SATV Mar.11, Kathmandu: China's economy, notable for its growth, quality improvements, resilience, and dynamism, shows an increasingly robust long-term trajectory. In 2024, China's GDP stood at 134.9 trillion yuan (over $18.6 trillion), marking a five percent rise from the previous year and accounting for about 30 percent of global economic growth, reinforcing its role as a key driver of the world economy. Alongside economic expansion, the quality of development has also continued to improve. On the one hand, the swift progress in high-tech industries has driven manufacturing towards the mid-to-high end of the industrial chain and value chain. Notably, the added value of high-tech manufacturing sector above the designated size increased by 8.9 percent year on year, representing 16.3 percent of the total added value of all such industrial sectors.
On the other hand, the service sector also thrived, with new business forms and models constantly appearing, driving its share of GDP up to 56.7 percent. This growth was fueled by the rise of the debut economy, silver economy, and ice-and-snow economy. On March 5, 2025, Premier Li Qiang announced an expected GDP growth rate of about five percent for the year. This projection reflects the government's confidence and ability to sustain strong economic growth despite internal and external challenges, emphasizing a stable and positive long-term economic outlook for China.
China's technology sector is witnessing rapid growth, with increasing hard power and new quality productive forces fostering high-quality economic development. Innovations spearheaded by DeepSeek in 2025 have driven sustained advancements, infusing new vitality into the economy. From the historic "Two Bombs, One Satellite" projects to the "Shenzhou" and "Chang'e" space missions, and to today's breakthroughs in 5G, quantum computing, and DeepSeek, China's relentless pursuit of innovation has broadened its path to becoming a world leader in science and technology. AI innovations have spurred the development of new quality productive forces in China, giving rise to several tech companies. The "Six Little Dragons of Hangzhou"—Game Science, DeepSeek, Unitree, DEEP Robotics, BrainCo, and Manycore—are leading players in AI, game development, and brain-computer interfaces. Their success has garnered significant attention from local governments at various levels, driving increased investment in technology to foster high-quality economic growth through improved new quality productive forces.
On March 8, 2025, during a press conference at the third session of the 14th National People's Congress, Chinese Foreign Minister Wang Yi stressed that science and technology should not be used to put up an iron curtain, but should be the wealth that benefits all and is shared by all. He also called on all to give priority to scientific and technological capacity-building of the Global South so that no country is left behind. This stance highlights China's commitment to sharing its technological advancements, enabling other countries to benefit from its fruits of innovation for their own progress.
China's diplomatic approach merges a commitment to fundamental principles with innovative strategies, promoting steady progress and economic stability through the cultivation of bilateral relations. In a world rife with uncertainties and changes, predictability has become a rare global asset. Geopolitical conflicts and trade frictions not only impede global economic prosperity but also challenge China's pursuit of high-quality growth. In this context, Chinese leaders have actively engaged in various diplomatic initiatives, balancing innovative strategies with fundamental principles and moving forward steadily. Leveraging adept diplomatic skills to mitigate crises and enhance bilateral ties, they foster a conducive external environment for China's economy while injecting stability into the global economy.
China's impressive economic performance in 2024 is a testament not only to the resilience and dynamism of its economy, but also to the wisdom and foresight behind its diplomatic strategies and bilateral relations. Moving through 2025, China aims to elevate its diplomatic engagements further, steering a course toward mutual success and shared progress. This effort will showcase China's steadfast commitment to world peace, stability, and the prosperity of all nations, allowing the global community to recognize its true dedication.
To stimulate the economy, the Chinese government has launched various policies and initiatives, with robust support and stimulus measures serving as critical drivers of growth. Following an impressive 5.3 percent GDP growth in the first quarter of 2024, growth slowed to 4.7 percent and 4.6 percent in the subsequent quarters amid rising downward pressures. The government responded promptly with extensive stimulus measures in September, significantly boosting market confidence. Consequently, the SSE Composite Index surged by nearly a thousand points within days, reversing the economic downturn, and fourth-quarter GDP growth rebounded to 5.4 percent.
The 2025 government work report outlines ten key tasks centered on consumption, technology, and opening up, signaling plans for further stimulus measures to achieve an annual growth target of at least five percent. As the concluding year of the "14th Five-Year Plan", 2025 will focus on achieving both the year's growth targets and the plan's overarching goals, while paving the way for the "15th Five-Year Plan". Through effective stimulus policies, China has demonstrated a steady and positive economic recovery, setting an example for other nations. Governments around the world can learn from China's policies and tailor them to their own national contexts to help their economies move out of stagnation
