A plant in Suzhou, east China’s Jiangsu Province, is a hive of production activities on October 23, 2023. 

With its GDP surpassing RMB 126 trillion, per capita disposable income increasing by 6.1 percent, and 12.44 million urban jobs created, China saw brisk economic recovery last year. These achievements reflect the sound fundamentals of its economy, particularly given the shrinking global trade and increasing geopolitical frictions. 

The Chinese economy, a key engine of global growth, is gaining steam in 2024 as expanding domestic consumption emerges as a major driving force. The direction of future high-quality development is shown by the new buzzword – new quality productive forces, a term that dominated the recent “Two Sessions” of China’s top legislature and political advisory body. 

The government work report delivered by Premier Li Qiang at the second session of the 14th National People’s Congress sets the main targets for this year, including GDP growth of around five percent. Why is China so confident about its economic growth? Why do international investors still regard it as a top destination? In this issue’s Special Report, we decode the vitality of China’s economy from its huge domestic consumption and international trade, revitalization of the rural economy, and the phased transformation into a green economy.