In 2024, China is putting development front and center. President Xi Jinping has emphasized that boosting the country’s growth is essential, highlighting plans to strengthen the economy, enhance regional development, and open up even more to the world.
Steady Growth Amid Challenges
China’s economy has shown resilience, maintaining a stable growth rate around the 5 percent target. High-tech manufacturing has been a bright spot, with output growing by 9.1 percent, and investment in high-tech industries up by 10 percent. The “new three” industries—new energy vehicles, lithium batteries, and photovoltaics—have seen double-digit growth, showcasing China’s move towards greener industries.
Boosting Domestic Demand
To keep the momentum going, China has introduced measures to stimulate domestic demand. From large-scale equipment upgrades to supportive real estate policies, these steps aim to meet people’s aspirations for a better life. In the first three quarters, consumer spending contributed nearly half of the economic growth.
Regional Development Takes Off
Regions across China are stepping up. President Xi has called on provinces like Shandong and Anhui to play key roles in national development strategies. The Yangtze River Delta region, for instance, now accounts for about a quarter of the country’s GDP.
In the south, the new Shenzhen-Zhongshan Link has opened, improving connectivity in the Greater Bay Area. This mega-project is expected to boost the flow of people and goods, injecting new energy into regional integration.
Opening Up to the World
China continues to promote high-standard opening up. Plans include making it easier for foreign investors by shortening the ‘negative list’ for investment. The country is also offering zero-tariff treatment to the least developed countries it has ties with.
China’s total trade in goods has topped global charts for the seventh year, becoming a major trading partner for over 150 countries and regions. In the first eight months of 2024, nearly 37,000 new foreign-invested firms were established, marking an 11.5 percent increase from the previous year.
