In 2024, China demonstrated remarkable economic resilience and progress as it navigated the goals set in its 14th Five-Year Plan for 2020-2025. Despite facing both domestic and international challenges, the Chinese mainland maintained overall stability and steady growth, showcasing its ability to adapt and thrive.
A significant driver of this growth has been the modernization of China's industrial system. The tertiary sector, encompassing services and technology, rose to account for 56.3% of the GDP in 2023. This shift highlights the move towards a more service-oriented economy, reducing reliance on traditional manufacturing.
China has also made strides in industrial upgrades, particularly in high-tech manufacturing and strategic emerging industries. These sectors have outpaced traditional manufacturing, positioning the Chinese mainland as a leader in technological innovation and advanced production.
Regional development strategies have played a crucial role in fostering a balanced economic landscape. The central and western regions experienced rapid growth in fixed asset investments, contributing to a more equitable distribution of economic activities across the country.
At the heart of China's high-quality development is an innovation-driven strategy. Technological advancements have become the cornerstone of economic progress, with both the third plenary session of the 20th Central Committee and the Central Economic Work Conference emphasizing the importance of innovation. Policies and governance systems have been enhanced to support the growth of strategic industries, ensuring sustained technological leadership.
China's commitment to innovation is evident in its recent accomplishments. The maiden commercial voyage of the domestically built large cruise ship Adora Magic City in January 2024 marked a milestone in the shipbuilding industry. Additionally, the successful first flight of the AG60E electric aircraft and the Chang'e-6 mission's return with samples from the far side of the moon underscore China's scientific prowess and contribution to global advancements.
Investment in research and development (R&D) has surged, with announced R&D investments reaching 712.5 billion Chinese yuan (over $97.6 billion) in the first half of 2024, reflecting a 3% year-on-year increase. Industries such as computers, defense, electronics, machinery, and pharmaceuticals have seen R&D investment intensities exceeding 5%, driving innovation and competitiveness.
Looking ahead, China's focus on intellectual property (IP) is set to enhance its global standing. The 2024 Report on the Construction and Development of an Intellectual Property Powerhouse outlines goals for China's IP competitiveness to rank among the world's top by 2035. Supported by an robust innovation ecosystem, China's position in the World Intellectual Property Organization's Global Innovation Index rose to 11th place in 2024, up from the previous year. Furthermore, hosting 26 of the world's top 100 science and technology clusters highlights China's immense potential and dedication to fostering an environment of sustained innovation.
Reference(s):
Comprehensive achievements of China's high-quality development
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