Editorial: China’s economic growth in a global context: challenges and opportunities and future research
| Date | 25 June 2024 |
| Pages | 1-3 |
| DOI | https://doi.org/10.1108/JCEFTS-02-2024-080 |
| Published date | 25 June 2024 |
| Subject Matter | Economics,International economics |
| Author | Yixiao Zhou |
Editorial: China’s economic
growth in a global context:
challenges and opportunities
and future research
Over the past few decades, China has ascended as a prominent economic force, providing
abundant business prospects for both developing and developed economies due to its
rapid economic development and increasing global influence. China has been one of the
fastest growing economies in the world since the introduction of its reform and opening-
up policies in the late 1970s. China’s real gross domestic product (GDP) has grown at an
average rate of 9.1% between 1978 and 2022. China on average contributed about 30% of
global economic growth. China’s share of global GDP and of emerging and developing
Asian GDP keeps increasing over time (1980–2024) [1], but drivers for growth from both
supply and demand side have shown signs of weakening recently due to both the cyclical
and structural factors even before the COVID-19 pandemic crisis hit the economy. Per
capita GDP in China was estimated at around US$12,500 in 2023, slightly below the
definition of a high-income economy (US$13,845 in 2022) by the World Bank. China is the
largest trading nation in the world and a key player in the global and regional value and
supply chains.
Currently, the Chinese economy is in the process of economic recovery from the
COVID-19 pandemic, as well as moving towards its long-term goals of elevating the
standard of living to a new level and achieving sustainable growth. However, growth
challenges exist, including falling measured TFP growth rates since the global financial
crisis in 2008; population ageing; weak momentum in consumption growth as a driver for
economic growth; trends of de-globalizationand the negative impacts on international trade
and foreign investment; rising government debt burden; and downturn in the property
sector which contributedto about one-fourth of GDP growth.
China’s recent developmenttrajectory underscoresa shift towards a more sustainableand
innovation-driven growth model. Prioritizing technological advancements, environmental
protection and social well-being, China aims to enhance the overall quality of economic
growth rather than mere GDP expansion. In 2020, China started the strive to reach peak
carbon emissions by 2030 and carbon neutrality by 2060, setting in motion a new effort for
the transitionto a green, sustainable and cleanereconomy. The economy, historically reliant
predominantly on coal for power generation, has ambitiously developed various cleaner
energy sources. This transformation encompasses multifaceted strategies ranging from
investment in renewable energy, development of low-emission technologies, to more
stringent policy regulations on emissions. Renewable energy sources such as hydroelectric
power, wind, solar and biomass have received substantial attention and investment, with
China emerging as a global leader in renewable energy capacity. In the technology space,
China commitment to transitioning towards electric vehicles (EVs) has catalysed the
development ofa robust EV market, fostered innovation in batterytechnology and charging
infrastructure. China has now becomethe largest exporter of EVs in the world market.These
developments have potential to help curb China’s as well as global carbon footprint and
mitigateenvironmental degradation.
Editorial
1
Journalof Chinese Economic and
ForeignTrade Studies
Vol.17 No. 1, 2024
pp. 1-3
© Emerald Publishing Limited
1754-4408
DOI 10.1108/JCEFTS-02-2024-080
Get this document and AI-powered insights with a free trial of vLex and Vincent AI
Get Started for FreeStart Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
