In 2024, China's development still faces a combination of strategic opportunities and risks and challenges. How to objectively interpret the current development status of China's economy? What are the prospects for economic development? On March 31st, the research report "Big Country Compound Interest: China's High Quality Development and Trends in 2035" jointly written by the Chongyang Institute of Finance at Renmin University of China and scholars from think tanks in the United States, Russia, Canada, India and other countries was released in Beijing. The report first proposed the concept of "great power compound interest", stating that China has achieved a series of remarkable results in high-quality economic and social development, which is a manifestation of "great power compound interest". Looking ahead, the Chinese economy still has enormous growth potential. The quality of newly added social wealth has significantly improved. Compound interest is a powerful tool for wealth creation and asset appreciation. The report suggests that China has accumulated a massive, high-level, and sustainable compound interest social wealth over the past 75 years of peaceful development. Data shows that as of 2023, China has a population of 240 million with higher education, 60 million engineers, and a consumer market of 50 trillion yuan; China has a billion yuan infrastructure stock, the world's largest high-speed railway network, and the world's largest broadband network infrastructure that covers all villages and towns; China has 40.5% of the world's "lighthouse factories" selected by the World Economic Forum, picking pearls from the industrial crown one after another. In 2022, China accounted for 18% of global high-tech and technology intensive manufacturing exports. The report points out that in recent years, the quality of newly added social wealth in China has significantly improved. The report selects five major areas: new people's livelihoods, new consumption, new manufacturing, new infrastructure, and new services, focusing on showcasing the phased achievements of China's high-quality development. In the field of people's livelihood, China spends nearly 80% of its annual fiscal expenditure on people's livelihoods. From 2012 to 2023, the national fiscal expenditure on education, healthcare, social security, and employment increased from 4.1 trillion yuan to approximately 10.4 trillion yuan. "The ability to continuously increase investment in people's livelihood and well-being is precisely the compound benefit accumulated by China's long-term peaceful development," the report suggests. In the field of new infrastructure, China has concentrated on the construction of 5G base stations, ultra-high voltage, intercity high-speed railway and urban rail transit, new energy vehicle charging piles, big data centers, artificial intelligence, industrial Internet and other fields. New infrastructure is not only gradually becoming a new engine for promoting China's economic development, but also providing more imaginative space for industrial development. "The key to achieving compound interest lies in the reliable guarantee of the entity's sustained profitability. In the context of the digital economy era, new infrastructure is continuously empowering the realization of compound interest.". How to understand the development of China's economy over the years, as the endogenous driving force of economic growth has increased? According to the report, Chinese path to modernization is accumulating, which can bring "compound interest" development to the country. The compound interest of a large country has three major characteristics: income stability, long-term accumulation, and sustainability. This development model can continuously promote the country's economic growth and prosperity in the long term, and has enormous potential. Specifically, the "compound interest" development momentum of Chinese path to modernization is concentrated on innovation driven, deepening reform, expanding opening up and green development
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