As China transitions from the 14th to the 15th five-year plan, its economic trajectory is once again under scrutiny. External commentary often focuses on the short-term headwinds from a cooling property market and commensurately lowered growth, but these challenges obscure a more important story.
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Beneath the surface, China has a vibrant backbone made strong by the synergistic effects of infrastructure, human capital, technology and an unparalleled commitment to a green transition. These interlocking strengths form a resilient foundation for sustainable growth in the years ahead.
This synergy represents a wave of sustainable, quality development. China stands before a moment of great change as it cultivates a more well-rounded and diversified economy.
One aspect of that synergy is the pace at which ideas travel from the laboratory to the market and are scaled into global industries. China once lagged behind other countries in advanced science. Today, China is a global leader in scientific research. As of mid-2024, China produced 33.8 per cent of the world’s highly cited scientific papers.
According to data from the Australian Strategic Policy Institute, China now leads in 57 out of 64 key technologies, such as artificial intelligence, high-performance computing, post-quantum cryptography, advanced materials and renewable energy.
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Meanwhile, the Chinese Academy of Sciences is the world’s most productive research institution, with breakthroughs that ripple outwards into commercial applications.