140 trillion! China's economy is expected to reach a record high in 2025
The year 2025 is the final year of the country's “14th Five-Year Plan”. July 9, the State Council Information Office held a press conference, inviting the person in charge of the National Development and Reform Commission (NDRC) to introduce the achievements of China's economic and social development in the “14th Five-Year Plan” period. China's economic and social development achievements during the “14th Five-Year Plan” period. The following key information is worth paying attention to:
2025 economic output is expected to reach a record high
According to the introduction, since the “14th Five-Year Plan”, China's economic output has crossed 110 trillion, 120 trillion, 130 trillion, and is expected to reach 140 trillion this year. The total economic volume at the end of the period is expected to increase by more than 35 trillion compared to the beginning of the period, equivalent to the total economic volume of the top three economic provinces in China - Guangdong, Jiangsu and Shandong - and more than the total economic volume of the world's third-ranked country.
Domestic demand is still the main driving force of economic growth
Over the past four years, China has experienced multiple difficulties and challenges, such as drastic changes in the international environment, but the national economy has maintained an average annual growth rate of 5.5%, with domestic demand contributing an average of 86.4% of economic growth, and final consumption contributing an average of 56.2% of China's economic growth, an increase of 8.6% over the 13th Five-Year Plan period. "The average contribution of final consumption to China's economic growth reached 56.2%, an increase of 8.6 percentage points over the 13th Five-Year Plan period. China has a super-large domestic market with great growth potential, and domestic demand has always been the main driving force and stable anchor for China's economic development.
The innovation-driven development strategy has been promoted in depth
During the 14th Five-Year Plan period, China's scientific and technological and industrial innovations have come out in an endless stream, and innovation has become the main driving force for high-quality development. 2024, the proportion of R&D investment in GDP for the whole society will reach 2.68%, and the scale of the investment will be increased to 3.6 trillion RMB, ranking the second in the world. In 2024, the value added of China's high-tech manufacturing industry will increase by 42% compared with the end of the 13th Five-Year Plan, and the value added of core industries in the digital economy will increase by 73.8%, accounting for 10.4% of GDP, an increase of 2.6 percentage points. China is making great strides from a global manufacturing center to a global innovation center.
The green transformation has achieved remarkable results
Green lifestyle has become a new trend in society. In 2024, the number of new energy vehicles in China reached 31.4 million, more than five times the 4.92 million at the end of the 13th Five-Year Plan. The energy supply system is also greener, China has built up the world's largest and fastest growing renewable energy system, renewable energy power generation installed capacity reached 2.09 billion kilowatts at the end of May this year, more than double the 934 million kilowatts at the end of the 13th Five-Year Plan. From the perspective of energy conservation, in 2024, China's energy consumption per unit of GDP than the end of the “13th Five-Year Plan” fell by 11.6%, is one of the world's fastest decline in energy intensity.
Foreign investors continue to be optimistic about the Chinese market
According to the person in charge, from 2021 to May this year, foreign direct investment in China totaled 4.7 trillion yuan, more than the total amount during the 13th Five-Year Plan period. Foreign-funded enterprises have contributed 1/3 of China's imports and exports, 1/4 of its industrial added value, 1/7 of its tax revenue, and created more than 30 million jobs. Correspondingly, China's market is becoming more and more open. China in 2021, 2024, twice to reduce the negative list of foreign investment access, the current list of national and pilot free trade zones have been compressed to 29, 27, respectively, the manufacturing sector, foreign investment access restrictions in the field of comprehensive “zero”, agriculture, services and other areas of foreign investment access restrictions to further relaxation. Since last year, China has also carried out pilot liberalization work in medical care, value-added telecommunications and other areas, and a number of foreign-funded enterprises have begun to invest in related businesses.
In 180 days, the “14th Five-Year Plan” will be officially closed. Looking ahead, China's policy orientation of attracting and utilizing foreign investment is consistent. Market access will be further liberalized, and the fair participation of foreign-funded enterprises in standard-setting, government procurement and bidding will be better guaranteed. It is believed that China will remain an ideal, safe and promising investment destination for foreign investors.
-END-