Current location:business >>
China's growth spurs optimism
business9558People have gathered around
IntroductionBy Wang Keju, Fan Feifei and Liu Zhihua (China Daily) 13:40, March 25, 2024China's commitment to nur ...
China's commitment to nurturing new quality productive forces while promoting high-quality development is set to provide domestic as well as foreign investors with enormous market opportunities and vast development prospects amid the rising uncertainties in the global economic landscape, said senior officials and company executives.
They made the remarks on Sunday in Beijing during the opening of the two-day China Development Forum 2024, a few weeks after the world's second-largest economy unveiled its 5 percent growth target.
The Chinese economy has started the year on a positive trajectory, underpinned by effective macroeconomic policies. With stable production growth, sustained recovery in demand and other positive factors, the country is confident and capable of achieving its major economic and social development goals, said Zheng Shanjie, head of the National Development and Reform Commission.
In particular, China's active cultivation of new quality productive forces not only promotes its own economic growth but also injects much-needed momentum into global economic recovery and expansion, Zheng said.
New quality productive forces signify a paradigm shift in productivity, primarily propelled by revolutionary technological breakthroughs, innovative allocation of production factors, and profound industrial transformation and upgrading.
China is ramping up efforts to cultivate emerging industries, foster the deep integration of digital technology with the real economy and the convergence of advanced manufacturing with modern services, and create new growth engines in sectors such as biomanufacturing, commercial aerospace, new materials and low-altitude economy, Zheng said.
Ling Hai, president for the Asia-Pacific region, Europe, the Middle East and Africa at Mastercard, said that China's fundamentals remain very strong for reasons including the ingenuity and creativity of the Chinese people as well as the government's commitment to reform and opening-up.
Furthermore, China's continuous efforts to boost innovation and technological development are key to unleashing its growth potential, he said.
Kristalina Georgieva, managing director of the International Monetary Fund, said that China is at the forefront of emerging economies in terms of artificial intelligence preparedness, with well-developed digital infrastructure providing a head start.
Establishing a robust AI regulatory framework and strengthening economic ties with other innovative countries will help China power ahead, Georgieva said, adding that in the medium term, China will continue to be a key contributor to global economic growth.
Finance Minister Lan Fo'an said that China will reinforce fiscal policies in order to drive industrial upgrades, foster the growth of emerging industries and cultivate future sectors.
By adopting a region-specific approach to forging new quality productive forces, the government aims to shape new drivers and advantages for sustainable economic growth, he added.
Jin Liqun, president and chairman of the Asian Infrastructure Investment Bank, said the development of new quality productive forces can benefit from proactive fiscal policies, although direct subsidies may not yield the most effective results.
Jin emphasized that it is essential to steer clear of fiscal policies that stifle the motivation for production and innovation, and the creation of wealth.
Raj Subramaniam, president of United States-based express courier service provider FedEx Corp, said the company's growth has been greatly empowered by the long-term commitment to invest in and grow with China. Over the past 40 years, China has become home to one of the largest FedEx operations in the world.
"We believe that open markets and collaboration are critical to expanding growth and prosperity for all. We're committed to exploring new opportunities in China, and leveraging our digital innovations to build the world's most flexible, efficient and intelligent network," he added.
Zhong Nan contributed to this story.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Global Graph news portal”。http://tanzania.whetstonetavern.com/article-30d199957.html
Related articles
Scotland Yard to pay 'five
businessScotland Yard is set to pay a large sum of money to a French publisher arrested by counter-terror of ...
【business】
Read moreRevealed: The 20 best walks in Britain (and the maps that show you the perfect route)
businessSpring is in the air — and there's no better time to stretch your legs and catch a breath of fresh a ...
【business】
Read moreI'm a recruitment expert
businessThere’s nothing worse than fawning colleagues who laugh falsely at the boss’s jokes and agree with t ...
【business】
Read more
Popular articles
Latest articles
Browns pick up 5
Forget the city centre
Astronaut Thomas Stafford, commander of Apollo 10, dies aged 93: Air Force three
I'm a travel expert
Rhod Gilbert shares cancer update as he admits he's 'pinching himself' over performing stand
United Airlines flight is forced to DIVERT after a dog POOPED in first class aisle
LINKS
- Beijing International Film Festival to feature French film week
- China's broadband speed more than doubles in 3 years, report says
- 'Art Film' series launched to celebrate filmmaking and masterpieces
- China rolls out tasks to foster improved online environment
- Hamas leader Ismail Haniyeh's 3 sons killed in Israeli raid
- China's national legislature opens annual session
- In North Macedonia, two inmates walked out of hospital. Now, police are accused of helping them
- Vegas, US tour and more signings: Wrexham has plenty of fun and work ahead after latest promotion
- Asian cinema ready to unite
- Beijing 2022 flag bearer trains volunteers for 31st FISU University Games