Beijing (ots/PRNewswire) – China’s provincial-level regions have set their economic growth targets for 2024, with figures ranging from 4.5 to 8 percent. Among them, over 20 regions are targeting GDP growth of over 5 percent.
In particular, these provinces share key priorities such as “new productive forces”, “stimulating consumption” and “improving the business environment”.
The concept of “new productive forces” refers to a new form of productive forces arising from continuous scientific and technological breakthroughs and innovations that drive strategic new and future industries in an increasingly intelligent and information-based age.
The provinces have identified specific sectors to anchor new productive forces, including bioproduction, the low-altitude economy and emerging areas such as quantum technology and life sciences.
Efforts are also being made to integrate data into practical applications to strengthen the digital economy. Zhejiang Province, for example, is targeting a 9 percent increase in value creation in its core digital industries and wants to ensure that 85 percent of large companies undergo digital transformation.
Several western inland provinces also want to use their advantages in computing power to advance the digitalization of industry. The Ningxia Hui Autonomous Region, for example, wants to intelligently modernize traditional industries and digitally support small and medium-sized enterprises. It aims for the digital economy to account for over 36 percent of the regional GDP.
In addition, promoting private sector development has become an important focus. Several provinces plan to use fiscal policy to support private companies in important technological innovations, encourage their participation in key scientific projects and direct private investment in infrastructure.
This year, Jiangsu plans to introduce special measures to encourage private investment, while Guangxi will direct financial institutions to increase support for initial loans to private companies. Hainan will also set up a fund pool to support companies with good credit ratings but temporary financial difficulties.
Meanwhile, provinces and municipalities such as Jiangxi, Liaoning, Chongqing and Shanxi are improving their legal frameworks to protect investment rights. They aim to remove indirect barriers to market access and create a level playing field for companies of all kinds.
Due to the improving and friendly business environment and huge consumer market, foreign-funded companies are confident about their long-term investment prospects in China.
Major multinational companies across various sectors, including KFC and Standard Chartered, have recently increased their investments in China. The country remains a top investment destination as it offers promising innovation opportunities, extensive industrial support and a favorable business environment.
In 2023, German direct investment in China rose by 4.3 percent and reached a record high of 11.9 billion euros ($12.7 billion), according to data from the Deutsche Bundesbank evaluated by IW. In addition, China’s share of total German foreign investments rose to 10.3 percent last year, the highest level since 2014.
Booming consumer market
Since 2023, the Chinese consumer market has recovered strongly. Last year, total retail sales of consumer goods reached 47.15 trillion yuan (about $6.63 trillion), up 7.2 percent year-on-year, according to the National Bureau of Statistics. Online retail sales rose 11 percent, with online sales of physical goods accounting for 27.6 percent of total retail sales.
The emergence of new consumer models, such as Electronic commerce, such as e-commerce, has expanded the range of sales channels available in the consumer market, offering users a more diverse offering, observed Pan Helin, a researcher at Zhejiang University.
The revival of the consumer market has also been reflected in the travel sector. There was a great desire to travel during this year’s Spring Festival. The data shows that the number of visitors to major cultural and tourism sites nationwide reached 123 million, an increase of 22.8 percent compared to the same period in 2023.
Increased travel and cultural activities during the Spring Festival also led to an increase in spending on entertainment, especially in the film industry. As of 1:15 p.m. Friday, China’s Spring Festival box office revenue (including advance sales) has exceeded 7 billion yuan (about $983.3 million), according to Dengta Pro, China’s data analytics arm leading platform for movie tickets Taopiaopiao.
Pan noted that increasing consumer demand for higher quality of life and richer experiences means a shift in consumption patterns. This trend, coupled with a growing enthusiasm for shopping and leisure activities, points to a steady recovery in the Chinese consumer market.
View original content:
Questions & Contact:
Jiang Simin,
+86-188-2655-3286,
cgtn@cgtn.com
#CGTN #Chinas #economy #shows #vitality #innovative #growth #booming #market
