China’s reforms propel high-quality growth and green transformation

Published: November 15,2024

Shenzhen City, south China, October 25, 2024. /CFP

China’s recent reforms are playing a key role in driving high-quality economic development, showcasing the nation’s ability to adapt during a pivotal period of recovery. Amid global economic uncertainties, China’s efforts to refine its economic structure and emphasize sustainable growth reflect a steady trajectory of progress.

Data from the National Bureau of Statistics highlights the progress made. In the first three quarters of 2024, China’s GDP grew by 5.0 percent year-on-year, reaching 61.7 trillion yuan ($8.5 trillion). Investment in high-tech industries rose by 10.6 percent, with high-tech manufacturing and services seeing increases of 10.1 percent and 11.7 percent, respectively. These figures signal ongoing momentum in emerging industries, contributing to industrial upgrading and economic transformation.

This shift is also evident in regional development strategies. Shenzhen City, known for its advanced digital economy and focus on artificial intelligence, continues to attract international investment and talent. Similarly, the Hainan Free Trade Port has implemented policies that enhance trade connectivity and provide new opportunities for enterprises in a liberalized economic environment. These developments align with broader national goals to diversify growth drivers and support innovation-led economic transitions.

Reforms extend beyond industries to include measures aimed at improving the business environment and boosting consumer confidence. In July 2024, the Political Bureau of the Communist Party of China (CPC) Central Committee introduced strategies to stimulate domestic demand. These included policies to enhance household incomes and support consumption among low- and middle-income groups, aiming to create a cycle of strengthened consumption and production.

The Chinese government’s focus on green transformation is another key aspect of its reform agenda. Investments in renewable energy, sustainable infrastructure and urban-rural integration are central to the country’s vision for long-term growth. Efforts to address global challenges, such as climate change, are reflected in achievements across clean energy and transportation sectors. By July 2024, China had surpassed its 2030 target for combined wind and solar power capacity, reaching 1.206 billion kilowatts, according to the National Energy Administration.

In the EV sector, China continues to lead globally. New-energy vehicles (NEV) accounted for more than half of passenger vehicle sales in September 2024, marking the third consecutive month NEV sales exceeded those of gasoline cars. These advancements are underpinned by extensive government support, widespread infrastructure development and increasing consumer interest.

The reforms and strategies implemented across various sectors highlight China’s efforts to ensure long-term economic stability and growth. Data and policy developments indicate a consistent focus on innovation, sustainability and inclusivity. By fostering conditions that support industrial progress, consumer activity and green initiatives, China is shaping an economic environment well-positioned for sustained development and resilience in an evolving global landscape.

cgtn.com