From these indicators, we can see the resilience and confidence of China's economy - Perspective 7 of China's High Quality Development Highlights, Power and Potential

Beijing, August 24th (Xinhua News Agency) Question: Strength, Power, Potential, and Resilience of the Chinese Economy from These Indicators - Perspective of China's High Quality Development Highlights No. 7

Xinhua News Agency reporters Jiang Lin, Wei Yukun, and Zhou Yuan

Since the beginning of this year, in a complex and severe external environment, the Chinese economy has embarked on an unusual recovery curve - the economy rebounded in the first quarter and achieved a good start; Continued recovery trend in the second quarter; Since the third quarter, production demand has maintained steady growth and the quality of development has steadily improved.

To observe the Chinese economy, we should not only focus on the present, but also on the long-term. We should see the long-term trend in short-term fluctuations, vitality and momentum in complex situations, and development space under pressure and challenges. The Chinese economy has strong resilience, great potential, and abundant vitality, and the long-term positive fundamentals will not change.

Judging by strength indicators - a strong economic foundation and stable social situation are the fundamental support for China's economy to overcome difficulties

On August 15th, China's first seven months of economic results were announced——

The added value of industries above designated size nationwide increased by 3.8% year on year, the total retail sales of consumer goods increased by 7.3% year on year, fixed assets investment increased by 3.4% year on year, and the total import and export of goods increased by 0.4% year on year

In the context of weakened external demand, increased adverse effects of international environmental changes on me, interweaving and overlapping cyclical structural contradictions in China, and gradually emerging risks and hidden dangers in some areas, a series of indicators demonstrate the resilience of the Chinese economy, laying a solid foundation for achieving the annual target tasks.

In the first half of this year, China's economy grew by 5.5% year-on-year, faster than last year's full year economic growth rate of 3%, and also faster than the three-year average annual growth rate of 4.5% due to the pandemic. The economic recovery speed is leading among major economies in the world.

While stabilizing the economic fundamentals, key areas of economic security continue to strengthen, and the overall economic and social situation remains harmonious and stable.

The food and energy "rice bowl" is more stable and secure. In recent years, China's grain production has remained stable at over 1.3 trillion kilograms. Overcoming the impact of disasters such as "rotten rain", this year's summer grain harvest has been abundant again, and the autumn grain area has steadily increased slightly. The foundation of grain production throughout the year is good.

Seizing the two key points of ensuring supply and improving quality, strengthening the construction of advanced coal production capacity, increasing oil and gas exploration and development, increasing storage and production, and accelerating the adjustment and optimization of energy structure... In the first seven months of this year, the production of raw coal, crude oil, and natural gas increased by 3.6%, 1.9%, and 5.7% year-on-year, respectively, and the power generation increased by 3.8%, effectively ensuring energy security.

Stable industrial and supply chains are crucial. Faced with the suppression of decoupling and chain breaking by some countries such as the United States, China is accelerating the research and development of key core technologies such as chips, continuously improving its strategic resource supply guarantee capabilities, and maintaining the security, stability, and smoothness of the global industrial and supply chains while promoting high-level opening up to the outside world.

Both the stable growth over the past decade and the recovery curve drawn in a relatively short period of time confirm the enormous development resilience and potential of the Chinese economy.

Since the second quarter of this year, international organizations and institutions such as the World Bank have raised their expectations for China's economic growth. Borg Brend, President of the World Economic Forum, stated that China has taken many correct measures to support economic growth and is confident in the prospects of China's economic growth.

Looking at the driving force indicators - innovation driven development, comprehensive deepening of reform, and accumulating strong momentum for the sustained progress of the Chinese economy

636000 vehicles, a year-on-year increase of 1.5 times - Against the backdrop of weak global demand, the export performance of new energy vehicles in the first seven months of this year is encouraging.

To win the opportunity and advantage, one must have the powerful engine of innovation.

The rapidly developing new energy vehicle industry is a microcosm. Since the beginning of this year, China has continuously and deeply implemented the innovation driven development strategy, strengthening technological innovation to empower high-quality development.

Since the beginning of this year, major innovative achievements have emerged, including the commercial maiden flight of the domestically produced C919 aircraft, the first domestically produced large cruise ship to be docked, the lifting of the world's first 16 MW offshore wind turbine, and a new record breaking single test run time for the main engine of China's manned moon landing rocket. A series of "great power heavy weapons" have made stunning appearances.

In the first seven months, investment in high-tech industries increased by 11.5% year-on-year, significantly faster than the growth rate of all investments; The added value of the equipment manufacturing industry increased by 6.1% year-on-year, continuing to be faster than all industries above designated size; In July, the production of solar cells and new energy vehicles increased by 65.1% and 24.9% year-on-year, respectively... Strategic emerging industries accelerated their development and growth, and the leading role of new driving forces was significantly enhanced.

To stimulate vitality and enhance confidence, we must seek motivation from reform and use reform methods to solve problems in development.

On August 8th, in the production workshop of Hangji Fan Manufacturing Co., Ltd. in Wucheng Economic Development Zone, Dezhou City, Shandong Province, a fan was about to be sent overnight to Xinjiang.

"The acquisition of these orders is mainly due to the matchmaking efforts of the Economic Development Zone," said Zhou Feng, the chairman of the company. A dedicated service mechanism has been established locally to strengthen the cultivation and dynamic management of key private enterprises in industries such as high-end equipment and new materials.

The recently released "Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting the Development and Growth of the Private Economy" proposes a package of policies to support the development of the private economy; The Opinion on Building a New System for a Higher Level Open Economy and Promoting the Construction of a New Development Pattern has recently been reviewed and approved. A series of major reform measures have been successively introduced, continuously increasing the vitality of business entities and stimulating sustained high-quality development.

Looking at potential indicators - leveraging the advantages of a super large market, accelerating the construction of a new development pattern, and continuously enhancing the resilience of China's economy in the long run

At the Pingxiang Port on the China Vietnam border in August, trucks loaded with Southeast Asian fruits such as dragon fruit, mangosteen, and durian were lined up in a long queue, heading inland China after customs clearance. The constantly updated imported fruits are a vivid footnote to China's attractiveness.

The momentum and potential of the Chinese economy lie in the vast market space and huge consumer demand.

In the first half of the year, domestic tourism revenue was about 2.3 trillion yuan, a year-on-year increase of 95.9%; This year's summer transportation, the national railway is expected to send 760 million passengers from July 1st to August 31st, a significant increase compared to the same period in 2019.

With a population of over 1.4 billion, the world's largest middle-income group, and constantly upgrading consumer demand, the Chinese market has attracted worldwide attention.

More than 2200 companies, including Intel, Tesla, Nestle, and others, participated in the exhibition, including over 500 Fortune Global 500 and industry leaders; The host country, the UK, will form the largest exhibition group since the exhibition... The upcoming 2023 China International Trade in Services Fair will once again showcase the strong charm of the Chinese market.

The momentum and potential of China's economy lie in the constantly expanding regional spatial pattern.

"Compared with the level of 80% or even more than 90% in developed countries, the current urbanization rate in China is 65.22%, and there is still much room for development," said Zhang Zhanbin, director of the Chinese path to modernization research center of the Central Party School.

Looking inward, China has vast development space to advance in depth. The construction of Xiong'an New Area and Hainan Free Trade Port is accelerating, and major strategies for coordinated development in the Yangtze River, Yellow River, Beijing Tianjin Hebei, Yangtze River Delta, Guangdong Hong Kong Macao regions are being orderly promoted

Looking outward, China is opening up a new world of development with openness and sharing. Since the beginning of this year, there has been a strong demand for cross-border freight transportation of China Europe freight trains, with the operating volume exceeding 10000 trains 22 days earlier than last year; The total freight volume of China Laos Railway was 11.1 million tons, up 94.7% year on year

"The door to China's opening up will only continue to widen, and China's development will provide more opportunities and inject strong momentum into the world," said Zhao Chenxin, Deputy Director of the National Development and Reform Commission.

The momentum and potential of the Chinese economy lie in abundant talent resources.

China has a workforce of approximately 880 million people and a talent pool of 220 million people, making it the world's largest, most diverse, and largest talent resource country with the most research and development personnel.

"The factor of labor is a key factor in determining the long-term trend of the economy. By comprehensively improving the quality of talent cultivation and focusing on cultivating top-notch innovative talents, the 'demographic dividend' will be upgraded to a 'talent dividend', providing lasting impetus for China's high-quality economic development." said Sun Rui, a researcher at the China Academy of Personnel Sciences.