The results of China's Fifth National Economic Census, released on Thursday, showed that the country's economy has made steady progress while maintaining stability over the past five years, contributing significantly to the stabilization of the global economy, according to a commentary by China Media Group (CMG) on Friday.
An edited English-language version of the commentary is as follows: The economic census is a key survey of China's national conditions and strength, conducted every five years since 2004 to assess the development of the secondary and tertiary industries. It serves not only as the primary tool for gaining a comprehensive understanding of China's economic development but also as an important reference for formulating the five-year plan.
The census results revealed that by the end of 2023, the number of legal entities engaged in secondary and tertiary industry activities in China increased by 52.7 percent compared with five years ago. Additionally, China revised its 2023 GDP, reflecting a 2.7 percent increase.
According to the results of the census, China's economy has improved not only in terms of quantity but also in quality.
Over the past five years, China's economy has been impacted by rising downward pressure from the global economy, escalating geopolitical turmoil, growing trade protectionism, and the COVID-19 pandemic. But it has withstood the pressure and demonstrated significant positive changes in structural optimization, innovation-driven growth, and green transition.
The most notable development is the continuous upgrading of the drivers underpinning China's economic growth.
With the in-depth implementation of the innovation-driven development strategy, a wealth of innovative achievements has emerged. The data shows that in 2023, the number of invention patent applications filed by industrial enterprises above the designated size (enterprises with an annual turnover of at least 20 million yuan) in China rose 65.1 percent compared to 2018. By the end of 2023, there were 158,000 enterprises of this size engaged in strategic emerging industries in China, accounting for more than one-fifth of all industries and service sectors above the designated size.
China has achieved a more advanced green transition in its economic development.
Over the past five years, China has made remarkable progress in its green and low-carbon economic and social transformation, with the new energy industry flourishing. For instance, the production of new energy vehicles (NEV) reached 9.458 million in 2023, a 6.9-fold increase from 2018. China has been the world leader in NEV production for nine consecutive years, accounting for over 60 percent of the global total. The output of products including power batteries, single-crystal silicon, and semi-crystalline silicon, has also surged, injecting green vitality into high-quality economic development.
It is especially worth mentioning that this economic census includes, for the first time, content related to the digital economy, aligning with the trends of the new scientific and technological revolution and industrial transformation.
In 2023, the number of invention patents granted to the core industries of China's digital economy accounted for over 40 percent of the global total. This not only injected new momentum into economic and social development but also fostered global digital technology innovation and cooperation, contributing to the advancement of the global digital economy.
Over the past five years, China's economy has sustained steady progress, demonstrating remarkable resilience. The manufacturing sector rapidly restored and significantly enhanced its production capacity, ensuring the smooth functioning of the global supply chain and making significant contributions to stabilizing the world economy.
At the same time, research by the International Monetary Fund shows that China's economic growth has a positive spillover effect on the rest of the world: every 1 percentage point increase in China's economy boosts the output level of other economies by an average of 0.3 percentage points.
Recently, an increasing number of multinational companies, including BMW and Sanofi, have continued to expand their capital investment and production in China, reflecting growing confidence in China's economy.
The annual Central Economic Work Conference, held in Beijing earlier this month, clearly emphasized the need to expand high-level opening to the outside world and stabilize foreign trade and investment. This further reinforces the understanding that the underlying logic of China's economic upturn and its principle of benefiting the world remain unchanged, providing the greatest certainty for the global economy.
China's economic census highlights robust development, contributions to world economy: commentary
