China is setting the stage for a new era of economic growth, emphasizing high-tech and green innovations as key drivers. At the third plenary session of the 20th Central Committee of the Communist Party of China (CPC), leaders outlined their commitment to building a high-standard socialist market economy.
The Political Bureau of the Central Committee recently convened to assess the current economic landscape and strategize further economic initiatives. The meeting signaled a blend of expansionary policy measures and stabilization tasks, demonstrating China's resolve to maintain economic momentum.
One of the primary focuses is recognizing the favorable conditions underpinning China's economic and social development. Despite facing challenges, such as a slightly slower GDP growth rate of 4.7 percent in the second quarter compared to the first, the demand from China's 1.4 billion population continues to drive growth.
Industries across China are undergoing a transformative shift towards digital, intelligent, and green advancements. Technological innovations in artificial intelligence, cloud computing, and biomedicine are thriving, laying the groundwork for new economic growth drivers. In the first half of the year, the added value of high-tech manufacturing industries above the designated size grew by 8.7 percent year-on-year, outpacing the overall growth rate of all industries above the designated size by 2.7 percentage points.
Investment in high-tech industries surged by 10.6 percent, exceeding the overall investment growth by 6.7 percentage points. This trend underscores China's commitment to fostering new and green industries, especially amid a complex international environment and subdued global economic momentum. China's total volume of imports and exports reached 21.17 trillion yuan in the first half of the year, marking a 6.1 percent year-on-year increase and surpassing the 21 trillion mark for the first time.
Concluding the meeting, officials expressed confidence in China's economic foundations, highlighting the large market, strong economic resilience, and vast potential as key factors contributing to sustained growth.
Reference(s):
cgtn.com
