Beijing: Yao Jingyuan, former Chief Economist of the National Bureau of Statistics of China, has projected that China’s agricultural sector will achieve a national grain output of 1.4 trillion jin. Jingyuan, who has extensive experience in economic analysis, shared his insights during the virtual 2024 annual meeting of Harvard Business Review in Beijing.
According to News Agency of Nigeria, Jingyuan emphasized that investing in China equates to investing in valuable opportunities. He noted that the 1.4 trillion jin, approximately 700 million tonnes recorded this year, marked an increase of about 100 billion jin, equivalent to 50 thousand tonnes, compared to the average over the past nine years. He highlighted that China’s economy can be assessed through its agricultural and industrial output, both of which have shown significant growth in 2024.
Jingyuan stressed the importance of a stable supply of agricultural products over mere statistical outcomes. He indicated that the Chinese market is witnessing an ab
undance of meat, poultry, eggs, and vegetables, along with a decline in prices. On the industrial front, equipment manufacturing grew by 7.5 percent, and high-tech manufacturing saw a 9.1 percent surge in the first three quarters of the year.
He further highlighted that China’s exports increased by 6.2 percent year-on-year during the same period, attributing this to the country’s robust industrial and supply chains. Jingyuan expressed optimism that China’s import and export activities would maintain positive momentum in the coming months, praising government policies aimed at addressing challenges and boosting investments.
Jingyuan pointed out that data from the National Development and Reform Commission indicated a 2023 investment in equipment for key sectors amounting to approximately 4.9 trillion yuan. The government plans to increase this investment by 25 percent over four years, targeting 7 trillion yuan by 2027. He also anticipated the continuation of ultra-long special treasury bonds issuance in 2025
, expressing confidence in China’s economic future.
He concluded by calling for collaboration across all sectors to seize emerging development opportunities, asserting that China will overcome challenges and restore public confidence, drawing comparisons to past crises such as the dissolution of the Soviet Union in 1991 and the 2008 U.S. subprime mortgage crisis.