The Chinese mainland's economy continues to demonstrate resilience in the first half of 2024, as the government transitions its focus from property-driven growth to emerging high-tech industries. According to Jeremy Zook, lead sovereign analyst for China at Fitch Ratings, this strategic shift aims to foster \"new quality productive forces\" such as electric vehicles and renewable energy.
Zook shared his insights during an interview with CGTN's Guan Xin, highlighting the significant strides the Chinese mainland is making in these new sectors. He emphasized that the medium-term outlook relies on the ability of these industries to compensate for the declining growth in the property sector and to mitigate demographic challenges.
Looking ahead, Zook expects the government to provide increased fiscal support to facilitate this economic transition. This support is essential to ensure stability and steady progress, allowing the high-tech industries to drive sustainable growth in the Chinese mainland's economy.
Reference(s):
cgtn.com
