In 2024, a pivotal year for China’s 14th Five-Year Plan (2020-2025), the nation’s economy not only maintained stability and steady progress but also showcased remarkable resilience and vitality amidst domestic and international challenges.
China achieved significant strides in economic restructuring, accelerating the development of a modern industrial system. The economic structure continued to improve, with the tertiary sector’s share of GDP rising to 56.3 percent in 2023, making it a major driver of economic growth. Industrial upgrades persisted, with high-tech manufacturing and strategic emerging industries experiencing robust growth, far surpassing traditional manufacturing sectors.
Regional coordinated development strategies also made substantial progress. The central and western regions saw rapid fixed asset investment growth, contributing to a more balanced economic development framework across the nation.
At the core of China’s high-quality development is the innovation-driven development strategy, with technological innovation serving as the key engine propelling economic progress. Both the third plenary session of the 20th Central Committee of the Communist Party of China in July and the Central Economic Work Conference in December emphasized the importance of technological innovation, calling for improved policies and governance systems to promote the development of strategic industries.
In practice, China has achieved continuous breakthroughs in technological innovation. The maiden commercial voyage of the domestically built large cruise ship Adora Magic City in January 2024 marked a milestone in the nation’s shipbuilding industry. The successful first flight of the AG60E electric aircraft last year and the Chang’e-6 mission returning with samples from the far side of the moon—a world first—also reflect China’s scientific prowess. These achievements have not only enhanced China’s scientific and technological strength but have also made vital contributions to global scientific progress.
Behind these innovations is the increase in research and development (R&D) investment and the strengthening of intellectual property protection. As of August 30, 2024, the announced R&D investment of 4,915 A-share companies in the first half of 2024 reached 712.5 billion yuan (over $97.6 billion), an increase of 3 percent year on year.
From the perspective of R&D investment intensity—R&D expenditure as a proportion of operating income—the R&D investment intensity of five industries, namely computers, defense and military industry, electronics, machinery and equipment, and pharmaceuticals and biology, all exceeded 5 percent.
According to the 2024 Report on the Construction and Development of an Intellectual Property Powerhouse issued by China’s National Intellectual Property Administration, by 2035, China’s comprehensive competitiveness in intellectual property will rank among the world’s top, and a complete intellectual property system will be established.
Supported by its innovation ecosystem, China’s ranking in the World Intellectual Property Organization’s Global Innovation Index rose to 11th place in 2024, up one position from the previous year. China also boasts 26 of the world’s top 100 science and technology clusters, ranking first globally, demonstrating immense innovation-driven potential and prospects.
Reference(s):
Comprehensive achievements of China's high-quality development
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