China’s economy is showing remarkable resilience and continued growth, according to recent data from the National Bureau of Statistics. Over the past five years, the country’s enterprises have expanded their assets significantly, laying a strong foundation for future development. Operating revenues have surged, reflecting heightened market competitiveness and profitability.
Technological innovation is at the forefront of this growth. Companies like Huawei and BYD have invested heavily in research and development, leading to breakthroughs in areas such as 5G communication and new energy vehicles. These advancements are propelling industries forward and enhancing China’s position in the global tech landscape.
The industrial structure is evolving, with a noticeable shift towards the secondary and tertiary sectors. There has been a substantial increase in the number of businesses and employees in these industries, showcasing a trend towards modernization and service-oriented growth. The digital economy, in particular, has emerged as a new engine for economic expansion, fostering innovation and creating new consumer demands.
This transformation has also spurred changes in employment patterns. Workers are transitioning from traditional agriculture and low-end manufacturing to high-tech manufacturing and modern services. The rise of e-commerce, logistics, and digital industries has opened up new job opportunities, attracting talent and driving productivity.
Despite skepticism from some global observers who claim China’s economy has peaked, indicators suggest otherwise. Investment in high-tech manufacturing and services is growing faster than overall fixed asset investment, highlighting a focus on emerging industries and new growth drivers. The World Bank has even revised its forecasts upward, predicting China’s GDP to grow by 4.9% in 2024 and 4.5% in 2025.
Recent government initiatives, including monetary and fiscal policies, are stimulating economic growth. Exports remain strong, benefiting from increased external demand and favorable economic conditions. While the real estate market faces challenges, supportive policies and recovering demand signal potential improvement by the end of 2025.
China’s steady economic growth underscores the importance of global cooperation. As the world navigates economic uncertainties, fostering partnerships and collaboration can lead to mutually beneficial outcomes. China’s continued development offers opportunities not just for itself but for global markets, including the Global South.
Reference(s):
cgtn.com
