The recent report on the work of the Chinese government, published a few days ago, highlights that the Gross Domestic Product (GDP) of China in 2023 exceeded 17.5 million million dollarswith a year-on-year increase of 5.2%, a rate that is at the forefront of the world, contributing a third to global growth.
Now, what are the reasons that allow the Chinese economy to overcome global difficulties and challenges, demonstrating its lasting good momentum?
The socialist market system, the key to China’s economic development
Starting in 2013, the socialist market economy system of China is improving. While the market plays a decisive role in the distribution of resources, the government improves macroeconomic adjustments and avoids financial risks in capital markets.
These ten years of the new era have laid the foundation for the long-term development of the Chinese economy. In this context, the Chinese government proposes a new concept of development in terms of innovation, coordination, ecology, openness and sharing, in addition to setting explicit objectives for high-quality development.
Thanks to the growth engines of scientific innovation, consumption and green development, the Chinese economy has doubled in the last 10 years and the average disposable income per inhabitant grew by 6.1% in real terms.
The development of the Chinese economy has high potential. With a GDP per capita of more than 12 thousand dollarsand more than 400 million middle-income inhabitants, China It has a megamarket that offers one of the keys to its economic development.
It is the only country that has all the industrial categories cataloged by the UNwhich is why it also stands out for its complementary capabilities and massiveness advantages.
A modern industrial system with highly qualified personnel
The Tesla Gigafactory Shanghai It has access in just four hours to the entire productive ecosystem, covering the battery, the vehicle chip and the autopilot system in the Changjiang River Delta region.
Added to all this is that, thanks to the largest public education system in the world, China Today it has the largest number of graduates in Sciences, Technology, Engineering and Mathematics (STEM), and it is estimated that by 2025 students with a doctoral degree in these areas will exceed 77,000.
High-quality development creates great opportunities for growth. In 2023, the capital used by Chinese high-tech manufacturing grew by 6.5% in real terms. There are more and more transnational companies that choose to invest in research centers located in Chinese territory, to increase their innovation advantage.
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China will promote the construction of a modern industrial system; will accelerate the development of high-quality productivity; will consolidate and expand industrial advantages in sectors such as vehicles with new intelligent energies and interconnection with the Internet; will promote the development of leading industries such as the emerging hydrogen energy, new materials and innovative medicines; will forge the new engines of biomanufacturing, commercial space flights and low-altitude economies; will open new lanes of quantum technology and bioscience; and will promote research, development and the application of the digital economy, big data and artificial intelligence.
Both emerging industries and the direction of future development of human society will undoubtedly attract more investments to China.
Added to all this is that jointly building the Belt and Road with high qualitywhich promotes Chinahas created a new platform for international economic cooperation.
China and the countries participating in this initiative have had more than 3,000 practical cooperation projects, promoting nearly 1 million million dollars of investment, which will inject a new driving force for global economic recovery.
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Looking to the future, China It will comprehensively apply a new development concept and comprehensively promote Chinese modernization with high-quality development.
The opening of China will be increasing, which will generate important opportunities for deepening mutual cooperation between China and Argentina.
Adhering to the position of Comprehensive Strategic Partnershipas a good partner of Argentina on the path of reform, development and revitalization, China is willing to consolidate and deepen the basis of practical cooperation in agricultural products, energy, mining, electricity and infrastructure; in addition to exploring the potential for cooperation in scientific-technological innovation, clean energy, deep space and the maritime sector; and to explore and break new ground in big data and artificial intelligenceas well as promote the prosperity and well-being of both countries.
Source: Ambito
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