China "extremely successful" at innovation, showcasing robust economy: US scholar

China is succeeding in innovation and new technologies, maintaining strong economic development despite facing headwinds, said renowned U.S. economist Jeffrey Sachs.

In an interview with China Global Television Network (CGTN), Sachs, a professor and the Director of the Center for Sustainable Development at Columbia University, rejected the "China collapse theory" propped up by some Western critics, pointing in particular to China's advancements in future-oriented technologies.

"My take is very different and that is that China is extremely successful at innovation and increasingly in fact dominating the new technologies, especially zero carbon energy systems, whether it's renewables or fourth generation nuclear, fast rail," he said.

Sachs stressed that China’s growth continues despite clear external efforts aimed at stalling the country's development.

"We should really emphasize a basic point that the United States is trying actually to stall the Chinese economy. In other words, China is facing headwinds, not mainly internally, but deliberate attempts by the United States to slow or stop China's growth. Of course, the most notable of these measures is the tariff increases and also the bans on exports of technology, notably advanced microchips to China. But these are overtly so-called containment policies. They're internationally illegal as far as I'm concerned. They violate WTO codes and they are designed to stifle China's growth. Nonetheless, China is growing," he said.

This growth, he added, is built on the firm foundations of the Chinese economy.

"The most fundamental picture of an economy is, is it is innovating? Are young people learning well? Are new technologies emerging? And is there a high saving rate? China checks all those boxes. In other words, the fundamentals are strong, the education system is strong, the saving rate is high, innovation is rapid, and China is the low-cost producer of high quality advanced technologies in many, many crucial areas. So this is not a weak economy, this is a strong economy," he said.

China "extremely successful" at innovation, showcasing robust economy: US scholar

China's National Medical Products Administration (NMPA) reviewed a record number of new drug registration applications in 2024, marking a year-on-year increase of 16.2 percent, with antineoplastic drugs accounting for the largest share, according to the administration.

In 2024, the NMPA evaluated a total of 18,259 drug registration applications, a figure that reflects the vitality of China's innovation in drug research and development.

"The record number of reviewed drug applications is a clear sign of China's rapidly growing biopharmaceutical industry. The approval of high-quality new drugs not only gives Chinese patients more and better treatment options, but also shows China's increasing role in the global pharmaceutical market, offering more Chinese solutions to patients around the world," said Yuan Lijia, a staff member at the Center for Drug Evaluation under the NMPA.

Notably, in 2024, applications for clinical trial and market approval of new anti-tumor drugs ranked first among all chemical drugs and biologics, accounting for even half of the total.

"In 2024, anti-tumor drugs made up the largest share of approved clinical trial applications, with over 41 percent being chemical drugs and more than 55 percent being biologics. Throughout the year, anti-tumor drugs also led in the number of innovative drugs approved, with both chemical drugs and biologics surpassing 36 percent," said Geng Ying, an official with the center.

In 2024, China approved the market entry of 48 innovative drugs and 65 innovative medical devices. Its number of drugs in development ranked second globally, and several domestically developed drugs gained approval for global markets.

China's new drug registration applications hit record high in 2024