CCTV:

Accelerating the cultivation of new growth drivers and promoting the optimization and upgrading of the economic structure is conducive to promoting economic development. What achievements have been made this year in cultivating new growth drivers and optimizing the economic structure? Thank you.

Fu Linghui:

Thank you for your question. Structural adjustment and the cultivation of new growth drivers are important elements in the process of high-quality development. Since the 18th CPC National Congress, China's economy has shifted from a stage of high-speed growth to a stage of high-quality development, characterized by changes in the pace of growth, structural optimization, and the transformation of growth drivers. In recent years, we have remained steadfast in our commitment to high-quality development, advancing the transformation of growth models and economic restructuring. Amid slowing growth in traditional industries, demand in areas such as the digital economy and platform economy has continued to expand. The rapid development of emerging industries and the clear momentum of industrial upgrading have provided strong support for stable economic performance. Based on this year's performance, China has achieved positive results in economic restructuring and cultivating new growth drivers. This is primarily evident in the following areas:

First, market demand has recovered and improved, while new demand continues to expand. From the perspective of consumption, driven by technological progress and the transformation of consumption concepts, new business forms, models and scenarios have continuously expanded. The consumption of digital, green and intelligent products has grown rapidly, and service consumption has steadily expanded. From January to October, online retail sales of physical goods accounted for 25.2% of total retail sales, up 0.2 percentage point from the January-September period. Retail sales of energy-efficiency home appliances and new energy vehicles continued to grow rapidly. Demand for smart home appliances and systems has continued to expand. Retail sales of cultural, sports and recreational services, as well as tourism consulting and rental services, have maintained double-digit growth. On the investment front, effective investment has expanded by focusing on key areas and weak links. High-tech investment is growing rapidly, with continued expansion in fields such as new energy, new materials and artificial intelligence, signaling a steady improvement in the quality and efficiency of investment. From January to October, investment in the aircraft, aerospace vehicles and equipment manufacturing industries increased 19.7% year on year, while investment in the information service industry grew 32.7%. On the export front, as China's industrial and technological capabilities improve, exports of electromechanical products and high-tech products are expanding, playing a key role in bolstering foreign trade. From January to October, exports of China's electromechanical products accounted for 60.7% of China's total export value.

Second, industrial upgrading shows clear momentum, with advanced manufacturing and modern services making up a growing share of the economy. The manufacturing sector is steadily moving up the value chain, and equipment manufacturing has become a key pillar supporting industrial production. From January to October, the added value of equipment manufacturers above designated size increased by 9.5% year on year, accounting for 36.1% of the total added value of industrial enterprises above designated size, and contributing 58.7% to the growth of added value of industrial enterprises above designated size. As the service sector increasingly integrates with advanced manufacturing, modern services are demonstrating strong development momentum. In the first three quarters of this year, the combined added value of information transmission software and information technology services, leasing and business services accounted for 16.3% of the tertiary industry, 0.8 percentage point higher than the same period last year.

Third, emerging industries continue to grow and expand, playing an increasingly leading and supporting role. The digital economy is developing rapidly, and the green and low-carbon transition is continuously deepening. Artificial intelligence is empowering industrial development, and industries such as digital manufacturing and intelligent manufacturing are growing stronger. All of these are injecting new momentum into economic development. In the first 10 months, the added value of digital industry manufacturers above designated size increased by 9.5% year on year, while the added value of intelligent equipment manufacturing and electronic components and equipment manufacturing rose by 11.1% and 12.3%, respectively. It should also be noted that new energy, new materials, aerospace and the low-altitude economy have huge development potential, while quantum technology, bio-manufacturing and embodied intelligence have broad development prospects. These sectors are expected to become emerging pillar industries in the future, strongly supporting the development and growth of new momentum.

Overall, China's economic restructuring is steadily advancing, although there are growing pains in the transformation from old growth drivers into new ones. However, from the perspective of future development, new quality productive forces are emerging, new growth drivers are continuously growing and the trend of high-quality economic development is positive. In the next stage, we must adhere to high-quality development, further promote the integrated development of technological innovation and industrial innovation, continuously optimize the economic structure, cultivate and expand new quality productive forces, and promote effective qualitative improvements and reasonable quantitative growth. Thank you.