Editor's note: Liu Cheng is an associate research fellow at the National Academy of Economic Strategy, Chinese Academy of Social Sciences. The article reflects the author's opinions and not necessarily the views of CGTN.

The Chinese economy's fresh momentum primarily comes from the restored confidence of consumers and entrepreneurs. 

In the first three quarters, total retail sales of consumer goods reached 34.21 trillion yuan ($4.68 trillion), marking a year-on-year increase of 6.8 percent. 

In September, the purchasing managers' index for the manufacturing sector was 50.2, up 0.5 point from the previous month. Meanwhile, the production and operation expectation index of enterprises stood at 55.5. The business activity index for the service sector was 50.9 and the business activity expectations index was 58.1, both surpassing the 50-point growth-contraction threshold.

The new momentum also originates from technological innovation and industrial upgrading. 

China's economic development has entered a prolonged phase of transition from old growth drivers to new ones. Promising development opportunities are arising in areas like technological innovation, digitalization and green initiatives. 

Experiences from various countries have demonstrated that as a country becomes more developed, it must move from merely catching up in terms of technology to cutting-edge innovations as it approaches the technological frontier. China is no exception. 

In the first three quarters, high-tech industry investment in China rose by 11.4 percent year on year, with high-tech manufacturing and high-tech services investments growing by 11.3 percent and 11.8 percent, respectively.

In the realm of foreign trade, new momentum keeps emerging. 

Although the total value of China's imports and exports declined by 0.2 percent in the first three quarters, three emerging products, namely electric passenger cars, lithium-ion batteries and solar cells, have gained popularity overseas, becoming new driving forces of foreign trade growth. 

This year marks the 10th anniversary of the Belt and Road Initiative. In the first three quarters, China's imports and exports with Belt and Road participating countries reached 14.32 trillion yuan, up 3.1 percent year on year, accounting for 46.5 percent of China's foreign trade volume. Trade activities continue to flourish. 

It can be said that the Belt and Road participating countries have become vital contributors to China's foreign trade growth. In the future, with income growth and industrial upgrading in these regions, China's total trade volume with them is poised to expand, and the product structure will keep improving.