BEIJING, Aug. 1, 2024
/PRNewswire/ -- A news report by China.org.cn on China's economy:
Lately, the international community has fixed its attention
further on China's economy, with
some voices of questioning and concern in between. But judging by
China's economic data from the
first six months of 2024, there's still considerable resilience in
China's economic development, and
the Chinese economy will maintain a positive trajectory over the
long run.
Where is the statement grounded?
Judging from the numbers, China's GDP saw a year-on-year increase of
5.0% in the first half of 2024. Given the relatively weak momentum
in the global economy, the frequent frictions in international
trade, and insufficient domestic demand in China, the overall stable performance of
China's economy bears testament to
the resilience of the Chinese economy. Seeing into it, such
resilience stems from rather complete industry categories and the
advantageous industry chain driven by innovation, and such
resilience also exists in the dividends released by China through deepening reforms.
Here's an example. "It takes a thousand workers to do the
spinning and ten thousand to do the weaving." This old saying best
conceptualizes how labor-intensive China's textile industry was. But now, in
Dasheng Group's smart spinning factory in Jiangsu Province, numerous machines operate at
full speed in tidy and spacious workshops, and only a few workers
can be seen patrolling for inspection. Adopting technologies
including 5G data transmission, the factory has enjoyed digital and
smart production and storage, giving it an over 20% increase in
production efficiency and bringing down the defect rate by over
15%.
More smart spinning factories like this are mushrooming. Since
late last year, Chinese authorities have carried out measures to
upgrade production equipment, which also acted as an impetus to
drive the manufacturing business in China towards becoming more high-end,
environmentally friendly and intelligent. When these efforts are
translated into economic performance, China's manufacturing sector has played a more
competent role in driving investment. In the first half of 2024,
the total value added of industrial enterprises above the
designated size grew by 6.0% year-on-year; industrial production
has seen quicker spurts of vitality, with the total value added of
high-tech industries increasing by 8.7%. These have powerfully
endorsed the pleasing performance of China's economy.
The smart factory example is just one demonstration of
China's practice in advancing
high-quality economic development through reforms and innovation.
In the past decade or so, China
has used economic structural reform as the spearhead, to
comprehensively deepen reforms, thereby injecting greater vitality
into the economic development, while reinforcing the resilience of
the Chinese economy.
At the third plenary session of the 20th Central Committee of
the Communist Party of China, the
resolution on further deepening reform comprehensively to advance
Chinese modernization was adopted. Once again, using economic
structural reform as the spearhead has been highlighted, and the
roadmap of reforms has been further clarified. Building a unified
national market, formulating a private sector promotion law,
improving the institutions and mechanisms for fostering new quality
productive forces in line with local conditions… the array of
measures listed in the document all guide the future pathway of
China's economy.
Currently, there are still many problems facing China's economy. However, China is committed to further deepening reform
comprehensively, and made practical solutions to that end. With
that, plus the complete industry system and China's advantage as a giant market, we have
every reason to believe that, China's economy could overcome the short-term
fluctuations, and continue to witness strong resilience and
vitality.
China Mosaic
http://chinamosaic.china.com.cn/index.htm
Why the Chinese economy is still rather
resilient?
http://www.china.org.cn/video/2024-08/01/content_117344340.htm
View original content to download
multimedia:https://www.prnewswire.com/news-releases/why-the-chinese-economy-is-still-rather-resilient-302212202.html
SOURCE China.org.cn