"Beyond its role as a manufacturing powerhouse, China is now a global innovation leader, driving trends in digitization, sustainability and high-tech industries such as AI and electric vehicles," said Denis Depoux, global managing director at Roland Berger.
by Xinhua writer Wang Zongnan
BEIJING, March 3 (Xinhua) -- Some Western media's relentless fixation on peddling narratives of China's economic doom demonstrates their entrenched bias and agenda-driven reporting.
Contrary to those claims, China's economy remains dynamic and poised for long-term growth, not least thanks to technological innovation, green development and high-quality opening-up.
STEADY GROWTH
The potential and resilience of China's economy are underscored by its ability to meet growth targets, even in the face of global headwinds.
In 2024, China's gross domestic product (GDP) reached a record 134.91 trillion yuan (about 18.81 trillion U.S. dollars), marking a 5-percent year-on-year increase, data released by the National Bureau of Statistics (NBS) showed.
Given the fact that the U.S. economy grew by 2.8 percent in 2024, the much faster growth in China than in the United States exposes the absurdity and the pure propaganda character of such claims made by U.S. media as that China's economy is in crisis while the U.S. economy is experiencing great success, said John Ross, a senior fellow of the Chongyang Institute for Financial Studies at Renmin University of China. He was formerly director of economic and business policy for the mayor of London.
While it is true that China is facing some domestic economic challenges, most of these are temporary hurdles in the ongoing transition to high-quality development. The Chinese government has not shied away from these issues, and has used its comprehensive policy toolkit to bolster growth.
Since last September, a host of pro-growth policies have been rolled out to tackle prominent challenges in the property market and local government debt. Thanks to these measures, key economic indicators showed significant improvement in the fourth quarter.
In 2024, China's economic growth was broad-based, with all key sectors showing strong performance. Grain production hit a record 706 million tons, while the added value of the secondary and tertiary industries reached 49.2 trillion yuan (6.6 trillion dollars) and 76.6 trillion yuan (10.5 trillion dollars), respectively.
Maintaining stable employment and prices is a key indicator of smooth economic operation. In 2024, the national Consumer Price Index rose by 0.2 percent year-on-year. The urban surveyed unemployment rate dropped to 5.1 percent, down by 0.1 percentage points from 2023, said the NBS.
DRIVING ENGINES
The future of China's economic growth hinges in no small part on technological innovation. In 2024, China rose to the 11th place in the global innovation index, according to the World Intellectual Property Organization. China, for a second consecutive year, leads with the most science and technology clusters (26) in the top 100, with the United States following with 20 clusters.
The country's research and development (R&D) spending totaled 3.61 trillion yuan (495.5 billion dollars) in 2024, up 8.3 percent from the previous year. This investment secured China's position as the second-largest R&D spender globally, while its R&D intensity ranked 12th among major nations, surpassing the average of European Union countries, said the NBS.
Green development remains a key priority, with clean energy technologies experiencing significant growth. Chinese official data showed that electricity generation from clean energy sources -- including hydropower, nuclear power, wind power and solar power -- reached 3,712.6 billion kilowatt-hours in 2024, marking a 16.4 percent increase from the previous year.
China is taking significant strides in helping mitigate climate change through improved industrial production and transportation efficiency, as well as cutting carbon emissions, said Clifford Cobb, director of the U.S. Institute for the Postmodern Development of China.
Additionally, China has achieved 126 indicators ahead of schedule for the United Nations 2030 Agenda for Sustainable Development, according to a UN report.
Meanwhile, China's high-standard opening-up has continued to serve as a cornerstone of its economic vitality and global integration.
By systematically dismantling barriers to foreign participation, such as last year's landmark removal of all restrictions on foreign investment in the manufacturing sector and the streamlining of its negative list for market access, China has sent a clear signal: It is enhancing connectivity, competition and collaboration in the global economy.
These reforms are not mere symbolic gestures but strategic moves to attract advanced technologies, managerial expertise and high-quality capital, precisely the ingredients needed to fuel the transition of the Chinese economy to an innovation-driven, green and consumption-oriented growth model.
GLOBAL CONFIDENCE
While Western media outlets frequently propagate narratives such as "Peak China" or "China Collapse," they consistently overlook the global confidence in China as a prime destination for investment.
Foreign giants like Tesla and BMW have expanded their presence in China, leveraging its vast industrial ecosystems and consumer markets to drive breakthroughs in electric vehicles, renewable energy and advanced materials. The rationale for this expanded cooperation is unmistakable: China holds an immense potential.
A new report by the American Chamber of Commerce in South China (AmCham South China) also showed that China holds a strong position in global investment. Around 58 percent of foreign companies consider China one of their top three investment priorities, and 76 percent plan to reinvest in the country in 2025.
The survey, which includes companies from the United States, China and the European Union, reveals that more than half of the respondents are wholly foreign-owned, with over 30 percent being American-invested. Notably, the proportion of companies generating more than 60 percent of their global revenue from China has risen by 5 percentage points, reaching 31 percent.
AmCham South China members are expected to reinvest a total of 14.59 billion dollars from their profits in China over the next three to five years. This amount, earmarked for expanding existing operations and capturing more market shares, represents a 33.18-percent increase from previous reinvestment figures.
"Businesses are increasing their commitments in China to secure a stronger foothold in this critical market. The reinvestment surge signals confidence in China's future, and their hope for U.S.-China increased cooperation," said Harley Seyedin, chairman and president of AmCham South China.
Amid rising protectionism and global trade barriers, many foreign companies are increasingly turning to China for opportunities of trade and growth, which has highlighted China's role as a cornerstone of global economic stability and growth.
"China's achievement of 5 percent GDP growth in 2024 is a hard-earned success, showcasing its resilience in the face of global headwinds and geopolitical tensions while highlighting the profound transformation within its economy," Denis Depoux, global managing director at Roland Berger, told Xinhua in an interview.
"Beyond its role as a manufacturing powerhouse, China is now a global innovation leader, driving trends in digitization, sustainability and high-tech industries such as AI and electric vehicles," he said.
Looking ahead to 2025, he added, "China's economy is poised for sustained, high-quality growth."
越来越多国人选择旅游过春节 “南北互换过年”备受欢迎 证券时报记者 周春媚 甲辰龙年为期8天的春节长假，成为了近年来最为火爆的春节旅游假期。 各地景区张灯结彩、人山人海，迎来客流高峰。迎春灯会、 39.5万人次！春节期间上海机场单日旅客吞吐量创下历年春运最高纪录 中新网2月18日电 据上海机场集团微信公众号消息，自2月6日春运出港高峰首日至2月17日(年初八)，上海浦东、虹桥机场共保障进出港旅客437.6万人次( 中国发展网讯 踩高跷、 “醉关公”、吭秦腔……2月21日，在宕昌县城区街道、时代广场，当地举行了贺新春社火进城展演活动。来自两河口镇的社火队为当地群众献上精彩的演出。上午10时许，社火 新华社记者高敬“前不久，生态环境部和有关部门印发了指导意见，进一步推进农村生活污水治理。在这份文件中，我们去年提出的科学统筹规划、强化资金投入等建议，都有所体现。”近日，全国人大代表、四川省宣汉 巴安水务转让资产遭一董事反对 公司称“执行”与本次交易无关 2月22日晚，巴安水务(300262.SZ，股价2.17元，市值14.53亿元)公告称，为改善公司经营和财务状况，缓解公司资金需要，公司子公司江西省鄱湖低碳环保股份有限公 2023年北京高精尖产业新设市场主体占比提升至66.1% 中新网北京2月22日电 (记者 吕少威)京津冀协同发展十年来，北京科技、商务、文化、信息等高精尖产业新设市场主体占比由2013年的40.7%上升至2023年的66.1%。 。本文链接：Fact Check: Western media's misguided reports on China's economyhttp://www.sushuapos.com/show-5-48208-0.html
声明：本网站为非营利性网站，本网页内容由互联网博主自发贡献，不代表本站观点，本站不承担任何法律责任。天上不会到馅饼，请大家谨防诈骗！若有侵权等问题请及时与本网联系，我们将在第一时间删除处理。
上一篇： Why do China's "two sessions" gain world's attention?
下一篇： 甘肃宕昌： “洁净”全力擦亮城市底色