China in 2024: "Development remains top priority"
This year, China has achieved overall stability and steady progress in its economy, and it is anticipated that the major goals and tasks for economic and social development in 2024 will be met.
TroibNews 
**Editor's note:** CN presents "China in 2024," a special series that offers a comprehensive examination of the nation's advancements in enhancing livelihoods, achieving high-quality development, implementing reforms, expanding openness, fostering technological innovation, advancing cultural development, and promoting ecological conservation, alongside its diplomatic successes.
Throughout key economic meetings and regional inspections in 2024, Chinese President Xi Jinping has consistently emphasized the critical role of development.
During the Central Economic Work Conference, an essential annual gathering led by Xi in December, it was affirmed that China has maintained overall economic stability and steady progress this year, with expectations of meeting the major goals and tasks for economic and social development in 2024.
The conference also highlighted significant strides in China's high-quality development.
**Stability and progress**
Official statistics showcase both the solid groundwork of the Chinese economy and encouraging advancements in emerging sectors.
Growth figures, whether cumulative or quarterly, have exhibited minimal variations, consistently aligning around the 5 percent target. Development quality indicators also reflect a positive trend: in the first three quarters, the value-added output of high-tech manufacturing industries above the designated size surged by 9.1 percent year on year, while investment in high-tech sectors rose by 10 percent.
Furthermore, production within green industries—specifically the "new three," which include new energy vehicles, lithium batteries, and photovoltaics—remained robust with double-digit growth, indicating a consistent improvement in the quality of economic development.
**Stimulus measures**
Since the end of September, the central government has introduced what experts categorize as a package of "milestone macroeconomic measures."
These initiatives, which encompass large-scale equipment upgrades, consumer goods trade-ins, supportive real estate policies, and the issuance of ultra-long special treasury bonds and local government special bonds, have actively stimulated domestic demand and reinforced economic momentum.
Domestic demand is pivotal for China's economic progression and a fundamental necessity for fulfilling citizens' growing aspirations for an enhanced quality of life. In the initial three quarters, final consumption expenditure accounted for 49.9 percent of economic growth, contributing 2.4 percentage points to GDP growth.
**Regional development**
Regional development has also gained momentum throughout China. During his inspection tours, Xi has urged local authorities to intensify their execution of regional strategies and enhance regional development.
In Shandong Province in eastern China, he called on local officials to align closely with the coordinated regional development strategy and work to become a significant engine of economic growth in northern China.
In Anhui Province, part of the Yangtze River Delta region, Xi encouraged leaders to take a more active role in the Yangtze River Economic Belt development strategy and to promote the central region's rise.
As of September, the combined GDP of Jiangsu, Anhui, Zhejiang, and Shanghai accounted for approximately one-fourth of the national total, while the industrial scale for integrated circuits, biomedicine, and artificial intelligence represented three-fifths, one-third, and one-third of China's totals, respectively, as reported by the National Development and Reform Commission.
On June 30, the Shenzhen-Zhongshan Link, a significant cross-sea passage in southern China, opened to traffic, marking another milestone transportation project completed in the Guangdong-Hong Kong-Macao Greater Bay Area, following the Hong Kong-Zhuhai-Macao Bridge.
By enhancing the movement of people and goods on both banks of the Pearl River estuary within a "one-hour living circle," the link is anticipated to catalyze new growth in the integrated development of the GBA.
**High-standard opening up**
In Shandong and Fujian provinces, both of which are at the forefront of China's reform and opening up, Xi has called on coastal provinces to persist in advancing high-standard opening up.
In March, China released an action plan proposing measures, including a reasonable reduction of the negative list for foreign investment to encourage high-standard opening up and to intensify efforts to attract and utilize foreign investment.
The country also pledged to extend zero-tariff treatment for 100 percent of tariff lines to all least developed countries with which it has diplomatic relations, effective December 1.
As of July 30, China has ranked first globally in total trade in goods for the seventh consecutive year. The nation has also emerged as a major trading partner for over 150 countries and regions, according to the General Administration of Customs.
In the first eight months of 2024, 36,968 new foreign-invested companies were established across China, marking an 11.5 percent year-on-year increase, according to the Chinese Ministry of Commerce.
Ramin Sohrabi for TROIB News
Throughout key economic meetings and regional inspections in 2024, Chinese President Xi Jinping has consistently emphasized the critical role of development.
During the Central Economic Work Conference, an essential annual gathering led by Xi in December, it was affirmed that China has maintained overall economic stability and steady progress this year, with expectations of meeting the major goals and tasks for economic and social development in 2024.
The conference also highlighted significant strides in China's high-quality development.
**Stability and progress**
Official statistics showcase both the solid groundwork of the Chinese economy and encouraging advancements in emerging sectors.
Growth figures, whether cumulative or quarterly, have exhibited minimal variations, consistently aligning around the 5 percent target. Development quality indicators also reflect a positive trend: in the first three quarters, the value-added output of high-tech manufacturing industries above the designated size surged by 9.1 percent year on year, while investment in high-tech sectors rose by 10 percent.
Furthermore, production within green industries—specifically the "new three," which include new energy vehicles, lithium batteries, and photovoltaics—remained robust with double-digit growth, indicating a consistent improvement in the quality of economic development.
**Stimulus measures**
Since the end of September, the central government has introduced what experts categorize as a package of "milestone macroeconomic measures."
These initiatives, which encompass large-scale equipment upgrades, consumer goods trade-ins, supportive real estate policies, and the issuance of ultra-long special treasury bonds and local government special bonds, have actively stimulated domestic demand and reinforced economic momentum.
Domestic demand is pivotal for China's economic progression and a fundamental necessity for fulfilling citizens' growing aspirations for an enhanced quality of life. In the initial three quarters, final consumption expenditure accounted for 49.9 percent of economic growth, contributing 2.4 percentage points to GDP growth.
**Regional development**
Regional development has also gained momentum throughout China. During his inspection tours, Xi has urged local authorities to intensify their execution of regional strategies and enhance regional development.
In Shandong Province in eastern China, he called on local officials to align closely with the coordinated regional development strategy and work to become a significant engine of economic growth in northern China.
In Anhui Province, part of the Yangtze River Delta region, Xi encouraged leaders to take a more active role in the Yangtze River Economic Belt development strategy and to promote the central region's rise.
As of September, the combined GDP of Jiangsu, Anhui, Zhejiang, and Shanghai accounted for approximately one-fourth of the national total, while the industrial scale for integrated circuits, biomedicine, and artificial intelligence represented three-fifths, one-third, and one-third of China's totals, respectively, as reported by the National Development and Reform Commission.
On June 30, the Shenzhen-Zhongshan Link, a significant cross-sea passage in southern China, opened to traffic, marking another milestone transportation project completed in the Guangdong-Hong Kong-Macao Greater Bay Area, following the Hong Kong-Zhuhai-Macao Bridge.
By enhancing the movement of people and goods on both banks of the Pearl River estuary within a "one-hour living circle," the link is anticipated to catalyze new growth in the integrated development of the GBA.
**High-standard opening up**
In Shandong and Fujian provinces, both of which are at the forefront of China's reform and opening up, Xi has called on coastal provinces to persist in advancing high-standard opening up.
In March, China released an action plan proposing measures, including a reasonable reduction of the negative list for foreign investment to encourage high-standard opening up and to intensify efforts to attract and utilize foreign investment.
The country also pledged to extend zero-tariff treatment for 100 percent of tariff lines to all least developed countries with which it has diplomatic relations, effective December 1.
As of July 30, China has ranked first globally in total trade in goods for the seventh consecutive year. The nation has also emerged as a major trading partner for over 150 countries and regions, according to the General Administration of Customs.
In the first eight months of 2024, 36,968 new foreign-invested companies were established across China, marking an 11.5 percent year-on-year increase, according to the Chinese Ministry of Commerce.
Ramin Sohrabi for TROIB News
