"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."
中新经纬1月12日电 深圳市人力资源和社会保障局官方微信11日回应“深圳一公司男高管违法开除男员工”称，涉事公司经综合考虑该管理人员处理纠纷时存在不当言论及其他因素，于2023年2月对其进行降职处理，并于2023年3月 中新经纬1月11日电 “上海市场监管”微信号11日消息，宜家召回3008件USB充电器。 上海市市场监管局称，宜家(中国)投资有限公司自2024年1月10日至2024年4月9日召回2020年4月至2023年12月生产的宜家牌ASKSTORM 奥斯 2024春节档：史上最火，史上最“卷” 羊城晚报记者 李丽 据国家电影局统计数据，2024年春节档总票房80.16亿元，在观影人次、场次和票房3个维度创造影史最高纪录。 过去10年间，看电影逐渐成为中国人过年的新民俗 春节假期中国民航运输旅客创历史新高 中新社北京2月18日电 (记者 刘文文)记者18日从中国民航局获悉，2024年春节假期(2月10日―2月17日)民航市场平稳有序运行，全国民航累计运输旅客1799.2万人次，日均运输旅客224.9 检察题材电影《第二十条》春节档全国热映，艺术地诠释了“法不能向不法让步”的司法理念，受到社会各界的广泛关注。最高检微信公众号即日起开设“你评我说·检察官看《第二十条》”专栏，邀请检察人员 印度等不及了！当地制药商开始仿制“减肥神药” 财联社2月22日讯(编辑 夏军雄)为了从新型减肥药市场分一杯羹，印度制药商已经开始开发他们自己版本的“减肥神药”。 作为新一代减肥药物，诺和诺德的Wegovy和礼来 。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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