British economist: Innovation, investment sustain China's long-term growth

Source: CCTV English

Update: Mar 13th, 2026, 10:34 AM

John Ross, British economist and former director of economic and business policy for the mayor of London, has observed Chinese economy for years. He said: "China's 2026 economic growth target at 4.5% to 5% is in line with the 2035 vision," during a written interview with CCTV.com. He continues: "At the time of drafting the 14th Five-Year Plan China set the goal of achieving the economic level of a mid-developed economy by 2035. It said that there was no obstacle to it doubling its GDP and GDP per capita between 2020 and 2035. That would mean an annual average growth rate of 4.7% between the period." John Ross is also the Senior Fellow, Chongyang Institute for Financial Studies, Renmin University of China.

John Ross explains that China's economic growth is determined by two key economic processes. First, China has by far the highest level of expenditure on R&D in any developing country, 2.6% of GDP, which drives China's high level of innovation; Second, China is the world leader in the ability to transform an innovation, a new idea, into a product due to its very high level of investment. This advantage is why China has become the world leader in EVs, renewable energy, drones, increasing areas of pharmaceutical, telecommunications.

It is the combination of these two strengths that has allowed China, and will continue to allow China, to pass through the uncertain and turbulent global environment.