Opinion

New growth drivers in focus as China maps out economic future

New economic growth drivers are typically characterized by significant market potential, rapid growth, strong spillover effects, and high growth prospects. This year's Government Work Report has laid out specific measures for cultivating such drivers, calling on local governments and enterprises to actively explore and create new sources of economic momentum.

A forward-looking approach is essential to accelerating the development of new industrial growth drivers. As the global focus of cutting-edge technological innovation and competition in key industrial chains shifts rapidly toward emerging and future industries, authorities emphasize the need for forward-looking planning. Local governments are encouraged to accelerate investment in areas such as new energy, new materials, aerospace, quantum technology, bio-manufacturing, and embodied intelligence. At the same time, industrial development priorities must be tailored to local conditions. A holistic approach will also be required to promote orderly industrial restructuring, with efforts to build a modern industrial system that enables the tiered cultivation and coordinated development of traditional, emerging, and future industries.

Efforts to cultivate new investment growth drivers are being stepped up with an emphasis on long-term development and quality-driven efficiency gains. Investment serves as a critical engine for economic growth, and greater efforts are needed to strengthen foundations, deliver long-term benefits, address weaknesses, promote structural adjustments, and boost momentum. Infrastructure such as transportation, water conservancy, information networks, and cultural tourism is being upgraded through new technologies including big data and artificial intelligence. Meanwhile, the construction of digital infrastructure is being accelerated, such as 5G, cloud data centers, next-generation internet, the Internet of Things, and supercomputing centers. Throughout this process, it is important to continue improving the business environment, protect and stimulate private investment, and scale up support for private capital to participate in key projects.

Scenario-based innovation is being leveraged to unlock new momentum and accelerate the development of new consumption growth drivers. It is a critical tool for cultivating new growth drivers in the consumption sector. New scenarios can be developed in areas including dining, cultural tourism, sports, shopping, bulk commodities, health, elderly care, childcare, and community consumption. This can be achieved through measures such as optimizing supply, promoting pilot initiatives, innovating scenarios, and strengthening talent development. Efforts will also focus on fostering digital consumption and green, low-carbon consumption. In response to demographic shifts, authorities emphasize the need to vigorously develop the greying economy, meet the consumption needs of the elderly, and continuously satisfy the public's demand for a higher quality of life.

Policy

1. Chinese authorities have released a package of policy measures aimed at boosting spending by foreign tourists and enhancing exports of tourism services, as part of broader efforts to expand the country's service sector, according to a notice made public on March 20. The measures, jointly issued by nine government departments including the Ministry of Commerce, outline steps to boost foreign visitor spending in key sectors, including tourism, business activities, sports events, cultural and entertainment activities, health services, and education and training.

2. The Xiong'an international air cargo port in Hebei Province - China's first non-airport port integrating a comprehensive bonded zone with an exclusive airline code - officially went into operation on March 22, following the arrival of an international flight from Colombo, Sri Lanka, at Beijing Daxing International Airport. Ceramic decorations from the flight were transported to Xiong'an for customs clearance.

Data

1. According to Yiwu Customs statistics, in the first two months of the year, the total import and export value of Yiwu City reached RMB 173.56 billion, an increase of 52.8 percent. Among this, exports were RMB 154.72 billion, up 52.9 percent, and imports were RMB 18.84 billion, up 52.6 percent.

2. In the first two months of this year, the total import and export value of the Beijing-Tianjin-Hebei region reached RMB 743.81 billion, a year-on-year increase of 12.0 percent. Among this, the export value was RMB 245.05 billion, up 18.6 percent, setting a record high for the same period in history, while the import value was RMB 498.76 billion, up 9.0 percent.

3. According to the State Post Bureau, in the first two months of this year, the cumulative volume of postal services in China reached 33.14 billion items, a year-on-year increase of 5.6 percent. Among this, the cumulative volume of express delivery services was 30.49 billion items, up 7.1 percent.

4. According to the National Energy Administration, data from the national charging facility monitoring platform shows that by the end of February, the total number of electric vehicle charging infrastructure (charging guns) in China had reached 21.01 million.

5. Data from the National Energy Administration shows that in February, China issued 198 million green electricity certificates, involving 610,200 renewable energy power generation projects. Among these, 150 million certificates were tradable, accounting for 75.49 percent.

6. China Huadian Corporation Ltd. announced on March 21 that the country's first 550-megawatt F-class gas turbine unit has officially started generating power after completing 168 hours of full-load operation, marking a breakthrough in the application of large-capacity, high-efficiency clean energy equipment. The unit is part of the Huadian Chongqing Tongnan gas power project in southwest China's Chongqing.

7. March 22 marked the 34th "World Water Day." Data from the Ministry of Water Resources shows that the national water network now covers 80.3 percent of China’s land area, and China has built the world’s largest water infrastructure system.

8. China's transformer manufacturing sector has cemented its position as a global powerhouse, with industry output surpassing RMB 300 billion (about USD 43.54 billion) in 2025 and production representing more than half of worldwide capacity, according to industry association estimates released on March 20. China's transformer industry has also seen the emergence of influential "heavyweight" enterprises.

9. According to the National Intellectual Property Administration, the total import and export volume of intellectual property royalties in China reached RMB 425.35 billion in 2025, a year-on-year increase of 6.7 percent. Among this, export volume grew by 26.3 percent, indicating a stronger momentum for the global reach of independent innovation achievements.

10. According to the National Forestry and Grassland Administration, China’s current forest area stands at 3.614 billion mu, with a national forest coverage rate of 25.09 percent and a forest stock volume of 20.988 billion cubic meters. Both forest area and forest stock have achieved continuous growth for 40 years, making China the country with the fastest and largest increase in greenery worldwide.

(Source: Economic Daily)