"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11日电 据《华尔街日报》中文网11日报道，据Cognizant Impact周三发布的一份研究报告称，在未来10年内，生成性人工智能对美国经济的影响力将达到惊人的1万亿美元，但这可能会让工人付出代价。 报道称，这项 国家粮食和物资储备局紧急部署做好寒潮雨雪天气应对工作 中新网北京2月18日电 (记者 陈溯)据气象部门预测，近期我国出现大范围寒潮雨雪天气，中央气象台18日将寒潮预警提升至橙色，且本轮寒潮天气过程与春运假期后 中新经纬2月18日电 广铁集团长沙火车站官方微博18日称，2024年2月18日4点24分，兰州开往广州的K225次列车到达长沙站，因列车上一些旅客未在票面到达站下车，继续乘车到前方站，造成列车超员。受其影响，部分正常购票旅客未能 OpenAI首个视频生成模型发布 可用文本生成视频 虚拟与现实已分不清？Sora将带来什么 在2月16日，OpenAI宣布推出全新的生成式人工智能模型“Sora”。据了解，通过文本指令，Sora可以直接输出长达60秒的视频，并且包 新华社南昌2月22日电（记者刘佳敏）“江西银河表计有限公司招普工50名，薪资大约4200至4800元。这个公司离立新很近，你有空可以去参观一下。”近日，在九江市永修县立新乡黄婆井村的招聘会现场，村干部和志愿者 独家 | 库迪咖啡回应闭店：自开业以来总共闭店解约门店数为61家 2月22日每经快讯，自去年末起，不断有库迪联营商在小红书等社交媒体上发帖称库迪出现供应链问题、品牌现金流疑似出现危机，称有很多库迪联营商正在撤离 。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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