By Stephen Asante
GNA Special Correspondent, Beijing, China
Beijing, March 5, GNA – The Chinese Government has described as encouraging the development trends in its pursuit for progress and advancement of the cause of humanity despite global challenges.
Mr Li Qiang, the Premier of the State Council, said China’s economic strength, scientific and technological capabilities, as well as composite national strength continued to rise.
“These achievements have filled us with even greater confidence and resolve as we press forward on the new journey to build a modern socialist country in all respects in the new era,” he said in a report on the work of the Government at the Third Session of the 14th National People’s Congress, in Beijing, China.
The annual session of the top political advisory body, the Chinese People’s Political Consultative Conference National Committee, serves as a critical platform to assess the country’s development agenda.
The Asian giant currently occupy a pivotal position in the world economy, showcasing a unique combination of rapid economic growth, innovative strategies and global influence.
With the opening up of its economy in the late 1970s, the country has evolved from a regional power to global economic leader, making significant contributions to international affairs.
Through active participation in international organisations, development of extensive trade networks and investments in global infrastructural projects, China exerts a profound impact on the world economy.
The country ranks among the world’s fastest-growing major economies, continuing to contribute about 30 per cent to global economic growth.
Mr Li said: “The year 2024 was a truly remarkable year in China’s development journey. Stable performance was consolidated and sustained.”
The State Council Premier said the country’s Gross Domestic Product (GDP) rose to 134.9 trillion yuan, a year-on-year increase of five per cent of the period under review.
The period also saw a total of 12.56 million urban jobs being created, while surveyed urban unemployment rates averaged 5.1 per cent, with the consumer price index (CPI) also increasing by 0.2 per cent.
Mr Li said foreign trade reached a record high, and that the global market share of China’s exports increased steadily, with foreign exchange reserves surpassing 3.2 trillion US dollars.
Additionally, the country witnessed a steady progress in ensuring the people’s wellbeing, ensuring significant achievements in poverty alleviation and greater support for compulsory education, basic old-age insurance, basic medical insurance, and social assistance.
He highlighted new advancements in China’s industrial upgrading, with grain output hitting a new high of 700 million metric tonnes, while the yield per hectare rose by 75.75 kilogrammes.
Mr Li stated that the value added of high-tech manufacturing and equipment manufacturing rose by 8.9 per cent and 7.7 per cent, respectively, and the output of new-energy vehicles passed the 13 million mark.
“The value added increased by 10.9 per cent in the sectors of information transmission, software, and IT services, and by 10.4 per cent in leasing and business services.
“On further enhancements in innovation capacity, new achievements were made in integrated circuits, artificial intelligence (AI), quantum technology, and other areas,” he said.
On the global front, especially in respect of China-Africa relations, the Asian giant seeks to strengthen trade and economic development experiences, while opening a new chapter in the drive for a community with a shared future for mankind.
Given Africa’s development potentials, President Xi Jinping’s vision is to vigorously work to ensure just and equitable utilisation of resources for the mutual benefit of the people.
The Chinese President had on numerous platforms and engagements affirmed his country’s resolve to deepening cooperation with Africa in industry, agriculture, infrastructure, trade and investment.
Others are to promote exemplary, high-quality Belt and Road cooperation projects, and build together a model for the delivery of the Global Development Initiative.
Trade between China and Africa rose 5.5 per cent year-on-year to 1.19 trillion yuan (about 166.6 billion U.S. dollars) between January and July, 2024, data from the General Administration of Customs (GAC) showed.
The Asian giants have been Africa’s largest trading partner for 15 consecutive years, as China-Africa trade reached a record high of 282.1 billion U.S. dollars in 2023, up 1.5 per cent year-on-year, showing strong resilience.
In 2023, China’s new energy vehicles, lithium batteries, and photovoltaic products exports to Africa increased by 291 per cent, 109 per cent and 57 per cent year-on-year, respectively.
Meanwhile, China’s imports of African nuts, vegetables, flowers, and fruits increased by 130 per cent, 32 per cent, 14 per cent, and seven per cent, respectively, compared to the previous year.
GNA