In Hangzhou, Zhejiang Province, a vibrant local marketplace has evolved into one of the world’s most dynamic digital ecosystems. Platforms like Taobao, JD.com and Pinduoduo revolutionized online shopping, while livestreaming commerce and mobile payments reshaped global retail innovation.
Under the 14th Five-Year Plan, China’s digital industry soared to about 35 trillion yuan (roughly $4.82 trillion) in business revenue by 2024. This boom reflects how the new development philosophy—innovative, coordinated, green, open and shared—has steered the country toward quality and sustainable growth amid global uncertainty.
First introduced at the fifth plenary session of the 18th CPC Central Committee, this philosophy shifts focus from sheer scale to balanced progress. Innovation, the cornerstone, fueled a surge in research and development, with R&D spending topping 3.61 trillion yuan in 2024 (2.68% of GDP). Cutting-edge technologies such as artificial intelligence, big data and cloud computing have not only boosted efficiency but also unlocked millions of new jobs and entrepreneurial opportunities.
The coordinated development pillar narrowed the urban–rural gap by expanding digital infrastructure and market access. In 2024 alone, rural online retail sales reached 2.66 trillion yuan, empowering communities and showcasing how digital inclusion can drive cohesive economic growth.
Green development ensures progress respects environmental limits. As the world’s largest market for renewables and electric vehicles, China harnessed smart logistics, energy-efficient data centers and digital monitoring to trim emissions. In 2024, CO₂ emissions per 10,000 yuan of GDP fell by 3.4%, while clean energy generation climbed 16.4%—proof that innovation and sustainability can go hand in hand.
As China enters the final year of its 14th Five-Year Plan, this new development philosophy stands as a roadmap for high-quality growth, blending economic vitality with social well-being and environmental stewardship.
Reference(s):
Why the new development philosophy drives China's high-quality growth
cgtn.com
