China shows strong performance in high-quality development

China has achieved strong performance in its high-quality development with emerging industries, showing positive growth, an industry expert was quoted saying by CCTV News on Wednesday.

Zhang Yansheng, the chief researcher at the China Center for International Economic Exchanges, said one of the highlights of China's economic development in 2022 is its R&D intensity reaching 2.55 percent.

From the perspective of high-quality development, China's development in emerging sectors such as photovoltaic cells and new energy vehicles has been positive, and it is expected that the country's economy will embark on an independent upward trajectory in 2023, he added.

China's total research and development expenditure grew by 10.4 percent from the year before to reach 3.09 trillion yuan ($443.98 billion) for the first time, among which 195.1 billion yuan was used for basic research programs, according to National Bureau of Statistics data.

China registered 17.88 million valid patents by the end of 2022, of which 3.28 million were domestic-valid invention patents.

A total of 770,000 technology transfer contracts were signed, representing 4.78 trillion yuan in value, up by 28.2 percent year-on-year.

New industries and new models are growing faster. Among the industries above the designated size, the value added for the manufacture of high technology and equipment increased by 7.4 percent and 5.6 percent year-on-year respectively.

The business revenue of China's strategic emerging service industries, among the service enterprises above the designated size, increased by 4.8 percent over the previous year and the annual investment in high technology industries was up 18.9 percent year-on-year.

From an overall perspective, the economic and social development of China in 2022 has been stable and positive in all aspects given the economic growth rate of 3 percent and the CPI remaining at 2 percent, Zhang said.

China's gross domestic product exceeded 121 trillion yuan this year and with its primary sector value added, accounted for 7.3 percent of GDP, while the secondary and tertiary sectors accounted for 39.9 percent and 52.8 percent respectively.