China Advances Economic Reforms for Modernization

China is focusing on deepening economic structural reforms as a means to enhance overall economic development, with a reported GDP growth of 5% in the first half of 2024 despite challenges from unsmooth economic flows. The government aims to foster new quality productive forces through collaboration between state and market mechanisms, emphasizing the importance of scientific and technological innovation. President Xi Jinping has underscored the need for stability and high-quality development, while also calling for continued reforms to boost market vitality and improve living standards. Notably, the number of foreign-invested enterprises in China has surged by 14.2% year-on-year, reflecting the country's improved business environment. Shanghai is set to further enhance its international trade capabilities through market access reforms, aiming to become a leading socialist market economy by 2035. The overarching goal of these initiatives is to ensure that China navigates both domestic challenges and global economic uncertainties effectively.