China is rapidly advancing its transition toward high-quality development, fueled by significant expansion in its “three new” economy comprising new industries, business formats, and business models. Official data shows value-added output in this sector reached 25.79 trillion yuan ($3.82 trillion), representing 18.39 percent of the nation’s total GDP and outpacing traditional growth drivers.

This economic shift is repositioning China as a primary hub for global innovation and green transition. With the country ranking among the top 10 in the World Intellectual Property Organization’s Global Innovation Index 2025, foreign multinationals including AstraZeneca, Roche Diagnostics, and L’Oreal are expanding their strategic R&D centers in China to test new technologies and power global product development.

In sharp contrast to international trends toward trade fragmentation, Beijing continues to promote open, cross-border technology sharing.

Beyond domestic industrial upgrading, China is exporting mature digital and green energy solutions globally through Belt and Road initiatives ranging from concentrated solar power in South Africa to digital urban transit systems in Brazil, injecting much-needed momentum into the global economic recovery.

Source: People’s Daily