Technology innovation key to steady economic growth

After China's GDP grew 5.2 percent last year and 5.3 percent year-on-year in the first quarter, it is expected to continue to expand at a relatively high rate over the long run. Endowed with abundant resources and a huge domestic market, the country is well-positioned to further promote institutional and technological innovation, as well as high-standard opening-up, thereby injecting fresh impetus into the economy and embarking on a road of sustainable development.

Policy adjustments

China began to optimize its economic structure and improve the quality of growth in 2012. The country expects to shift the main driving force behind GDP growth from expanding investment to promoting technological development. The COVID-19 pandemic has also taken a toll on the Chinese economy. Luckily, after years of policy adjustments, the economic slowdown in China is about to end and its economy is expected to grow steadily in the coming years.