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!
