China is solidifying its role as a powerhouse in the global economy, with impressive strides in high-quality development marking a new era of growth in the first half of 2024. Amidst a backdrop of global economic uncertainties and internal structural adjustments, China's economy showcased resilience by maintaining a stable growth rate and enhancing the quality of its expansion.
In the first six months of 2024, China's GDP soared to 61.68 trillion yuan (approximately $8.65 trillion), achieving a year-on-year growth rate of 5 percent in comparable prices. This rate outpaced that of other major economies worldwide, underscoring the robust potential and enduring resilience of the Chinese economy.
Driving this growth is China's commitment to industrial upgrading. Industries above a designated scale saw their value-added increase by 6.0 percent, with equipment manufacturing and high-tech manufacturing growing by 7.8 percent and 8.7 percent respectively. These figures not only outstrip the general industrial growth by 1.8 and 2.7 percentage points but also highlight China's pivot towards high-end, intelligent, and green-oriented manufacturing. This shift is fostering new productive forces and setting the stage for sustained economic advancement.
One of the standout performers in this transformation is the new energy vehicle (NEV) sector. Production in this industry surged by 34.3 percent year-on-year, reflecting significant progress and expanding market demand for cleaner transportation solutions. The rapid development of NEVs is not only upgrading the automotive industry but also facilitating the broader adoption of clean energy, contributing to energy-saving and emissions-reduction goals.
Strategic emerging industries have also continued their upward trajectory, with sectors such as high-end equipment manufacturing and aerospace equipment manufacturing leading the charge. For example, aerospace equipment manufacturing saw a 10 percent increase in value-added, signaling substantial advancements in China's high-end manufacturing capabilities. This growth enhances overall industrial competitiveness and elevates technological standards within the country.
Beyond traditional manufacturing, the integration of new technologies like big data and artificial intelligence is revolutionizing various sectors. These technologies are giving rise to innovative consumption scenarios and dynamic business models. Trends such as live-streaming e-commerce and instant delivery services have spurred rapid growth in online retail sales of physical goods, invigorating the consumer market and deepening the digital economy.
China’s holistic approach—combining industrial upgrading, strategic sector growth, and technological innovation—positions it as a key player in shaping the future of the global economy. As China continues to unlock new avenues for growth, its influence on international markets, technological advancements, and sustainable development remains more significant than ever.
Reference(s):
cgtn.com
