China has successfully achieved economic development in recent years by shifting towards a model that relies on stimulating domestic demand. This not only ensures economic stability but also addresses crucial considerations related to China’s national security and international competitiveness. China has indeed succeeded in this by focusing on four key factors that are the main determinants of its remarkable economic growth: economic reform policies, the government’s commitment to Chinese-style reform, the government’s dedication to integrating into the global economy, and industrial upgrading and technological innovation. The Chinese government has also unveiled measures to boost service consumption and pledged to open up more sectors, such as the internet, culture, and the promotion of hosting international sporting events, in an effort to bolster the Chinese economy and connect it globally.
China’s Fifteenth Five-Year Plan further spurred this shift from high-speed growth to high-quality growth, placing science and technology at the forefront of national priorities. Over the past five years, China has strengthened its comprehensive opening-up policy, implementing practical measures to improve the business environment and fostering continued cooperation with all countries, especially developing nations of the Global South, through its Belt and Road Initiative. The Belt and Road Initiative has become a model for a new type of international cooperation and has been recognized as such by international organizations, including the United Nations. During this same period, China has also made concerted efforts to improve the ecological environment and fulfill its international commitments through its “green economy” policy. This policy emphasizes the Chinese government’s commitment to environmentally friendly economic projects worldwide, particularly in African, developing, and Globally Southern countries. China is rapidly advancing a cleaner and greener economy, with strong commitments to environmental protection, clean energy, ecological protection, and the development of green industries.
China’s economic development has achieved remarkable success in recent years through a long-term plan focused on economic reforms. This plan involved transitioning from a centrally planned economy to a market-oriented one, adopting a policy of openness to foreign investment, establishing special economic zones to attract foreign investment, and investing heavily in infrastructure development, particularly in transportation, energy, communications, information technology, and artificial intelligence. China has also become the world’s largest exporter of advanced technology, with the Chinese government allocating approximately 2.6% of its GDP to research and development across various economic sectors. Furthermore, China boasts the world’s fastest-growing consumer market and is the second-largest importer of goods. China’s industrial output is double that of the United States. The Chinese government has addressed poverty through development, guided by market principles, economic restructuring, the utilization of domestic resources, peaceful production development, and the strengthening of self-reliance and development capabilities. It has employed various methods and approaches to reduce poverty through self-reliance and hard work, building infrastructure in agriculture, industry, roads, and irrigation, providing the necessary funds for development and training, and allocating all necessary resources for technological advancements in each sector. Simultaneously, efforts have been made to protect the environment by conserving soil and water, promoting ecological construction, and implementing the sustainable development strategy set by the central government. China has not only eradicated poverty but has also raised the standard of living in all areas, enabling it to compete with developed nations in many fields.
One of the most prominent strengths of the Chinese economy in recent years is its success in achieving high levels in education and scientific research. China spends 2.5% of its GDP on research and development. The number of people employed in research and development sectors is approximately 1,687 per million inhabitants, enabling China to remain a leading exporter of high-tech goods globally. This has been achieved while the Chinese government has encouraged the formation of rural and private enterprises, liberalized foreign trade and investment, eased state control over certain prices, and invested in industrial production and workforce education.