China to develop new institutions for higher-standard open economy

Statistics show that from 1979 to 2023, China’s gross domestic product has grown at an average annual rate of 8.9 percent, far exceeding the global average of 3 percent during the same period.

Travel and consumption during the recent National Day holiday in China became a focus of foreign media outlets, which highlighted the record-breaking passenger volume of the railway system on the first day of the holiday, the surge in outbound tourism, and the bustling crowds at popular destinations. These observations exactly underscored a vibrant and thriving China.