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Despite ongoing challenges, China’s economic foundation remains stable, with many advantages, strong resilience, and significant growth potential, a senior official stated at a recent press conference during the country’s annual policy meetings, known as the Two Sessions.
The Chinese economy continues to rest on a solid base, with technology and industries deeply intertwined, accelerating innovation, and rapidly expanding new productive forces, explained Liu Jieyi, deputy secretary-general of the country’s top political advisory body.
During the recent nine-day Lunar New Year holiday, dining venues, entertainment spots, and shopping centers were bustling. Domestic tourism spending rose by 18.6% year-over-year to CNY 803.4 billion (around USD 116.5 billion), underscoring the vibrancy of China’s massive consumer market.
Meanwhile, total cross-regional passenger trips during the Spring Festival travel season—known as Chunyun—are projected to reach 9.5 billion, meaning each person in the world would take more than one trip, demonstrating the mobility and energy of China.
Private sector activity remains a key focus among advisory members. Resilience and motivation are core qualities of private enterprises, according to Qi Xiangdong, vice-chairman of the All-China Federation of Industry and Commerce. Studies indicate that private companies are committed to high-quality development despite facing common operational challenges.
Policy improvements to support long-term planning are essential, emphasized Qi, who also leads a cybersecurity firm. Specifically, authorities should enhance monitoring and analysis of private firms’ concerns through systematic planning and flexible policy adjustments. Additionally, more functional and inclusive policies—such as increased subsidies for public service platforms—would better assist companies engaged in research, development, and digital transformation by improving their access and affordability of pilot programs.
Creating a better business environment is vital for private sector growth, said Nie Lei, vice chair of the Anhui Federation of Industry and Commerce. He urged efforts to develop a market-oriented, law-based, and internationally aligned environment that fosters greater vitality among private enterprises.
Public issues take center stage
At this year’s Two Sessions, many advisory members have put forward proposals addressing public concerns such as employment, education, healthcare, and eldercare.
Wang Lizong, president of the Guangdong High-Tech Industry Chamber, highlighted that technological progress should generate more jobs. The focus now is on ensuring that employment created by new industries can absorb displaced workers and that workers possess the skills necessary to transition smoothly. Simultaneously, traditional manufacturing should undergo intelligent upgrades to become more competitive, supporting overall employment stability.
The Hainan Free Trade Port, which began island-wide independent customs operations at the end of last year, represents China’s firm resolve to deepen openness and promote a resilient global economy, Liu stated. Since its launch, trade facilitation has improved notably, and international connections are easier. During the recent holiday season ending February 23, offshore duty-free shopping in Hainan increased by 30.8% compared to the previous year, while visa-free access for foreign visitors jumped by 75.6%, reflecting smoother movement of goods and people.
Regarding Chinese companies expanding globally, Liu Yonghao, chairman of agricultural and food company New Hope Group, recommended bolstering financial support. He suggested enhancing tools for managing exchange rate risks, expanding local currency swap agreements—especially involving the yuan—and encouraging financial institutions to offer more derivatives services like foreign exchange swaps. These measures would help firms hedge against currency fluctuations and operate more confidently in international markets.
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