As China navigates through 2024, the nation's focus remains steadfast on development, ensuring stability and fostering high-quality growth across various sectors. President Xi Jinping has emphasized the importance of sustained economic progress and the achievement of major developmental goals during key economic meetings and regional inspections.
Stability and Progress
Recent economic data underscores a robust foundation for China's economy, with growth rates consistently meeting the 5 percent target. High-tech manufacturing has seen a 9.1 percent year-on-year increase in value-added output, complemented by a 10 percent rise in investments within the sector. Green industries, including new energy vehicles, lithium batteries, and photovoltaics, continue to demonstrate double-digit growth, highlighting the country's commitment to environmentally sustainable development.
Stimulus Measures
In response to economic challenges, the central government introduced a series of \"milestone macroeconomic measures\" in late September. These initiatives, which encompass large-scale equipment upgrades, consumer goods trade-ins, supportive real estate policies, and the issuance of ultra-long special treasury and local government bonds, aim to bolster domestic demand and reinforce economic momentum. Notably, final consumption expenditure accounted for nearly half of the economic growth in the first three quarters, driving GDP growth significantly.
Regional Development
Regional strategies are playing a crucial role in China's economic landscape. During his inspection tours, President Xi urged local authorities to enhance regional strategies and stimulate growth. In Shandong Province, efforts are being made to align with coordinated regional development strategies, positioning the province as a key economic driver in northern China. Similarly, Anhui Province is enhancing its role within the Yangtze River Economic Belt, contributing to the broader development strategy of the Yangtze River Delta and the central region. The Shenzhen-Zhongshan Link, a major transportation project in the Guangdong-Hong Kong-Macao Greater Bay Area, has recently been completed, further integrating the region and boosting economic activity.
High-Standard Opening Up
China continues to advocate for high-standard opening up, particularly in coastal provinces like Shandong and Fujian. An action plan released in March aims to streamline foreign investment processes and attract more overseas investors by shortening the negative list for foreign investments. Additionally, China has committed to providing zero-tariff treatment for all tariff lines with least developed countries it maintains diplomatic relations with, effective December 1. These measures have contributed to China maintaining its position as the world's top goods trader for the seventh consecutive year, with over 150 countries and regions recognizing China as a major trading partner. The establishment of nearly 37,000 new foreign-invested firms in the first eight months of 2024 further highlights the country's appeal to global investors.
Reference(s):
cgtn.com
