"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."
老赖“要求美颜”露马脚被抓 本报讯 记者黄辉 通讯员元春华 武慧慧 “能不能给我开个美颜？”被执行人在法院抖音里看到自己的失信行为被曝光后，竟然笑嘻嘻地在抖音评论区留言挑衅法官，结果露出马脚被抓。 2023 中新经纬2月18日电 据微信号“中国铁路”18日消息，2月17日正月初八，春节假期最后一天，全国铁路发送旅客1606.7万人次，连续4天刷新春运单日旅客发送量历史新高；春节假期(2月10日至17日)，全国铁路累计发送旅客9946万人次 春节假期中国跨区域人员流动量预计超23亿人次 中新社北京2月17日电 (记者 刘文文)17日(正月初八)是中国龙年春节假期最后一天。来自2024年综合运输春运工作专班的最新数据显示，2月10日至17日(农历正月初一至初 新华社济南2月22日电（记者陈国峰、张钟仁）连日来，山东多地迎来大风降温和雨雪天气。21日，受降雪影响，济南西站部分列车降速运行，出现晚点情况。售票大厅内，记者看到“晚点停运车次退票”窗口前排起长龙。国 钛白粉出口热度不减 多公司开启年内第二轮涨价 本报记者 黄 群 近日，国内钛白粉企业再度提价，2024年钛白粉第二轮涨价开启。2月20日，先是龙佰集团、惠云钛业宣布当日上调各型号钛白粉销售价格。2月21日，中核 我跨境电商占韩海外直购市场近半份额 作者 杨明 凭借“高性价比”和“低物流费”等优势，中国跨境电商企业已占据韩国海外直购市场的近一半份额，本地化服务的提升也是中国企业在韩国快速扩张的重要原因。过去 。本文链接：Fact Check: Western media's misguided reports on China's economyhttp://www.sushuapos.com/show-5-48208-0.html
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