Editor's note: Xue Tianhang is an associate researcher of the Research Center for Regional Coordinated Development, Zhejiang University. The article reflects the author's opinions and not necessarily the views of CGTN. It has been translated from Chinese and edited for brevity and clarity. 

The year 2024 marks the 75th anniversary of the founding of the People's Republic of China and is a crucial year for achieving the goals and tasks outlined in the 14th Five-Year Plan. In the first three quarters, amidst a complex and ever-evolving international landscape, China's economy has continued to improve and made steady progress in high-quality development.

On the production side, profits of industrial enterprises have continued to increase since the beginning of the year, with industries that act as new growth drivers, represented by high-tech manufacturing, showing impressive performance. This has fueled the steady advancement of high-quality economic development. 

According to the latest data from the National Bureau of Statistics (NBS), industrial enterprises above the designated size achieved operating revenue of 87.1 trillion yuan ($12.3 trillion) from January to August, a year-on-year increase of 2.4 percent. In particular, profits of the computer, communications, and other electronic equipment manufacturing sector grew by 22.1 percent, playing a key role in supporting the economy and reflecting the ongoing optimization of China's industrial structure. 

In terms of trends, the manufacturing Purchasing Managers' Index (PMI) for September rose to 51.2, moving above the critical threshold. 

Specifically, high-tech manufacturing PMI and equipment manufacturing PMI stood at 53.0 and 52.0, respectively, up 1.3 and 0.8 points from the previous month, indicating continued positive development momentum.

On the consumption side, some consumer sectors have entered a period of seasonal boom, and policies aimed at boosting domestic demand, such as large-scale equipment upgrades and trade-in programs for consumer goods, have begun to show policy effects, leading to a steady recovery in domestic consumption demand. 

From January to August, profits in the consumer goods manufacturing sector rose by 8.4 percent year on year, outpacing the average growth in manufacturing. The consumer confidence index has improved slightly. According to NBS, this indicator increased by 1.2 points from 90.1 in June to 91.3 in September. The expectation index, which reflects consumers' view on the economic prospects for the coming months, went up from 88.7 in June to 90.1 in September. These figures demonstrate that domestic demand still acts as a ballast stone for economic growth.

On the pricing side, overall domestic price levels showed signs of a rebound. 

Data from NBS indicated that the Consumer Price Index (CPI) rose by 0.4 percent year on year in September and remained flat month on month. By category, with improved expectations for industrial goods demand and the dominating seasonal consumption patterns of agricultural products, price trends have become more clear. Influenced by factors such as the decline in international commodity prices, the Producer Price Index (PPI) saw declines both month on month and year on year. 

In other areas, economic indicators such as fixed asset investment, foreign trade, and the surveyed urban unemployment rate across the country have also improved to a certain extent, highlighting the resilience of China's economy and the fact that the Chinese economy remains committed to its path of recovery and long-term improvement.

As the external environment becomes increasingly complex, daunting, and uncertain, it is essential to overcome difficulties and exert greater efforts to maintain China's economic growth. 

In the next stage, specific areas must be focused on, such as actively expanding effective domestic demand, accelerating the cultivation of new economic drivers, and improving household income levels. It is imperative to intensify monetary policy regulation, enhance coordination between monetary and fiscal policies, and implement various reform tasks and measures to further solidify the foundation for sustained economic recovery and improvement.