China has made substantial advancements in industrial upgrading and institutional reform over the past year, as highlighted in a recent government work report submitted to the national legislature.
The report revealed that the added value of high-tech manufacturing increased by 8.9 percent, while equipment manufacturing saw a 7.7 percent rise. Additionally, the annual output of new energy vehicles surpassed 13 million units, marking a significant milestone in the country’s push towards sustainable transportation.
In the realm of reform and opening up, China has achieved new breakthroughs. Institutional reforms have been comprehensively completed, introducing major measures such as the creation of a unified national market and the gradual increase of the statutory retirement age. These reforms are aimed at enhancing economic efficiency and addressing the challenges posed by an aging workforce.
Furthermore, restrictions on foreign investment in the manufacturing sector have been lifted, opening the door for greater international collaboration and investment. The joint development of the Belt and Road Initiative continues to expand and upgrade, fostering deeper trade and investment cooperation with partner countries and regions.
These developments underscore China’s commitment to economic modernization and its influential role in shaping global economic dynamics.
