China’s economy has demonstrated remarkable high-quality development over the past five years, as highlighted in the Communiqué on the Fifth National Economic Census released by the National Bureau of Statistics of China. Enterprises across the nation have seen a continuous expansion in assets, with significant increases by the end of 2023 compared to previous years, providing a solid foundation for further growth.
Operating revenues have maintained rapid growth, enhancing market competitiveness and profitability. The capacity for scientific and technological innovation has notably improved. Leading enterprises such as Huawei and BYD have increased investment in research and development in fields like 5G communication and new energy vehicles, achieving numerous breakthroughs in core technologies and promoting industry development.
Labor productivity has also improved, enabling enterprises to utilize resources more effectively, reduce costs, and enhance the quality and quantity of products and services. In terms of industrial structure, there is a clear trend of optimization and upgrading. By the end of 2023, compared with the end of 2018, the number of legal entities engaged in the secondary and tertiary industries across the country had increased by 52.7 percent, and the number of employees in these sectors had increased by 11.9 percent.
The digital economy has grown and expanded, becoming a new engine for economic growth. This sector’s rapid development underscores China’s commitment to innovation and technology as key drivers of its economy. With these strides, China’s economy is far from peaking and is poised for continued growth and influence on the global stage.
Reference(s):
cgtn.com
