Comprehensive achievements of China's high-quality development

Editor's note: Liu Chunsheng, a special commentator on current affairs for CGTN, is an associate professor at the Beijing-based Central University of Finance and Economics. The article reflects the author's opinion and not necessarily the views of CGTN.

In 2024, a critical year for achieving the goals set in the 14th Five-Year Plan for the 2020-2025 period, the Chinese economy not only maintained overall stability and steady progress, but also demonstrated strong resilience and vitality in overcoming domestic and international challenges.

China made significant advancements in economic restructuring, accelerating the development of a modern industrial system. The economic structure continued to improve, with the tertiary industry's share of GDP rising to 56.3 percent in 2023, becoming a major driver of economic growth. Industrial upgrades also continued, with high-tech manufacturing and strategic emerging industries showing robust growth, far surpassing traditional manufacturing.

Regional coordinated development strategies achieved significant progress, with the central and western regions experiencing rapid fixed asset investment growth, contributing to a more balanced economic development framework.

The innovation-driven development strategy lies at the core of the high-quality development, and technological innovation has become the key engine driving China's economic progress. Both the third plenary session of the 20th Central Committee of the Communist Party of China in July and the Central Economic Work Conference in December emphasized the importance of technological innovation, calling for improved policies and governance systems to promote the development of strategic industries.

In practice, China has achieved continuous breakthroughs in technological innovation. For example, the maiden commercial voyage of the domestically built large cruise ship Adora Magic City in January 2024 marked a milestone in China's shipbuilding industry. The successful first flight of the AG60E electric aircraft last year and the Chang'e-6 mission returning with samples from the far side of the moon, a world first, also reflect China's scientific prowess. These achievements have enhanced China's scientific and technological strength while making vital contributions to global scientific progress.

Behind technological innovation is the increase in research and development (R&D) investment and the strengthening of intellectual property protection. As of August 30, 2024, the announced R&D investment of 4,915 A-share companies in the first half of 2024 was 712.5 billion Chinese yuan (over $97.6 billion), an increase of 3 percent year on year.

From the perspective of R&D investment intensity and R&D expenditure as a proportion of operating income, the R&D investment intensity of five industries – computers, defense and military industry, electronics, machinery and equipment, and pharmaceuticals and biology – all exceed 5 percent.

According to the 2024 Report on the Construction and Development of an Intellectual Property Powerhouse issued by China's National Intellectual Property Administration, by 2035, China's comprehensive competitiveness in intellectual property will rank among the world's top and a complete intellectual property system will be established. 

Supported by its innovation ecosystem, China's ranking in the World Intellectual Property Organization's Global Innovation Index rose to 11th place in 2024, up one position from the previous year. China also boasts 26 of the world's top 100 science and technology clusters, ranking first globally and demonstrating immense innovation-driven potential and prospects.

Green development is an inherent requirement for high-quality growth. China has achieved remarkable results in this area. In the energy sector, it is promoting the development of non-fossil energy and clean and efficient utilization of fossil fuels, becoming one of the fastest nations to reduce energy intensity. In transportation, the production of new energy vehicles and solar cells last year grew by 51.1 percent and 10.9 percent, respectively, showcasing rapid development in green transportation.

China has reformed key areas for green and low-carbon transformation. The voluntary greenhouse gas emissions trading market was launched and the Ministry of Ecology and Environment, together with 14 other national agencies, unveiled an extensive plan on carbon footprint management to advance green manufacturing. The national carbon trading market successfully completed two compliance cycles, covering 5.1 billion tons of carbon dioxide emissions annually, making it the world's largest emissions market.

In ecological and environmental protection, the green shelterbelt surrounding the Taklimakan Desert was completed, forming a comprehensive barrier to desertification and marking the first "zero land degradation growth" in the world.

Enhancing people's well-being is both the starting point and ultimate goal of high-quality development. In 2024, China focused on safeguarding and improving livelihoods while advancing economic and social development, ensuring that the people share the benefits of progress.

In employment, the overall situation remained stable, with steady growth in household incomes. Despite external uncertainties and domestic economic pressures, a series of effective policies stabilized the job market.

In poverty alleviation, China consolidated and expanded its achievements, ensuring that no populations slipped back into poverty. Additionally, sustainable development in poverty-stricken areas was supported through initiatives such as developing specialized industries and providing skill training.

China also improved its social security system and enhanced coverage and benefits. Measures such as expanding social insurance coverage and increasing pension payouts enhanced the public's sense of gain and happiness.

Despite growing external pressures such as intensified geopolitical conflicts and surging protectionism, and mounting internal challenges including sluggish domestic consumption and pressure on employment, China effectively tackled these challenges through deepening reforms, expanding openness and fostering innovation.

Looking ahead, China will continue on the path of high-quality development, driven by technological innovation, guided by green and low-carbon principles and aiming at enhancing public well-being.

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