China remains on course to achieve its annual economic targets despite navigating a complex domestic and international environment, said chairman of the National Development and Reform Commission (NDRC) Zheng Shanjie at a press conference on Tuesday.
China aims to achieve a GDP growth rate of around 5 percent for 2024.
From a macro perspective, Zheng decribed the current Chinese economy as "stable" and "progressive" against the backdrop of more intricate and complex environment home and abroad.
In terms of output, agricultural output remains steady, with a promising outlook for another year of bumper harvests, and industrial growth is notably robust, said Zheng.
China is also seeing constantly rising investment and consumption, with investments in manufacturing sector suring 9.1 percent, according to the official.
The officials added that significant progress has been made in large-scale equipment upgrades and trade-in of consumer goods, as evidenced by a rapid rebound in recent sales of automobiles and household appliances.
It is estimated that the retail sales of passenger vehicles from major manufacturers will increase by 10 percent in September compared to the previous month, said Zheng.
Zheng said that progress has been embodied in the economic structure optimization, featuring burgeoning new growth drivers and rising structural optimization of the three major demand sectors. Concurrently, the deep-going advancement of new urbanization and regional coordinated development are marching deeply, giving full play to the backbone role of the economic powerhouse province.
"Seen from the development trend, the fundamentals of China's economic development remain unchanged, and favorable conditions such as huge market potential and strong economic resilience remain unchanged. With various existing policies continuously releasing benefits, particularly since the rolling out of incremental policy, the market expectation has notably improved recently, the Manufacturing Purchasing Managers' Index (PMI) rebounds rapidly, stock markets are buoyant and upbeat, and consumer spending thrives during the just-ended National Day holiday. We are fully confident in achieving our annual targets and maintaining sustained, stable and healthy economic growth," said Zheng.
China's economy on track to achieve targets: NDRC chief
China's economy on track to achieve targets: NDRC chief
China's economy on track to achieve targets: NDRC chief
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
