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Boao Forum for Asia: What are the drivers for China's economy in 2024?

Apr 01-2024   



There have been questions about China's economic outlook for 2024 facing multiple uncertainties. Could the country's fast-growing green industry drive economic growth? What are some long-term development patterns for the world's second largest economy? CGTN's Gao Ang spoke to leading Chinese scholars and economists for their answers. 

GAO ANG, Boao, Hainan Province "China's green industry was a bright spot for its economy in 2023. Exports of the 'new three' of electric vehicles, lithium-ion batteries and solar cells surpassed one trillion yuan, or over 140 billion US dollars in 2023, up almost 30 percent year-on-year. However, some foreign media argue that China's 'all-in' approach to green industry as new sources of growth could be met with hurdles.

One is that the real estate sector, which has been a huge chunk of China's economy, can't easily be replaced. Thus, the rebalancing of economic development could be accompanied by weaker growth.

Professor Huang Yiping from Peking University said that there are already signs of stability for the sector and the government is stepping up with increased spending."

PROF. HUANG YIPING, PKU Boya Distinguished Professor, Dean, National School of Development, Peking University "The key question is not whether or not we find a single replacement of the property sector as a driver of growth. But the question is, if we can really encourage and support innovation by everybody, all industries in the economy and to provide a strong support to economic growth."

Besides the green industry, the digital economy and manufacturing investment could also drive the economy. Official data shows that investment in high-tech manufacturing rose 9.9% in 2023 from the previous year.

PROF. HUANG YIPING, PKU Boya Distinguished Professor, Dean, National School of Development, Peking University "In a longer term, there is one thing that we could actually count on to support economic growth going forward. Consumption has always been a weak component of the Chinese GDP. So if we can do things, well, meaning in the next 10, 20 years, consumption share of GDP can rise by 20 percentage points. That's a big support to economic growth."

GAO ANG, Boao, Hainan Province "A key phrase at this year's Two Session is 'new quality productive forces.' This reflects China's doubling down on efforts to promote emerging industries and future industries, such as the low-altitude economy, quantum technology and probably the hottest field recently, artificial intelligence."

MIAO WEI, Vice Chairman, Committee on Economic Affairs, CPPCC National Committee "Since last year, the development of artificial intelligence represented by Open AI has made breakthrough progress. I think the U.S. is ahead of China in terms of these technological innovations. But in terms of the application of these technologies, China is not lagging behind at all. We are integrating artificial intelligence more with the real economy and subdivided fields."

Some also refer to China's fast-growing auto sector as "one standout success." China overtook Japan as the world's largest car exporter last year. And its new energy vehicles' production and sales volumes both reached about 9.5 million units in 2023, up about 35% over the previous year.

YIN YANLIN, Vice Chairman, Committee on Economic Affairs, CPPCC National Committee "Regarding digitization, the government has emphasized the need to promote the industrialization of digital technologies and the digitization of industries, facilitating the integration of the digital economy, digital technology and the real economy."

PROF. HUANG YIPING, PKU Boya Distinguished Professor, Dean, National School of Development, Peking University "So I think the story I'm telling you is weakening property sector is a negative story for economic growth, but there are many other things that could happen at the same time, which could make Chinese growth still robust."

GAO ANG, Boao, Hainan Province "A key message from this year's Boao Forum for Asia is China's determination to open up, further optimizing its business environment and welcoming investment. And officials say that China's economy will provide a strong driving force for the recovery of the global economy. GA, CGTN, Boao, Hainan Province."

 

See the Video here

 

 

 

 

 

 

 

 

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Boao Forum for Asia: What are the drivers for China's economy in 2024?

Apr 01-2024   



There have been questions about China's economic outlook for 2024 facing multiple uncertainties. Could the country's fast-growing green industry drive economic growth? What are some long-term development patterns for the world's second largest economy? CGTN's Gao Ang spoke to leading Chinese scholars and economists for their answers. 

GAO ANG, Boao, Hainan Province "China's green industry was a bright spot for its economy in 2023. Exports of the 'new three' of electric vehicles, lithium-ion batteries and solar cells surpassed one trillion yuan, or over 140 billion US dollars in 2023, up almost 30 percent year-on-year. However, some foreign media argue that China's 'all-in' approach to green industry as new sources of growth could be met with hurdles.

One is that the real estate sector, which has been a huge chunk of China's economy, can't easily be replaced. Thus, the rebalancing of economic development could be accompanied by weaker growth.

Professor Huang Yiping from Peking University said that there are already signs of stability for the sector and the government is stepping up with increased spending."

PROF. HUANG YIPING, PKU Boya Distinguished Professor, Dean, National School of Development, Peking University "The key question is not whether or not we find a single replacement of the property sector as a driver of growth. But the question is, if we can really encourage and support innovation by everybody, all industries in the economy and to provide a strong support to economic growth."

Besides the green industry, the digital economy and manufacturing investment could also drive the economy. Official data shows that investment in high-tech manufacturing rose 9.9% in 2023 from the previous year.

PROF. HUANG YIPING, PKU Boya Distinguished Professor, Dean, National School of Development, Peking University "In a longer term, there is one thing that we could actually count on to support economic growth going forward. Consumption has always been a weak component of the Chinese GDP. So if we can do things, well, meaning in the next 10, 20 years, consumption share of GDP can rise by 20 percentage points. That's a big support to economic growth."

GAO ANG, Boao, Hainan Province "A key phrase at this year's Two Session is 'new quality productive forces.' This reflects China's doubling down on efforts to promote emerging industries and future industries, such as the low-altitude economy, quantum technology and probably the hottest field recently, artificial intelligence."

MIAO WEI, Vice Chairman, Committee on Economic Affairs, CPPCC National Committee "Since last year, the development of artificial intelligence represented by Open AI has made breakthrough progress. I think the U.S. is ahead of China in terms of these technological innovations. But in terms of the application of these technologies, China is not lagging behind at all. We are integrating artificial intelligence more with the real economy and subdivided fields."

Some also refer to China's fast-growing auto sector as "one standout success." China overtook Japan as the world's largest car exporter last year. And its new energy vehicles' production and sales volumes both reached about 9.5 million units in 2023, up about 35% over the previous year.

YIN YANLIN, Vice Chairman, Committee on Economic Affairs, CPPCC National Committee "Regarding digitization, the government has emphasized the need to promote the industrialization of digital technologies and the digitization of industries, facilitating the integration of the digital economy, digital technology and the real economy."

PROF. HUANG YIPING, PKU Boya Distinguished Professor, Dean, National School of Development, Peking University "So I think the story I'm telling you is weakening property sector is a negative story for economic growth, but there are many other things that could happen at the same time, which could make Chinese growth still robust."

GAO ANG, Boao, Hainan Province "A key message from this year's Boao Forum for Asia is China's determination to open up, further optimizing its business environment and welcoming investment. And officials say that China's economy will provide a strong driving force for the recovery of the global economy. GA, CGTN, Boao, Hainan Province."

 

See the Video here

 

 

 

 

 

 

 

 

`