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China's economy is getting a high-tech makeover, and global ratings agency Fitch says more fiscal support is coming to turbocharge this shift! With the property sector cooling off, the country is doubling down on 'new quality productive forces' like electric vehicles (EVs) and renewable energy, according to Fitch lead analyst Jeremy Zook.
Why it matters: China's first-half 2024 resilience stems from betting big on innovation. Think EVs zipping past global competitors and solar panels soaking up market share —but can these sectors offset slower property growth and an aging population? Zook tells CGTN the 'medium-term outlook' depends on it.
What's next: Expect Beijing to open its policy toolkit wider in H2, ensuring economic stability during this transition. As Zook puts it: 'The government’s fiscal support will be key to bridging old and new economies.' Translation? More investments in green tech, AI, and smart manufacturing could drop soon!
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With the property sector cooling off, the country is doubling down on 'new quality productive forces' like electric vehicles (EVs) and renewable energy, according to Fitch lead analyst Jeremy Zook.
Why it matters: China's first-half 2024 resilience stems from betting big on innovation. Think EVs zipping past global competitors and solar panels soaking up market share 
—but can these sectors offset slower property growth and an aging population? Zook tells CGTN the 'medium-term outlook' depends on it.
What's next: Expect Beijing to open its policy toolkit wider in H2, ensuring economic stability during this transition. As Zook puts it: 'The government’s fiscal support will be key to bridging old and new economies.' Translation? More investments in green tech, AI, and smart manufacturing could drop soon!
