A series of incremental policies implemented by the Chinese government since September indicates China's confidence to inject stability into its development drive and promote global economic growth.

There are also positive signs from the Central Economic Work Conference (CEWC) earlier this month, showing the Chinese economy's strong momentum and resilience.

The bunch of proactive policies, including deed tax reductions, large-scale equipment upgrades and trade-in programs for consumer goods, has created positive impacts. According to the Ministry of Commerce, as of December 13, the sales revenue of consumer goods under the trade-in program, in which old consumer items are exchanged for upgraded ones, surpassed one trillion RMB. The sales volume of passenger vehicles under the trade-in program alone was over five million units.

In fact, China has stepped up counter-cyclical adjustment, following a supportive monetary policy in the face of downward pressure to create a sound financial environment for economic recovery.

Foreign banks are increasingly bullish on the Chinese market. Desmond Kuang, chief investment officer for China at HSBC Global Private Banking and Wealth, said these policies have improved manufacturers' morale as both supply and demand in the manufacturing sector recovered.

In the first three quarters of 2024, the value added of equipment manufacturing and high-tech sectors grew by 7.5 percent and 9.1 percent respectively, significantly surpassing the 5.8 percent growth rate for all designated large industrial enterprises, according to the National Bureau of Statistics.

China's resilience also comes from its outstanding supply advantage, ensuring the country an irreplaceable position in the global industrial chain. It has all the industrial categories listed in the United Nations Industrial Classification, and the output of more than 220 of its industrial products ranks first in the world.

Transportation wise, it has the world's largest high-speed railway, expressway network and world-class ports.

Despite the challenges ahead, the CEWC has given more confidence about the future of China's economy. It highlighted the need to adopt a more proactive fiscal policy and a moderately accommodative monetary policy, which demonstrates the continuity and stability of the fiscal policy.

Vigorously boosting consumption, improving investment efficiency, and expanding domestic demand on all fronts are also the key economic priorities for 2025.

China's market is full of potential, with a significant market demand yet to be fully released. Industries like the low-altitude economy and silver-haired economy will also provide a strong momentum for economic development.