Six "Continuous Improvement" Highlights of China's Strong Economic Resilience and Multiple Highlights

2023-12-08

Facing the complex and severe international environment and the arduous task of domestic reform, development, and stability, China's national economy has continued to recover and overall rebounded, showing a sustained positive development trend in six aspects. Fully leverage the institutional advantages of China's socialist market economy, the demand advantages of a super large-scale market, the supply advantages of a complete industrial system, and the talent advantages of a large number of high-quality workers and entrepreneurs, solidly promote high-quality development, continuously enhance its own development resilience and vitality, and China is fully capable of overcoming difficulties and challenges, promoting sustained and healthy economic development. This year marks the beginning of fully implementing the spirit of the 20th National Congress of the Communist Party of China. Food and energy security are effectively guaranteed, and the overall social situation remains stable. Especially since the third quarter, with a series of "combination punches" of macroeconomic regulation policies showing significant effectiveness, major economic indicators have stabilized and rebounded, and the accumulation of positive factors in economic operation has increased. In six aspects, China has shown a sustained positive development trend, demonstrating strong economic resilience and multiple bright spots, laying a good foundation for achieving the annual economic and social development goals. The economic growth rate ranks among the top among major economies, and the quality of development has continued to improve. Since the beginning of this year, the whole country has conscientiously implemented the decisions and deployments of the Party Central Committee and the State Council, adhered to the overall tone of seeking progress while maintaining stability, highlighted the work of stabilizing growth, employment, and prices, increased macroeconomic regulation efforts, and promoted the coordinated efforts of various policies. China's economy has achieved significant results in both reasonable quantitative growth and effective qualitative improvement. The gross domestic product (GDP) of the first three quarters was 91.3 trillion yuan, with a year-on-year growth of 5.2% at constant prices, 2.2 percentage points faster than the full year of last year, higher than market expectations. Among them, the first, second, and third quarters saw growth of 4.5%, 6.3%, and 4.9% respectively, showing a trend of "low before, medium high, and stable after". The economy continued to recover and improve, with both speed and quality advancing. The increasing role of domestic demand, especially consumption, as a "ballast stone" for economic growth. Since the beginning of this year, driven by the continuous efforts and significant effects of consumer promotion policies, as well as the strong demand for travel during the May Day and National Day holidays and the Double 11 online shopping festival, market vitality has been continuously enhanced, market sales growth has accelerated, and consumption has become the main highlight driving the economic recovery. In the first three quarters, the contribution rate of domestic demand to economic growth reached 113%, with final consumption expenditure contributing 83.2% to economic growth. The ability to drive innovation is constantly improving. With the solid promotion of high-level technological self-reliance and self-improvement, breakthroughs and industrialization have been achieved in key core technologies in some fields, such as the completion of commercial maiden flights of domestically produced large aircraft, delivery of domestically produced large cruise ships, comprehensive construction of China's space station, and the launch of domestically produced mobile phones equipped with advanced domestic process chips. The driving effect of technological innovation on economic growth has been enhanced

Edit:Luo yu    Responsible editor:Jia jia

Source:people.cn

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