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E-mail China.org.cn, February 25, 2025
CCTV:
In 2024, China's total economic output exceeded 130 trillion yuan for the first time. What does this mean, and how should we interpret these changes? Thank you.
Kang Yi:
Thanks for your questions. In 2024, China's total economic output exceeded 130 trillion yuan, marking a remarkable achievement. This signifies that China's economic strength, technological capabilities and comprehensive national power have reached a new level. This also means China's development now rests on a more solid foundation, with better conditions, stronger momentum and enhanced resilience to risks. Furthermore, it demonstrates China's new and significant contributions to global development. Let's look at the specifics:
First, this indicates China's economic foundation has become more robust. Since the 18th CPC National Congress, China's total economic output has surpassed each 10-trillion-yuan threshold approximately every one to two years. China's GDP exceeded 100 trillion yuan in 2020, surpassed 110 trillion yuan in 2021, reached 120 trillion yuan in 2022, and exceeded 130 trillion yuan in 2024. Over the past decade or so, China's economy achieved a historic leap from just over 50 trillion yuan to more than 130 trillion yuan, significantly enhancing its comprehensive national strength. In 2024, China's economic growth increment alone was equivalent to the annual economic output of a medium-sized country. The level of productive forces in our country has significantly improved, with the added value of the secondary and tertiary industries reaching 49.2 trillion yuan and 76.6 trillion yuan, respectively. China produces more than 13 million new energy vehicles and over 1.6 billion mobile phones annually, firmly maintaining its position as the world's largest manufacturing country.
Second, this signifies that China has further consolidated its advantages in its super-large market and complete industrial system. The world is experiencing profound changes unseen in a century, with increasing external instability and uncertainty. Our strong economic foundation, super-large market and complete industrial system remain our greatest sources of confidence in facing risks and challenges. In 2024, China's total retail sales of consumer goods reached 48.8 trillion yuan, and fixed asset investment amounted to 51.4 trillion yuan. The role of domestic demand as the main driving force has continued to be leveraged. China ranks first in the world in goods trade, foreign exchange reserves and manufacturing scale, and second in trade in services and the size of its domestic consumer market. Our food and energy security capabilities have been strengthened, and new infrastructure — such as 5G, computing power and energy storage — are being rapidly developed. Efforts to strengthen and fortify manufacturing supply chains are being steadily advanced, solidifying the foundation for secure development.
Third, it means that China has continued to contribute to global prosperity and development. In recent years, China's annual contribution to global economic growth has been about 30%, making it the world's largest growth engine. China has unwaveringly advanced high-level opening up, introduced more voluntary and unilateral opening-up policies, expanded a globally oriented network of high-standard free trade zones, and maintained its position as the world's second-largest import market for many consecutive years. The scale of China's goods imports reached $2.6 trillion in 2024, as its large market continued to offer new opportunities for international openness and cooperation.
At the same time, we must acknowledge that our country remains the world's largest developing country. A significant gap persists in per capita GDP compared with developed nations, while imbalances and inadequacies in development continue to be prominent issues. Achieving the long-range objectives through 2035 will require tremendous effort. We must fully and faithfully apply the new development philosophy in all areas and accelerate the creation of a new development pattern. We must always remember that high-quality development is an unwavering principle in the new era, work diligently and steadily advance toward the goal of Chinese modernization.
Thank you.
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