By He Yin
The Central Economic Work Conference, held recently in Beijing, reviewed and analyzed China’s economic performance for this year and outlined key policy measures for the upcoming year. This conference not only set the course for China’s economic development but also provided the world with a clear vision of stability, innovation, and growth opportunities. By strengthening confidence, leveraging its strengths, and addressing challenges proactively, China will continue to maintain its economic momentum, ensuring strong and consistent progress during the opening stage of the 15th Five-Year Plan period (2026–2030).
Not long ago, Ningbo-Zhoushan Port in east China’s Zhejiang province saw its annual container throughput surpass 40 million twenty-foot equivalent units (TEUs) for the first time, becoming the third port globally to reach this milestone. This growth reflects the resilience and vitality of the Chinese economy. Despite facing profound and complex domestic and global changes, China has managed to move forward, transitioning toward higher-quality and more efficient growth.
In the first three quarters of this year, China’s GDP grew by 5.2% year-over-year, with total economic output expected to reach approximately 140 trillion yuan ($19.87 trillion). Major Economic and social development targets are on track to be met. Trade performance has also been impressive, with China’s total goods imports and exports in yuan-denominated terms rising to 41.21 trillion yuan in the first 11 months—up 3.6 percent year-on-year and a record high for the same period.
International organizations such as the World Bank, the International Monetary Fund, and the OECD have raised their forecasts for China’s economic growth in 2025, acknowledging the resilience and strength of its economy. Foreign-invested enterprises have continued to increase their investments in China, reflecting growing optimism about the country’s prospects. Confidence in China’s economic outlook is gaining momentum, strengthening the foundation of Economic stability and driving progress.
China’s economy is increasingly characterized by “new quality productive forces,” fostering more efficient growth and a balanced pace of quantitative expansion. The Central Economic Work Conference underscored the need to enhance innovation-driven development to accelerate the cultivation of new growth drivers, further energizing high-quality development. Seeing a strong surge in innovation and a sustained acceleration of green transformation, the Cuba-based Latin American news agency Prensa Latina recently highlighted China’s simultaneous progress in enhancing both its environmental performance and value-added economic growth.
According to the World Intellectual Property Organization, China has risen to the 10th position in the global innovation ranking for 2025—up one spot from the previous year—marking its first entry into the top 10. China has become one of the fastest-growing economies in terms of innovation capacity, maintaining the top position worldwide for three consecutive years in the number of top-100 global innovation clusters. Additionally, China has built the world’s largest and fastest-growing renewable energy system as well as the largest and most complete new energy industrial chain; its newly added renewable power generation in 2024 accounted for approximately 60 percent of the global increase. The East Asia Forum website of Australia observed that with its industrial capacity and technological expertise, China has the potential to drive the world’s green transition amid rising global fragmentation.
As the global economy faces challenges in 2025, navigating a volatile and unpredictable path, one truth has become increasingly clear: only through openness and cooperation can the international community create greater growth opportunities and achieve mutually beneficial outcomes. China has consistently championed the principles of openness and cooperation. It believes that countries must join hands rather than divide, fostering stronger connections instead of severing them.
In line with this vision, the Central Economic Work Conference proposed a series of measures, including “expanding self-initiated opening up in the service sector in an orderly manner,” “advancing integrated development of trade and investment as well as domestic and international trade,” and “negotiating and signing more regional and bilateral trade and investment agreements,” sending a clear signal of China’s unwavering commitment to expanding its opening up.
Since the beginning of the year, China has taken significant steps to deepen mutually beneficial international cooperation, including the entry into force of the China-Maldives Free Trade Agreement, the formal signing of the China-ASEAN Free Trade Area (CAFTA) 3.0 upgrade, the implementation of the strategy to enhance pilot free trade zones, and the replication of 77 pilot measures from the China (Shanghai) Pilot Free Trade Zone. Moreover, the Hainan Free Trade Port is set to enter a new phase with island-wide independent customs operations, exploring viable pathways, and contributing Chinese wisdom to global trade and investment liberalization and facilitation.
In an uncertain global environment, China represents a pillar of stability, continuing to serve as a vital engine of global growth. With a solid economic foundation, strong innovation-driven momentum, and a firm commitment to opening up, China will work with all partners to achieve mutual success and shared development, injecting greater stability into the world economy.
Source: People’s Daily
