Chinese economy demonstrates precious resilience

China recently unveiled its economic performance for 2024, revealing a total economic output of 134.9 trillion yuan ($18.44 trillion), marking a 5.0 percent increase from the previous year. This not only highlights the robust resilience of the Chinese economy but also presents a promising outlook for high-quality development to the world.

In the midst of a sluggish global economic recovery, the resilience of major economies holds significant value.

Confronted with a complex and challenging landscape characterized by mounting external pressures and internal obstacles, China achieved a milestone in 2024 as its total economic output exceeded 130 trillion yuan for the first time.

Robotic arms weld frames of new energy vehicles in a workshop of Chinese carmaker Changan Automobile in Nanjing, east China's Jiangsu province. (People's Daily Online/Zhu Hongsheng)

With a growth rate that places it at the forefront among major world economies, China continues to serve as a pivotal driving force for global economic expansion.

Pierre-Olivier Gourinchas, chief economist of the International Monetary Fund (IMF), characterized this development as a "positive surprise." Subsequently, the IMF revised its growth projections for the Chinese economy in 2025 upwards in its most recent World Economic Outlook report.

Every day in China, the economy buzzes with activity: more than 80,000 vehicles are freshly minted, 3.4 million smartphones are crafted, and over 470 million parcels embark on their journeys. These staggering numbers vividly illustrate the sheer dynamism of China's economy.

With a robust economic foundation, a colossal market, and a comprehensive industrial ecosystem, China stands resilient in the face of risks and challenges.

Despite deepening adverse impacts from external changes, as well as the difficulties and challenges confronting China's economy, the country's economic strength, technological prowess, and overall national strength have reached new heights, with a more solid foundation, better conditions, stronger driving force, and enhanced resilience against risks.

Photo taken on Jan. 13, 2025 shows a container terminal of the Tangshan Port in north China's Hebei province. (People's Daily Online/Liu Mancang)

China is capable of translating various favorable factors into tangible development achievements, propelling the economy to continue its positive trajectory.

Sir Sherard Cowper-Coles, chair of the China-Britain Business Council, remarked that the overall trend of China's economic growth is highly positive, and China will continue to develop and play a significant role in shaping the world's future.

A foreign journalist who recently visited rural areas in China highlighted the country's innovative use of high technology to enhance food production. This included practices like vertical vegetable farming and the use of drones for monitoring and managing agricultural activities. These advanced techniques showcase how new quality productive forces are driving China's development towards higher quality and efficiency.

In the past year, China's economic structure has undergone further optimization, as evidenced by the value added of high-tech manufacturing enterprises above the designated size increasing by 8.9 percent. This growth rate surpassed that of the overall industry and equipment manufacturing sectors, highlighting the significant progress in China's high-tech manufacturing sector.

The value added of the information transmission, software, and information technology services industries all experienced double-digit growth. Additionally, there was a notable increase in the production of new energy vehicles, integrated circuits, industrial robots, and other products. These developments underscore China's focus on industrial upgrading and evolution.

China is steadfastly advancing high-level opening up, demonstrating a strong sense of responsibility amidst the intensification of trade protectionism and the trend of global economic fragmentation.

A worker picks tomatoes grown with soil-less cultivation methods in a smart greenhouse in a modern agricultural demonstration park in Zhangjiagang, east China's Jiangsu province. (People's Daily Online/Xing Bin)

In 2024, China's total goods import and export volume reached 43.8 trillion yuan, marking a five percent increase and hitting a historic high. The country is steadily expanding institutional opening up, deepening institutional reforms for promoting foreign investment, introducing more policies for voluntary and unilateral opening up, expanding the globally oriented network of high-standard free trade areas, and comprehensively relaxing and optimizing visa-free transit policies.

China's endeavor to promote high-quality development through high-level opening up is another important reason for the strong resilience of the Chinese economy.

According to statistics, in 2024, China's investment structure continued to improve, with 52,000 foreign-funded enterprises established in the first 11 months, with total investment of 749.7 billion yuan.

Marcos Pires, director of the Institute of Economics and International Studies at Sao Paulo State University in Brazil, believes that China's ongoing commitment to reform and opening up has not only driven its own development but also facilitated its integration into the global economy, consistently contributing to the progress and prosperity of the world.

The dominating trend of a sound Chinese economy for the long term and the elements supporting it have not changed, and the momentum for high-quality development remains unchanged. Despite the challenges on the path ahead, China is confident in its ability to continue driving high-quality economic growth, bringing new surprises and opportunities to the world.