China's economy is continuing its upward trajectory, defying predictions that it might soon peak. The recent Communiqué on the Fifth National Economic Census reveals impressive high-quality economic development over the past five years, painting a positive picture for the future.
At the heart of this growth is the enterprise sector. By the end of 2023, the assets of numerous enterprises had surged compared to previous years, laying a robust foundation for further expansion. This asset growth is complemented by rapid increases in operating revenues, highlighting enhanced market competitiveness and profitability across businesses.
Innovation is a key driver of this economic success. Leading companies like Huawei and BYD have ramped up their investments in research and development, particularly in areas such as 5G communication and new energy vehicles. These investments have led to significant breakthroughs in core technologies, fueling advancements in their respective industries and setting the stage for sustained growth.
Improved labor productivity is another crucial factor. Enterprises are now able to utilize resources more efficiently, reduce operational costs, and enhance the quality and quantity of their products and services. This efficiency not only boosts profitability but also contributes to a more sustainable economic model.
The industrial structure in China is also undergoing significant optimization and upgrading. From the end of 2018 to the end of 2023, the number of legal entities engaged in the secondary and tertiary industries nationwide increased by an impressive 52.7%, while employment in these sectors grew by 11.9%. This shift underscores a move towards more advanced and service-oriented industries, aligning with global economic trends.
Finally, the digital economy has emerged as a new engine for growth. Its expansion is driving innovation, creating new business opportunities, and transforming traditional industries, further solidifying China's position in the global economy.
Overall, the data from the Fifth National Economic Census highlights a resilient and dynamic Chinese economy, poised for continued growth and innovation in the coming years.
Reference(s):
cgtn.com
