Reason 1: We need to see the inherent logic of “improving quality and efficiency”. The Chinese economy has shifted towards a path of high-quality development, emphasizing effective improvement in quality and reasonable growth in quantity, no longer relying on GDP as a hero. The economy has slowed down but has not slowed down. China’s development adheres to a people-oriented approach, not just focusing on indicator data, but also enabling the people to live a higher quality of life. From the development history of catch-up economies such as the “Four Asian Tigers” and high-income countries in the past, when the per capita GDP is between $12000 and $20000, the economic development potential continues to be unleashed. At present, the Chinese economy is in a stage of sustained release of growth potential. At the same time, China’s development is not about surpassing others, let alone replacing others, but constantly surpassing and improving oneself. Of course, as the world’s second-largest economy, China is inevitably facing various problems and challenges in its transition towards high-quality development, and may even experience necessary pains. To break away from the traditional mode of economic growth and the path of productivity development, we must promote the accelerated development of new quality productivity. This year’s government work report lists “vigorously promoting the construction of a modern industrial system and accelerating the development of new quality productive forces” as the top ten tasks of government work. New quality productivity is the innovation and development of Marxist productivity theory. Developing new quality productive forces is the only way to inject a continuous stream of power into the high-quality development of the Chinese economy.
Reason 2: We need to see the development resilience of overcoming difficulties. In 2023, China’s economy grew by 5.2%, significantly faster than the average growth rate of developed economies of 1.6%. The International Financial Forum report shows that in 2023, the contribution rate of China’s economy to world economic growth reached 32%. Against the backdrop of rising global anti globalization trends and increasing geopolitical conflicts, it is not easy for the Chinese economy to maintain its position as the world’s largest engine of economy. The expected GDP growth target for China in 2024 is set at around 5%, which is the same as last year. This is a basic judgment on China’s future development from having confidence to having confidence. Faced with the growing troubles of real estate and local debt, China has strengthened cross cycle and countercyclical regulation through economic policies, focusing on innovative regulatory methods and methods, with ample policy space and ample room for maneuver. In February of this year, the International Monetary Fund raised its global economic growth forecast for 2024 by 0.2 percentage points to 3.1%, mainly due to its optimism about the growth momentum of China, multiple emerging markets, and developing economies. In the long run, the confidence of China’s economic growth also comes from its super large market and consumption potential. From January to February this year, the total retail sales of consumer goods in China increased by 5.5% year-on-year, and the potential for service consumption continued to be unleashed. According to data from the website of STATISTICA, an international statistical survey agency, China’s e-commerce sales revenue reached $935.14 billion in 2023, making it the world’s largest e-commerce market. The growth of the digital economy and digital commerce against the trend further demonstrates the potential and resilience of the Chinese economy.
Reason three: We need to see the innovative momentum of “surging vitality”. Throughout the history of human development, innovation has always been an inexhaustible driving force for the development of a country or a nation, and a key factor in enhancing productivity. The world’s century long changes are accelerating, and technological innovation is a key variable. China is the only country in the world with all industrial categories listed in the United Nations Industrial Classification, and its manufacturing value added accounts for about 30% of the global total, making it the second largest consumer market for goods worldwide; The total number of talent resources, technology human resources, and R&D personnel all rank first in the world. Since the new era, China’s technological innovation capability has steadily improved, achieving a series of significant achievements in manned spaceflight, quantum information, nuclear power technology, and large aircraft manufacturing, and entering the ranks of innovative countries. The 2023 Global Innovation Index Report released by the World Intellectual Property Organization shows that China ranks 12th and is the only middle-income economy among the top 30. The process of forming new productive forces is also a process of accelerating the development of strategic emerging industries and nurturing and strengthening future industries. Whether it is formulating future industrial development plans, carrying out “artificial intelligence+” actions, actively building new growth engines such as biological manufacturing, commercial aerospace, and low altitude economy, or opening up new tracks such as quantum technology and life sciences, innovation is flourishing everywhere.
Reason 4: To see the green ambition of “cleanliness and beauty”. Green development is the foundation of high-quality development, and new productive forces themselves are green productive forces. We promote the development of new productive forces by firmly establishing and practicing the concept that green mountains and clear waters are invaluable assets, continuously promoting green transformation, and steadfastly taking the path of ecological priority and green development. We adhere to green and low-carbon development, building a clean and beautiful world, which means bidding farewell to fishing in the wilderness and enjoying green waters and mountains forever. Faced with increasingly severe global climate challenges, China has successively proposed important concepts such as building a community of life between humans and nature, and a community of life on Earth. China promises to strive to achieve carbon peak before 2030, strive to achieve carbon neutrality before 2060, and build a “1+N” policy system to achieve carbon peak and carbon neutrality. China has built the world’s largest clean power generation network, contributing 25% of the world’s newly added green area since the beginning of this century. Today, nearly half of the world’s installed photovoltaic capacity is located in China, and more than half of the world’s new energy vehicles are driven in China. In 2023, China’s production and sales of new energy vehicles accounted for over 60% of the world’s total, while exports of electric vehicles, lithium batteries, and photovoltaic products increased by nearly 30%. China also actively participates in global environmental governance, doing its best to help developing countries improve their ability to cope with climate change, and making China’s contribution to achieving sustainable development in the world.
Reason 5: We need to see an open mindset of “opportunity sharing”. China’s development cannot be separated from the world, and the development of the world cannot be separated from China. China has always adhered to win-win cooperation, actively promoted inclusive economic globalization, promoted the implementation of global development initiatives, and increased investment in global development cooperation. In recent years, China’s door to opening up to the outside world has been widening, and the value of high-level and institutional opening up has been increasing. The total level of tariffs has dropped to a level comparable to that of developed members of the World Trade Organization. The opening up of the service industry has accelerated, and the return on foreign investment still ranks among the top in the world. This year, the NPC and CPPCC of China again released the signal of expanding high-level opening-up, including: promoting the quality and quantity of foreign trade to be stable, increasing efforts to attract foreign investment, promoting the high-quality joint construction of the “the Belt and Road” to go deep and solid, and deepening bilateral, multilateral and regional economic cooperation. We have launched new measures to facilitate personnel exchanges, further breaking through the barriers for foreign personnel to come to China for business, study, and tourism. Revise the national version of the negative list for foreign investment access and completely eliminate restrictions on foreign investment access in the manufacturing industry. Accelerate the implementation and effectiveness of the “24 Measures for Foreign Investment”, and continue to build a market-oriented, legal, and internationalized first-class business environment. These fully demonstrate China’s determination, responsibility, and ability to share market opportunities, investment opportunities, and cooperation opportunities with other countries.
The broad sea allows fish to leap, and the high sky allows birds to fly. Chinese path to modernization is an unprecedented pioneering undertaking, and it is bound to encounter a large number of new topics that have never appeared before, and undergo many major tests of high winds, high waves and even rough waves. Looking ahead to the future, we have both full historical confidence and sufficient historical patience. The basic trend of China’s economic recovery and long-term improvement has not changed, nor will it change. With the accelerated formation of new productive forces, the space for China’s own development and foreign cooperation will be further expanded. A China committed to achieving high-quality development, green and low-carbon transformation, and open cooperation will undoubtedly inject more confidence and momentum into the world, and bring more opportunities for win-win cooperation.