The Government Work Report has defined China’s policy goals and priorities for 2024. High-quality economic and social development beckons.

China's focus on electric vehicles (EVs) over internal combustion engine cars - the "Great Leapfrogging Forward” - has significantly reshaped the global industrial landscape to China's benefit. Recognizing and accurately assessing China's capabilities instead of propagating unfounded narratives about its imminent decline constitutes the foundational first step in competing effectively with China.

Defining the relationship between China and the United States primarily as one of competition — as the U.S. is doing — is dangerous and not advisable. Competition can easily turn into conflict. The long-term U.S. posture on this will depend upon the outcome of the presidential election.

Contrary to recent forecasts by various international organizations, the author believes that China’s economy in 2024 will buck the trend and trace a new curve. Growth will reach upward toward 5 percent and beyond in 2025 as the country shakes off the lingering impact of COVID-19 and returns to an appropriate range.

The only way to ensure more robust and sustainable growth is creating new patterns and new productive forces. Following the San Francisco Vision, the governments and business communities of both China and the United States should lose no time getting on board.

While trying to protect domestic industries through government intervention, technological blockades and financial subsidies, Washington has lashed out at China’s “non-market policies,” which it claims are bad for domestic employment. Such rhetoric doesn’t help America’s international reputation.

Reflections on Lessons from Davos for US, China, India & Beyond– When the global order seems to be shifting faster than ever, the need for committed partnerships between established and developing powers should be seen as necessary.

The economy will stabilize and improve this year, and prudent monetary policy can bring reductions in the bank reserve ratio and interest rates. In the short term, the priority should be the expansion of domestic demand. In the longer term, innovation must drive high-quality development.

In 2024, China and the United States should seek an approach that is at once global and bilateral and addresses problems at the governmental working level and at the business level. With joint efforts, bilateral trade will start to grow again.

Western hedge funds, banks and short sellers are targeting China, Hong Kong, and South Korea. As geopolitics is proliferating in Asia, weaponization is spreading to markets.