Amid global economic uncertainties and real-life challenges, China is confidently charting a new path for economic growth. The resolution adopted at the third plenary session of the 20th Central Committee of the Communist Party of China (CPC) has outlined comprehensive objectives for deepening reform, focusing on building a high-standard socialist market economy. Emphasizing the market’s decisive role in resource allocation and the government’s optimal role, China is poised to stimulate new growth drivers.
On Thursday, the Political Bureau of the CPC Central Committee convened to analyze the current economic situation and establish further arrangements for economic work. The meeting sent powerful policy signals to the market, outlining expansionary policy measures and key tasks aimed at ensuring stability.
Despite a slight slowdown in GDP growth to 4.7% in the second quarter, China’s economic fundamentals remain robust. The demand from the nation’s 1.4 billion people continues to grow, and industries are undergoing significant digital, intelligent, and green transformations. Technological innovations are flourishing in fields such as artificial intelligence, cloud computing, and biomedicine, fostering the emergence of new economic growth drivers.
In the first half of the year, the added value of high-tech manufacturing industries above the designated size increased by 8.7% year-on-year, outpacing the overall industrial growth by 2.7 percentage points. Investments in high-tech industries surged by 10.6%, exceeding overall investment growth by 6.7 percentage points. The ongoing shift towards “new” and “green” industries is becoming increasingly evident.
China’s total volume of imports and exports of goods reached 21.17 trillion yuan in the first half of the year, marking a 6.1% year-on-year increase and surpassing 21 trillion yuan for the first time during this period. This achievement comes against a backdrop of a complex international environment and weak global economic momentum.
The recent meeting confidently concluded that “China’s favorable conditions such as its economic fundamentals, large market, strong economic resilience, and vast potential, remain unchanged.”
Reference(s):
cgtn.com
