Innovation to further drive nation's growth

Growth: Improvements in business environment 'crucial'

Vice-Premier Ding Xuexiang said on Thursday 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 delivered at the opening of the Boao Forum for Asia Annual Conference 2025, which was held in Boao, Hainan province, with the theme "Asia in the Changing World: Towards a Shared Future".

Ding said that China's firm commitment to the innovation-driven development strategy has notably boosted its innovation capacity.

"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, biomanufacturing, 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 percent 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.

"China is confident of realizing its goals and tasks for social and economic development, and it will contribute to the development of Asia and the world," he added.

Ding reiterated China's commitment to deepening reform and opening-up across the board, in order to deliver a more business-friendly environment.

"We will accelerate the implementation of landmark reform measures, better leverage the leading role of economic structural reform, and refine institutions and mechanisms to better support high-quality development," he said.

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.

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.

"Meanwhile, we are pleased to see continuous enhancements in the business environment for both private enterprises and foreign-invested companies. I firmly believe that this will be crucial in strengthening confidence," Jin added.

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. Over the past years, China has accounted for more than 30 percent of the global GDP. All of its economic dynamism explains our success in the Chinese market for more than 40 years," he said.

In his speech, Vice-Premier Ding called on Asian countries to work together to strengthen solidarity and cooperation through greater mutual trust, promote economic globalization through openness and integration, seek prosperity and development through mutual benefit and win-win cooperation, and safeguard tranquility and stability through peaceful coexistence.

"We should make full use of regional cooperation mechanisms in East Asia and the Asia-Pacific region, push for high-quality implementation of the Regional Comprehensive Economic Partnership, work toward the signing of the China-ASEAN Free Trade Area 3.0 Upgrade Protocol and promote regional economic integration and connectivity," he said, calling for efforts to ensure that Asia continues to be a region of peace and stability.

Prime Minister of Laos Sonexay Siphandone highlighted the role of China in guiding regional and global cooperation, as mounting geopolitical tensions continue to have an extensive impact on global development.

He said the development of the China-proposed Belt and Road Initiative in the past 10 years and more has proved that it is a bond for promoting mutual connectivity in Asia and Europe, as well as a boost for regional shared development and global progress.