China is undergoing a significant transformation, leveraging recent reforms to drive high-quality economic development and a green future. Amid global economic uncertainties, the nation is refining its economic structure and emphasizing sustainable growth, showcasing its adaptability during this pivotal period of recovery.
According to data from the National Bureau of Statistics, China's GDP grew by 5.0 percent year-on-year in the first three quarters of 2024, reaching 61.7 trillion yuan ($8.5 trillion). Investment in high-tech industries surged by 10.6 percent, with high-tech manufacturing and services increasing by 10.1 percent and 11.7 percent, respectively. These numbers highlight the ongoing momentum in emerging industries, contributing to industrial upgrading and economic transformation.
Regional development strategies reflect this shift as well. Shenzhen City, renowned for its advanced digital economy and focus on artificial intelligence, continues to attract international investment and talent. Meanwhile, the Hainan Free Trade Port has rolled out policies enhancing trade connectivity and creating new opportunities for businesses in a liberalized economic environment. These initiatives align with China's broader goals to diversify growth drivers and support innovation-led economic transitions.
Beyond industrial reforms, China is implementing measures to improve the business environment and boost consumer confidence. In July 2024, the Political Bureau of the Communist Party of China (CPC) Central Committee introduced strategies to stimulate domestic demand. These included policies aimed at increasing household incomes and supporting consumption among low- and middle-income groups, fostering a cycle of strengthened consumption and production.
A key aspect of China's reform agenda is its focus on green transformation. Investments in renewable energy, sustainable infrastructure, and urban-rural integration are central to the country's vision for long-term growth. Efforts to tackle global challenges like climate change are evident in advancements within the clean energy and transportation sectors. By July 2024, China surpassed its 2030 target for combined wind and solar power capacity, achieving 1.206 billion kilowatts, as reported by the National Energy Administration.
In the electric vehicle (EV) sector, China maintains its global leadership. New-energy vehicles (NEVs) represented over half of passenger vehicle sales in September 2024, marking the third consecutive month that NEV sales outpaced those of gasoline cars. These achievements are supported by extensive government backing, widespread infrastructure development, and growing consumer interest.
China's comprehensive reforms and strategic initiatives across various sectors underscore its commitment to ensuring long-term economic stability and growth. With a consistent focus on innovation, sustainability, and inclusivity, China is cultivating an economic environment poised for sustained development and resilience in an evolving global landscape.
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China's reforms propel high-quality growth, green transformation
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