Home World News China Chinese economy to provide more opportunities for cooperation

Chinese economy to provide more opportunities for cooperation

Photo shows an international container terminal of the Wuhu Port in east China's Anhui province. (Photo by Wang Yushi/People's Daily Online)
Photo shows an international container terminal of the Wuhu Port in east China's Anhui province. (Photo by Wang Yushi/People's Daily Online)

By He Yin

The international community is closely watching China’s “two sessions,” the annual gatherings of the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC) National Committee. It is optimistic about China’s potential for economic and social development, looking forward to China injecting more positive energy into world economic recovery.

It is widely believed that the GDP growth target of around 5 percent reflects China’s confidence in its economy, and the new quality productive forces will contribute to the country’s high-quality development and advancing Chinese modernization. With stable economic growth and a vast market, cooperating with China has become a highly attractive choice.

In 2023, China’s economy showed strong resilience and achieved remarkable results. Despite the complex international environment and challenging tasks to stabilize reform and development, China has accomplished its main economic and social development goals for the year. 

In 2023, the country’s GDP grew 5.2 percent year-on-year to over 126 trillion yuan ($17.53 trillion), a growth rate that ranks among the top of the world’s major economies.

As calculated at comparable prices, China’s economic increment last year exceeded 6 trillion yuan, equivalent to the economic aggregate of a medium-sized country. This proves that China’s economy remains a crucial engine for global economic growth and possesses immense development potential.

The 2024 growth target of around 5 percent highlights the stability of China’s economy, sending a clear and positive signal. The stable growth expectation of China not only helps consolidate consensus on development but also provides valuable certainty for the sluggish global economy. 

China has significant institutional advantages, the demand advantage from an ultra-large market, the supply advantage of a well-established industrial system, and the talent advantage of a large number of skilled laborers. Its technological innovation capabilities continue to improve, while new industries, business models, and growth drivers are rapidly growing. Its endogenous growth momentum is also being generated. The overall trend of recovery and long-term improvement remains unchanged and will not change.

China’s economy is becoming “newer” as new growth drivers and advantages for development are constantly forged. 

Developing new quality productive forces is an endogenous requirement and a pivot of high-quality development. Accelerating the development of new quality productive forces will undoubtedly provide stronger impetus and support for high-quality development. 

The inclusion of “new quality productive forces” in this year’s government work report has attracted widespread attention from the international community, with many recognizing the term as the strategic cornerstone for China to empower economic development through innovation and technological progress.

Last year, China’s exports of electric vehicles, lithium-ion batteries, and photovoltaic products exceeded 1 trillion yuan, with a nearly 30 percent year-on-year growth. The digital economy accelerated its development, with over half of the country’s population becoming 5G users. The installed capacity of renewable energy historically surpassed that of thermal power, with the annual new installation exceeding half of the global. 

Traditional industries underwent rapid transformation and upgrading, while strategic emerging industries flourished. The future industries were laid out orderly, with advanced manufacturing and modern services deeply integrated. Several major industrial innovations have reached the international advanced level, marking significant progress in the construction of China’s modern industrial system.

China’s economy is releasing its vitality and potential through high-level opening up, aiming for mutual benefits with other countries. China actively aligns with high-standard international economic and trade rules, steadily expands institutional opening up, promotes quality and quantity of foreign trade, increases efforts to attract foreign investment, and advances high-quality Belt and Road cooperation. It is also deepening both bilateral and regional economic cooperation.

Through a series of practical measures, the country has enhanced the synergy between the domestic and international markets and resources, sending a clear signal that China is firmly committed to expanding high-level opening up.

International investors continue to see great opportunities for investing in China, with many multinational companies agreeing that to maintain global competitiveness, it is necessary to increase their presence in the Chinese market. 

China is persistently advancing high-level opening up, which not only drives its own economic development but also provides win-win opportunities for global players, which contributes to the growth of the global economy as a whole.

In the past year, China faced an array of interwoven difficulties and challenges. China’s economy grew in wave-like progress, moving forward amid twists and turns. Indeed, these achievements did not come easily.

In the new year, China will set its goals, make concrete efforts, and continue to effectively upgrade the quality and appropriately expand the quantity of the national economy. It will constantly bring new impetus and new opportunities to the world through its own new development.

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