China's economy is gearing up for a major boost, and experts are buzzing about it! 🐝 They believe that the Chinese mainland's massive domestic market and abundant resources are the secret ingredients that will fuel its economic growth. 🌱
🚀 A Thriving Domestic Market
With a complete industrial system under its belt, the Chinese mainland has built a solid foundation for growth. Remember when the manufacturing sector held less than 3% of the global share back in 1990? Well, fast forward to 2022, and it's nearly 30%! 📈 Talk about a glow-up! 💫
This robust supply chain, paired with a colossal domestic market, has secured the Chinese mainland's position as the world's second-largest consumer and import market. It's also the top market for automobiles, consumer electronics, and online retail. 🛍️🚗📱
According to a commentary in the Economic Daily, there's still untapped potential in domestic consumption. Just imagine: if resident consumption increases by 10 percentage points in the overall GDP, reaching the average level of middle-income countries, it could mean a whopping 12.6 trillion yuan ($1.77 trillion) boost! 💰 That's like leveling up the economy's internal growth engine. 🎮
🔑 Unlocking Growth with Abundant Resources
Experts point out that the Chinese mainland's abundant resources, especially its large urban population, are key to unlocking new growth opportunities. The upcoming \"Two Sessions\"—the country's major annual political meetings—are set to kick off in Beijing next week. Economists are expecting a GDP growth target of around 5% for this year. 📊
A report by the Academic Center for Chinese Economic Practice and Thinking highlights that the long-term growth potential is driven by both demand and supply. On the demand side, there's still plenty of room for urbanization, rural population transfer, and income growth among residents. This means consumption demand will keep on climbing in the future. 🛫
On the supply side, the Chinese mainland boasts significant advantages like a high national savings rate, strong scientific and technological innovation capabilities, and abundant human resources. In other words, the sky's the limit! 🌟
Reference(s):
cgtn.com
