In a year marked by significant progress and innovation, China has unveiled its top 10 business milestones of 2024. From groundbreaking reforms to technological achievements, here’s a rundown of the key events shaping the nation’s economic landscape.
1. Deepening Reforms for Modernization
The Communist Party of China’s 20th Central Committee adopted a resolution to further deepen comprehensive reforms. This ambitious plan aims to achieve socialist modernization by 2035, outlining major reform measures for the next five years.
2. Steady High-Quality Development
China’s commitment to high-quality development progressed steadily, with economic and social targets expected to be met. The nation contributed nearly 30% to global economic growth, reinforcing its role in the world economy.
3. Proactive Fiscal and Monetary Policies
For the first time in 14 years, China’s Central Economic Work Conference proposed a shift to a moderately loose monetary policy and introduced proactive fiscal policies. These significant measures are set to bolster economic stability.
4. Boosting Economic Recovery
New macroeconomic policies played an active role in strengthening the economy. Enhanced counter-cyclical adjustments and comprehensive incremental policies boosted public confidence, supporting a robust recovery.
5. Expanding High-Level Opening-Up
China continued to expand its openness by relaxing visa-free transit policies for foreigners and removing foreign investment restrictions in the manufacturing sector. This move fosters a more inclusive and globalized market.
6. Record-Breaking Grain Production
With a grain harvest surpassing 706.5 million metric tons, China ensured national food security and contributed significantly to global food supplies.
7. Advances in New Energy and Space
China’s production of new energy vehicles exceeded 10 million units, marking its transition to an automotive powerhouse. Additionally, the Hainan commercial spacecraft launch site completed its first mission, completing the commercial aerospace industry’s full chain.
8. Raising the Retirement Age
Addressing demographic changes, China prepared to raise the statutory retirement age for the first time in over seven decades, aiming to maximize human resource potential.
9. Capital Market Reforms
Efforts to attract medium and long-term capital intensified. China implemented monetary policy tools and encouraged listed companies to strengthen market value management, revitalizing the capital market.
10. Technological Innovations
China achieved significant technological breakthroughs, including the Chang’e 6 mission returning samples from the far side of the moon, the commissioning of the deep-ocean drilling ship Dream, the operation of the Qinling Station in Antarctica, and the opening of the Shenzhen-Zhongshan Link.
Reference(s):
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