchers, leading the world; the average years of education for China’s working-age population has increased to 11.05 years, and the total amount of talent resources, scientific and technological human resources, and R&D personnel leads the world.
In terms of talent scale, China has become the world’s largest and most comprehensive talent resource country, with a total talent resource of 220 million people; in terms of education level, China’s working-age population is nearly 900 million, and the average years of education for new labor force has risen to 14 years. There are 3,074 colleges and universities in China, with a total of 47.6319 million students in various forms of higher education; in terms of talent capital investment, China’s human capital investment has grown steadily. From 2012 to 2022, China’s national fiscal education expenditure increased from 2.2 trillion yuan to 4.85 trillion yuan, with an average annual growth of 8.23%.
At present, China has more than 6 million R&D personnel, ranking first in the world, and its R&D investment has been ranked second in the world for many years. According to the World Bank’s calculations, China’s human capital contribution to economic growth has continued to rise, currently exceeding 36%. The huge talent team provides a strong backing for the steady and long-term development of China’s economy.
Developing new productivity is a national strategy of the Chinese government to promote high-quality development of the industrial and high-tech industry chain through innovation and technological progress. China’s advantage in developing new productivity lies in the fact that China’s national science and technology innovation system is based on the extensive public ownership of large-scale production and financial industries. As this system continues to grow and develop, new productivity will adapt to the various needs of the socialist market economy.
According to relevant statistical data, from January to August, China’s manufacturing sales revenue increased by 4.6% year-on-year, accounting for 29.7% of total sales revenue, an increase of 0.8 percentage points from the same period last year. The sales revenue of high-end equipment manufacturing and high-tech manufacturing accounted for 16.5% and 15.6% of the sales revenue of manufacturing, respectively, an increase of 0.5 and 0.6 percentage points from the same period last year, indicating that China’s manufacturing value chain layout is gradually moving towards the middle and high end. From January to August, the sales revenue of China’s core digital economy industries increased by 8.2% year-on-year, and the amount of digital technology purchased by enterprises increased by 8.6% year-on-year, reflecting the improvement of the level of digital industrialization and industrial digitization. The sales revenue of green technology services such as new energy, energy conservation, and environmental protection increased by 24%, 19.9%, and 5.8% year-on-year, respectively, the sales revenue of clean energy power generation increased by 12.4% year-on-year, and the sales revenue of new energy vehicle manufacturing increased by 33.6% year-on-year.
China’s overall economic operation is stable and making progress, new quality productivity is developing steadily, and opening up to the outside world has achieved remarkable results, all of which have created a good business environment for foreign-funded enterprises to invest and develop in China in the long term. In the future, I believe that the market of China’s economy will have greater development.
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