Vice Premier Ding Xuexiang said that the Chinese economy is growing steadily with a stronger outlook despite many difficulties and multiple challenges, thanks to its increasing capacity to drive growth through innovation. He made the remarks in a keynote speech at the opening of the Boao Forum for Asia Annual Conference 2025 – colloquially known as China's Davos – which was held in Boao, Hainan province, on the theme “Asia in the Changing World: Towards a Shared Future”.
“We will move faster toward greater self-reliance and strength in sophisticated science and technology, facilitate the integrated development of technological and industrial innovation, and foster and expand emerging and future industries, even as we transform and upgrade traditional industries,” he said. “In my view, apart from the rapidly developing new energy vehicles, other sectors such as artificial intelligence (AI), bio-manufacturing, quantum technology and the low-altitude economy will also thrive in China. They will offer opportunities not only for China, but also Asia and the world,” he added. Ding expressed his optimism about the Chinese economy, saying that China is among the world’s fastest-growing major economies.
“In January and February, our economy got off to a steady start: the key indicators for industry, consumption and investment all grew faster than in 2024, continuing the upward momentum seen in the fourth quarter of last year,” he said. Speaking about China’s GDP growth target of around 5% this year, he said the target is based on rigorous projections and methodical planning, underpinned by the country’s growth potential and favorable conditions, and supported by its robust policy measures. Ding reiterated China’s commitment to deepening reform and opening-up across the board, in order to deliver a more business-friendly environment. Noting that opening-up is a distinct hallmark of Chinese modernization, Ding said that no matter how the external environment changes, China will open wider to the world. While steadily expanding institutional opening-up and further improving market access for foreign investors, the country will expand voluntary and unilateral opening-up in a well-ordered way, he said. “We warmly welcome businesses from all countries to invest and operate in China, join in the process of Chinese modernization and share in China’s development opportunities,” he added.
Artificial intelligence (AI) has ushered in the fourth industrial revolution and China has the opportunity to become a leading force. At the same time, the popularization of robots will change the way humans live and produce in the next 10 years, Zhang Yaqin, Academician of the Chinese Academy of Engineering (CAE) and Chair Professor of AI Science at Tsinghua University, told the Global Times at the Boao Forum for Asia (BFA).
Lawrence Jin, leader of Deloitte Global Chinese Services Group, highlighted China’s considerable progress in boosting innovation and the improvement in its business environment. “Over the past half a year, China’s innovation has gained significant global recognition. I believe this will not only support the next wave of globalization for Chinese companies, but also, to a great extent, boost the confidence of multinational companies in further investing in China and participating in its innovation ecosystem,” he said.
Abdulrahman Al-Fageeh, CEO of Saudi Basic Industries Corp, a petrochemicals manufacturer based in Riyadh, Saudi Arabia, said he is upbeat about China’s economy and his company will continue to expand its presence in the country. “Speaking of economic development, there are few countries that can match China,” he said, as reported by the Global Times.
