China's economy is revving up for a high-tech future! 🚀 In the first half of 2024, the Chinese mainland has showcased impressive resilience as the government shifts focus from property-driven growth to innovative industries like electric vehicles and renewable energy—dubbed \"new quality productive forces.\" 🌱⚡
Jeremy Zook, lead sovereign analyst for China at Fitch Ratings, shared with CGTN that China is making significant strides in these cutting-edge sectors. According to Zook, the medium-term outlook is looking bright, hinging on how these new industries can offset the slowdown in the property sector and tackle demographic challenges. 📈
But that's not all! Zook expects the government to roll out fiscal support during this exciting transition. This means more stability and steady progress as China powers ahead in its high-tech journey. Talk about leveling up! 💪✨
Reference(s):
cgtn.com
