"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."
深圳一公司高管违法开除员工？深圳市人社局通报 中新网1月12日电 深圳市人力资源和社会保障局微信公众号1月11日晚发布通报称，1月10日，有关“深圳一公司男高管违法开除男员工”的信息在网络平台流传，引发网民关注。 佐力药业新药获批 华东医药能否打赢大单品保卫战？ 每经记者 陈星 每经编辑 文多 华东医药(SZ000963，股价35.18元，市值617.21亿元)和佐力药业(SZ300181，股价10.70元，市值75.05亿元)的专利纷争或再升级。 1月7 这次参与到日喀则市边境县中学生赴北京参观研学活动的22个同学分别来自亚东、定日、仲巴三个县，他们的祖辈或是世代守边固边，或是举家搬离故乡抵边兴边。 2月21日，到了研学活动的第二天。经过近 美国国务卿布林肯近日在参加慕安会时说的一句话，可以被解读的空间很大，也值得深入解读一下。他在回答主持人关于“美中紧张局势正在导致更大的分裂”提问时引用了一句美国俚语，称在国际体系当中，“如 中国考古，在许多外国人甚至中国人看来，一度非常神秘。近日记者在与中国考古学家的交流中了解到，从考古技术发展、到公众考古创新，再到中外考古交流，中国正不断构建具有中国特色、中国风格、中国气派的考古 “中新免签朋友圈”效应：春节赴新游同比涨960% 带动“新马泰”线路 21世纪经济报道 胡慧茵 春节是新加坡重要的节日。每到农历新年，新加坡的大街小巷就洋溢起浓浓的年味。 “在新加坡唐人街牛车水，我们看 。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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