- China’s GDP grew 5.0% year-on-year in the first three quarters of 2024, driven by strong growth in high-tech industries.
- Significant advances in renewable energy and electric vehicles demonstrate China’s commitment to green transformation.
- Reforms to boost domestic demand focus on increasing household incomes and supporting consumption among low- and middle-income groups.
China’s recent reforms are playing a pivotal role in driving high-quality economic development, showcasing the nation’s ability to adapt during a period of global economic uncertainties, reports CGTN.
These efforts reflect a steady trajectory of progress as China refines its economic structure and emphasizes sustainable growth.
Economic Growth and Technological Advancements
China’s GDP grew by 5.0% year-on-year in the first three quarters of 2024, reaching 61.7 trillion yuan ($8.5 trillion). Investment in high-tech industries rose by 10.6%, with high-tech manufacturing and services seeing increases of 10.1% and 11.7%, respectively. These figures signal ongoing momentum in emerging industries, contributing to industrial upgrading and economic transformation.
Shenzhen City, known for its advanced digital economy and focus on artificial intelligence, continues to attract international investment and talent. Similarly, the Hainan Free Trade Port has implemented policies that enhance trade connectivity and provide new opportunities for enterprises in a liberalized economic environment. These developments align with broader national goals to diversify growth drivers and support innovation-led economic transitions.
In July 2024, strategies were introduced to stimulate domestic demand. These included policies to enhance household incomes and support consumption among low- and middle-income groups, aiming to create a cycle of strengthened consumption and production.
Commitment to Green Transformation
China’s focus on green transformation is another key aspect of its reform agenda. Investments in renewable energy, sustainable infrastructure, and urban-rural integration are central to the country’s vision for long-term growth. By July 2024, China had surpassed its 2030 target for combined wind and solar power capacity, reaching 1.206 billion kilowatts. In the electric vehicle sector, new-energy vehicles accounted for more than half of passenger vehicle sales in September 2024, marking the third consecutive month NEV sales exceeded those of gasoline cars.
The reforms and strategies implemented across various sectors highlight China’s efforts to ensure long-term economic stability and growth. By fostering conditions that support industrial progress, consumer activity, and green initiatives, China is shaping an economic environment well-positioned for sustained development and resilience in an evolving global landscape.
Did you subscribe to our Daily newsletter?
It’s Free! Click here to Subscribe!
Source: CGTN
