China reports steady progress in high-quality economic development

China is gearing up for high-quality economic development after making steady progress last year amid lingering challenges, said Liu Jieyi, the spokesperson for the third session of the 14th Chinese People's Political Consultative Conference National Committee, at a news conference on Monday.

"High-quality development is the fundamental principle of the new era," Liu said, noting that in the previous year, China's GDP surpassed 134 trillion yuan ($18 trillion), growing at a rate of 5 percent and placing the country among the leading economies globally.

"Emerging industries are thriving, marked by significant advancements in smart manufacturing and products. Green productivity is flourishing, with wind power, photovoltaics, and new energy vehicles leading the global market," Liu said.

Liu highlighted that during Spring Festival, there was robust consumer demand, particularly for household appliances and audio-visual equipment, which experienced a remarkable year-on-year growth of 166.4 percent. Additionally, the tourism industry's revenue surged by 37.5 percent.

"China's economy is steadily progressing towards high-quality development."

"We acknowledge the profound and intricate changes occurring in both domestic and international landscapes. Despite encountering challenges in economic operations, such as inadequate consumer demand and unresolved risks in specific sectors, the Chinese economy stands on a solid foundation, boasting plentiful advantages, robust resilience, and immense potential. The overall positive trajectory of the Chinese economy remains unchanged," Liu said.

"We possess significant institutional advantages, leverage a vast market, witness the rapid emergence of new consumption potential, and boast a comprehensive industrial system," he further explained.

Liu said China's manufacturing industry has maintained its position as the world's largest for 15 consecutive years.