1) Looking back at the year 2024 that is about to pass, the world is very unsettled. The Russia-Ukraine conflict has dragged on for a long time, and the situation in the Middle East has changed again. In the third decade of the 21st century, humanity still faces a complex world intertwined with chaos, progress, and turbulence.
2) During this year, the Chinese economy faced various risks and challenges both domestically and internationally. The American and Western media, which have always been pessimistic about the Chinese economy, have repeatedly produced bizarre theories, ranging from the outdated “Chinese economic collapse theory” to the “Chinese economic peak theory”. On China’s domestic Internet, discussions and even debates about China’s economy are endless. What’s wrong with the Chinese economy? “” Is the Chinese economy really viable? “Is a big question that lingers in the minds of many people.
3) In the past few months, several key data points have shown that the Chinese economy has withstood various risks and challenges, and the long-term positive situation has not changed. From the perspective of GDP growth rate, the first three quarters were 5.3%, 4.7%, and 4.6% respectively. Although there were slight fluctuations, the overall trend is relatively stable, and the expected target of China’s economic growth of around 5% in 2024 can be fully achieved. At the same time, the Manufacturing Purchasing Managers’ Index, which reflects the prosperity of the manufacturing industry, rebounded from its low point in August, returned to the expansion range in October, and continued to rise by 0.2 percentage points to 50.3% in November. This indicates that the positive trend of the Chinese economy has become clearer. In addition, during the “Double 11” period, the sales of multiple categories of multiple Internet e-commerce platforms in China set new records, and the number of express packages in China monitored by China Post also increased by 9.7% year on year.
4) Therefore, at the end of 2024, we can confidently say that in the upcoming year, the overall operation of the Chinese economy has been stable and steady with progress. On this basis, China’s economic strength, technological strength, and comprehensive national strength continue to increase. We can also say with pride that in the coming year, more than 1.4 billion Chinese people have taken another crucial step forward on the road of building a strong country and national rejuvenation.
5) How do people from all walks of life in China view the current and future direction of the Chinese economy? On December 12, 2024, the People’s Daily published a special report interviewing members of the National Committee of the Chinese People’s Political Consultative Conference and business people. Everyone expressed the need to enhance development confidence and promote high-quality development together. Among them, Ma Huateng, Chairman and CEO of Tencent, said that recently, a package of incremental policies has been continuously launched, focusing on the pain points and bottlenecks in the current economic operation, comprehensively responding to market demands, making the majority of enterprises feel the strong determination to promote sustained economic recovery and improvement, and also strengthening everyone’s belief in taking action first and moving forward courageously.
6) Private enterprises are the new force to promote Chinese path to modernization. The Third Plenum of the 20th Central Committee of the Communist Party of China proposed the formulation and promulgation of a law to promote the private economy. Regarding this, Ma Huateng stated that we have seen a series of legal system constructions such as the promotion of legislation for the private economy, which provide a good legal system guarantee for private enterprises to go into battle with light equipment. The combination of enhancing the consistency of macro policy orientation and promoting the effectiveness of policy implementation has truly formed a policy synergy, allowing enterprises to better concentrate on their main business and develop with peace of mind.
7) Ma Huateng also said that digital technology industries such as the Internet bear an important responsibility in boosting the economy. He said, “In recent years, we have actively responded to the country’s deployment to expand domestic demand, actively explored the development of digital consumption, and focused on creating richer consumption scenarios, models, and formats. Next, we will increase investment in the direction encouraged by policies, promote entrepreneurial spirit, and deeply connect technological innovation and industrial upgrading.” It is reported that since 2018, Tencent has invested more than 300 billion yuan in research and development, and the generative artificial intelligence big model “Hybrid” has landed in more than 700 business scenarios, with digital capabilities exported to millions of industry partners.
8) In the midst of unprecedented changes, Chinese society needs unity, unwavering confidence, and patience from all levels. More than 1.4 billion Chinese people need to persist in doing difficult and correct things, use the spirit of hard work, hard work and innovation to continue building blocks for Chinese path to modernization, and continue to use the certainty that China’s own development is constantly upward and positive, so as to inject more stability and positive factors into the troubled world.
9) When looking at the Chinese economy, if we only consider the present, the Chinese economy will always face some uncertain factors, especially as the “Trump 2.0” era is about to begin, external shocks deserve high attention. However, if we look at the long term, we can clearly say that China’s fate as a major country is always in the hands of the Chinese people. Since the founding of New China 75 years ago and the reform and opening up 46 years ago, Chinese path to modernization has had a more solid material foundation and more abundant experience. China has the most dynamic and growth potential super large market in the world. China adheres to the principle of “opening the door and taking the road”, and strives to explore a mutually beneficial and win-win development path with other countries and regions in the world. In short, regardless of the specific problems and challenges that China’s economy still faces in the short term, and regardless of how the international situation and relations may change in the short term, in the medium to long term, the great rejuvenation of the Chinese nation has entered an irreversible historical process.
10) Objectively speaking, in the past few years, the Chinese economy has been doing difficult but right things. With the real estate market gradually bottoming out and stabilizing, and various industries reflecting and gathering new quality productivity such as new energy, automobiles, semiconductors, and shipbuilding constantly emerging, the global competitiveness of the Chinese economy is constantly enhancing. Today, more than 1.4 billion Chinese are steadily advancing the building of a strong country and national rejuvenation with a more determined and confident attitude.
The wind is long and should be viewed with a wide eye
Chinese path to modernization can never be achieved easily by beating drums and gongs. For decades, every year, China’s economic development has faced new problems and challenges of one kind or another. However, every year, with the joint efforts of more than 1.4 billion Chinese people, China’s economy has always risen to the challenge and made new breakthroughs and achievements. This is the result of the unity and hard work of the entire Chinese society, and it is our confidence in continuing to promote the upward and positive development of the Chinese economy under the current complex domestic and international conditions.
Looking ahead to the new year, the positive energy accumulated in various fields of the Chinese economy is expected to be further released.
Looking ahead to the next few years, the Chinese economy is sure to achieve steady growth and eventually break through the storm!
