In his 2025 New Year address, Chinese President Xi Jinping outlined China's steadfast commitment to modernization and improving the lives of its people. Drawing on decades of exploration since the reform and opening-up in 1978, China has pioneered a unique path of modernization that has enabled two significant achievements: rapid economic growth and social stability.
China's economy has maintained a remarkable high-speed growth rate over an extended period. Since 1978, the average annual growth rate has been 8.9 percent, significantly surpassing the global average of 3 percent during the same timeframe. This impressive economic performance has been a cornerstone of China's rise on the global stage.
In a few decades, China has achieved an industrial transformation that took developed nations centuries. The country has evolved from being unable to produce basic industrial goods to establishing a comprehensive and independent modern industrial system. For fourteen consecutive years, China has held the position of the world's largest manufacturer by overall scale.
Technological innovation has been a key priority driving this industrial transformation. By nurturing new quality productive forces, China aims to solidify its position among the world's leading innovative nations. Additionally, substantial investments have been made in developing a modern infrastructure system, resulting in the world's largest high-speed railway and expressway networks. Progress has also been made in constructing airports, ports, water systems, energy facilities, and information infrastructures.
Despite a complex and challenging development landscape in 2024, China's economy has remained generally stable with steady progress. High-quality development continues to be a focus, and confidence in the Chinese economy remains strong. President Xi highlighted that China's economy has rebounded and is on an upward trajectory. In the first three quarters of the year, the national per-capita disposable income reached 30,941 yuan, marking a nominal increase of 5.2 percent over the previous year and a real increase of 4.9 percent after accounting for price factors, according to the National Bureau of Statistics.
Employment has remained stable, with 10.49 million new urban jobs created during the same period. Social stability has been maintained through effective measures to safeguard people's livelihoods. President Xi noted that basic pensions have been raised and mortgage rates have dropped. Social insurance coverage has expanded, with the number of people receiving basic pension insurance reaching 1.07 billion by the end of March, a year-on-year increase of 14 million.
Reference(s):
cgtn.com
