New economy continues to script China’s success story

Despite the huge impact of the novel coronavirus outbreak and the severe and complex international circumstances, China’s new industries, new forms of businesses and new business models, or the “three new” economy, continued maintaining growth in 2020, according to National Bureau of Statistics data.

Thanks to these new drivers, economic added value in 2020 reached 16.93 trillion yuan ($2.61 trillion), up 4.5 percent over the previous year.

The new economy has become an important driver of China’s economic transformation, upgrading and high-quality development. The good performance of the new economy in 2020 is not only an objective requirement for but also a concrete manifestation of China’s high-quality economic development.

The vigorous development of the new economy is closely related to China’s persistent efforts to deepen reform and promote innovation, by streamlining the administration, delegating power and providing services, as well as further facilitating market-based allocation of factors of production and giving enterprises a bigger role to play in innovation.

According to a report of the World Intellectual Property Organization, China continued to rank 14th in the global innovation index in 2020, and it was also the only middle-income economy in the top 30 list. The rapid rise of the new economy has not only become an “anchor” of China’s steady economic growth, but also injected new vitality into the Chinese economy.

Accelerating the cultivation of the new growth drivers is an important way for China to promote economic transformation and upgrading, and pursue steady and long-term development.

At present, the new economy is gradually penetrating every facet of people’s lives. Under the innovation-driven development strategy, China’s scientific and technological innovation capacity has been strengthened. By meeting diversified consumer demands to promote high-quality supply, it is becoming a powerful driving force for China’s high-quality development.

The new drivers of growth are opening up new horizons for China’s economic development and laying a solid foundation for sustained and sound economic growth.

China’s efforts to speed up the pace of technological innovation, fully integrate digital and intelligent technology and manufacturing services, and further promote the digital transformation of the traditional industry chain are expected to further promote the growth and buildup of the new economy and propel its economic and social development.
Source: China Daily

Louren F Leorge

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