Chinese President Xi Jinping delivered his 2025 New Year address on Tuesday, offering a glimpse into China’s commitment to advancing Chinese modernization and delivering a better life for the people.
Over decades of exploration, particularly since the reform and opening-up in 1978, China has carved out a unique path of modernization tailored to its national realities. This approach has enabled the country to achieve two significant milestones: rapid economic growth and sustained social stability.
China’s economy has sustained high-speed growth over an extended period. Since 1978, the average annual growth rate stood at 8.9 percent, substantially surpassing the global average of 3 percent during the same timeframe. In just a few decades, China completed an industrialization process that took developed countries several centuries. It transformed from being unable to produce basic industrial goods—such as cars, planes, tanks, or tractors—to building a comprehensive and independent modern industrial system. For 14 consecutive years, China has maintained its position as the world’s largest manufacturer by overall scale.
Technological innovation has been prioritized to drive industrial transformation. By fostering new, high-quality productive forces, China is determined to further secure its place among the world’s innovative nations. Concurrently, it has invested heavily in building a modern infrastructure system. The country now boasts the world’s largest high-speed railway and expressway networks. Significant progress has also been made in constructing airports, ports, water systems, energy facilities, and information infrastructures.
In 2024, despite a complex and challenging development landscape, China’s economy has remained generally stable with steady progress. High-quality development continues, and there is confidence in the Chinese economy. President Xi noted in his New Year address that the economy has rebounded and is on an upward trajectory.
In the first three quarters of the year, the national per-capita disposable income stood at 30,941 yuan, a nominal increase of 5.2 percent over the previous year, and a real increase of 4.9 percent after adjusting for price factors, according to the National Bureau of Statistics. Employment has remained generally stable, with 10.49 million new urban jobs created during the same period.
Social stability has been maintained, and measures to safeguard people’s livelihood have been effective. “This year, basic pension has been raised, and mortgage rates have dropped,” President Xi highlighted on Tuesday. Social insurance coverage has expanded, with the number of people receiving basic pension insurance reaching 1.07 billion as of the end of March—a year-on-year increase of 14 million.
China’s modernization has created a new perspective, demonstrating the nation’s commitment to improving the lives of its people and contributing to global development. As China continues on this path, it sets an example for other developing nations seeking to modernize while maintaining social stability and economic growth.
Reference(s):
cgtn.com
