A new miracle of economic transformation will be seen in China – Dainik Savera Times

China’s growth rate has slowed down in the last two years, which some Western media have interpreted as evidence of pessimism about the Chinese economy. But, based on in-depth analysis, we will find that China is currently going through profound economic transformation. Along with transferring traditional industries, China is vigorously developing high-tech industries and new productive forces, which means that the Chinese economy is moving towards a high-level industrial chain, and the transformation of the Chinese economy After this, new miracles will continue to appear.

Having created impressive growth miracles in modern history, China’s economy has now reached a new turning point. Although China faces challenges in traditional processing industries, real estate and local credit, the Chinese government always focuses on long-term sustainable development of the economy. Among them, new productive forces are considered to be the core of economic change. The main factors of the Chinese growth miracle since the reform and opening up in the 1980s are industrialization, urbanization, globalization, and the demographic dividend. After using these productive forces, there is a need to find new growth factors for continued development. Now China’s economy is turning towards high-quality, and unleashing new productive forces is an important step in promoting economic transformation.

The new productivity does not just involve high-tech industries. China’s manufacturing industry is transforming into consumption-driven, high value-added, green industries and a digital economy. Unleashing the consumption potential of China’s 1.4 billion people will bring China’s economy into a new stage. At the same time, China will strongly participate in the competition for high-level manufacturing. China has the most complete manufacturing and logistics infrastructure in the world. Most of China’s industries are not dependent on external supply chains and are therefore not affected by factors such as exchange rate fluctuations and tariffs, making Chinese products highly competitive. China’s green industry currently ranks leading in the world, China has become the world’s second largest digital economy in terms of digital industry, and China’s electronic payment and e-commerce industry is known as the most massive and efficient industry in the world. Is.

China’s economic transformation process also faces challenges. China also faces the strategic trend of de-globalization and geopolitical friction with some countries. At the same time, there is tremendous pressure to increase employment within China. Nevertheless, China has made significant advances in some key areas of economic transformation. For example, there are currently 1.267 million registered personal drones in China, and drones are being used in many industries such as agriculture, forestry, animal husbandry, fisheries, transportation, and entertainment. On the other hand, the proportion of high-tech and service industries in China’s export products has increased significantly last year.

(Credits- China Media Group, Beijing)