China has made significant strides in high-quality economic and social development, according to a report released on Sunday. The study highlights remarkable progress in five key areas: people’s wellbeing, consumption, manufacturing, infrastructure, and services.
The report was jointly released by the Chongyang Institute for Financial Studies at Renmin University of China and cooperative think tanks from the United States, Russia, Canada, and India. It emphasizes the concept of “compounding interest” in China’s development, suggesting that continuous efforts and modernization lead to exponential growth over time.
The notion of “compounding interest” refers to the cumulative effect of consistent development policies and practices. According to the report, this approach has resulted in stability of returns, long-term accumulation, and sustainability, serving as a driving force for China’s sustained economic growth and prosperity.
At a symposium following the report’s release, experts and scholars from China, the United States, Russia, Britain, Canada, Brazil, and other countries discussed the potential and prospects of China’s economic development. They explored how China’s model could provide insights for other nations seeking sustainable growth.
Mohammed Saqib, secretary general of the India China Economic and Cultural Council, remarked on China’s achievements: “China’s high-quality development, fueled by compounding interest, innovation, reforms, openness, and sustainability, demonstrates its commitment to building a prosperous and harmonious society. China is setting a remarkable example for other nations and paving the way for a brighter future for humankind.”
The report underscores China’s dedication to long-term development strategies that prioritize both economic growth and social progress. By focusing on key sectors and embracing innovation, China continues to enhance its role in the global economy, offering valuable lessons on sustainable development.
Reference(s):
China achieves remarkable results in high-quality development: report
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