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China’s Development Has a Bright Future Ahead

By Qiu Ping Source: Updated: 2024-06-12

Since the founding of the People's Republic of China in 1949, and particularly since the introduction of reform and opening up in 1978, the country has experienced nothing short of economic miracles.

As we enter the new era in 2012, China's GDP soared from 54 trillion yuan ($7.56 trillion) to over 126 trillion yuan ($17.5 trillion) in 2023, ranking among the top growth rates among the global major economies. Simultaneously, China's economy continues to steadily advance on the track of high-quality development, having entered the ranks of innovative nations. The income gap between urban and rural residents is steadily narrowing, with an annual energy consumption growth of 3% supporting an impressive 6% growth in the economy. China's total imports and exports of goods have continuously ranked first in the world, while both inbound and outbound direct investments remain among the top globally. The growth of the per capita disposable income of Chinese residents has been in tandem with GDP growth.

In 2023, China successfully achieved its economic and social development goals, despite external pressures and internal challenges. Its economic growth outpaced other major economies worldwide, continuously contributing over 30% to global growth.

From January to February 2024, key economic indicators saw strong performance – the added value of the national industrial enterprises above a designated size grew by 7.0% year-on-year, the service industry production index increased by 5.8%, total retail sales of consumer goods rose by 5.5%, manufacturing investment grew by 9.4%, and the combined imports and exports of goods increased by 8.7%.

The Chinese economy continues to experience ongoing recovery and growth, demonstrating its health and sustainability. China has long been and will continue to act as a stable engine of global growth, offering a big market with enormous opportunities for businesses worldwide.

Today, China's economy is deeply integrated with the global economy, and its future is intricately intertwined with that of humanity. China has been keeping pace with the changing times through reform and opening up, a trajectory it will steadfastly continue. The country is actively undertaking measures to create a business environment that is market-oriented, law-based, and internationalized, providing ample room for foreign businesses to thrive. China’s door will open even wider, offering increased opportunities for mutually beneficial cooperation with the world.

Editor: Jiang Wenyan