75 years on, China's economy emerges stronger with new growth momentum

 

 

* Since the founding of the People's Republic of China 75 years ago, the country has evolved from a backward and poor nation into the world's second-largest economy, achieving numerous milestones along the way.

* By embarking on a high-quality development path that is innovation-driven, environmentally sustainable and increasingly open, China has continued to offer the world new growth momentum and opportunities.

* New China's journey of 75 years showcases its resilience, growth and unwavering progress toward an even brighter tomorrow.

BEIJING, Oct. 2 (Xinhua) -- Since the founding of the People's Republic of China 75 years ago, the country has evolved from a backward and poor nation into the world's second-largest economy, achieving numerous milestones along the way.

By embarking on a high-quality development path that is innovation-driven, environmentally sustainable and increasingly open, China has continued to offer the world new growth momentum and opportunities. The following figures and facts shed light on how the world's major economic powerhouse transformed and thrived in three-quarters of a century.

 

 

An aerial drone photo taken on July 10, 2024 shows a view of Daimei Village in Longhai District of Zhangzhou City, southeast China's Fujian Province. (Xinhua/Wei Peiquan)

 

 

LEAPFROG IN ECONOMY

Over the past 75 years, China's rapid economic progress has been nothing short of a miracle.

At constant prices, the total economic output in 2023 has increased 223 times compared to 1952, with an average annual growth rate of 7.9 percent.

Specifically, China's GDP surpassed 126 trillion yuan (about 18 trillion U.S. dollars) in 2023. The GDP in 1952 was just 67.9 billion yuan.

By 1986, it had surpassed 1 trillion yuan, and in 2000, it exceeded 10 trillion yuan. In 2020, the country's GDP surpassed 100 trillion yuan.

In the process, China has secured victories in the continued fight against poverty. By 2020, 98.99 million people in rural China had been lifted out of poverty, and all 832 impoverished counties were officially recognized as having exited poverty.

The living standards of the Chinese people have progressed from mere subsistence to moderate prosperity in all aspects. Over the past 75 years, the per capita disposable income of China's residents has increased 76-fold, adjusted for inflation.

 

 

An aerial drone photo shows harvesters working in a paddy field in Fangzheng County of Harbin, northeast China's Heilongjiang Province, Sept. 22, 2024. (Xinhua/Wang Song)

 

 

The foundation of the development has become increasingly solid and the nation's food supply remains firmly in its own hands, with total grain output rising from 113.18 million tonnes in 1949 to 695.41 million tonnes in 2023.

Industrial production capacity has been constantly improved. In 2023, the added value of the manufacturing industry topped 33 trillion yuan, remaining the world's biggest in terms of scale for 14 consecutive years.

New industries and business models are emerging one after another, and the services sector has gradually grown to become the largest industry in the national economy.

Over the past 75 years, China's economic influence has steadily increased. In 2023, the total economic output of the country accounted for about 17 percent of the global total. From 2013 to 2023, China's average contribution to global economic growth exceeded 30 percent, making it the largest driving force behind world economic growth.

At present, China is the world's largest trader of goods, the second-largest country in services trade, the second-largest consumer of commodities, and the largest holder of foreign exchange reserves.

In 2023, the actual utilization of foreign direct investment reached 163.3 billion U.S. dollars, an increase of 176 times compared to 1983, maintaining a world-leading scale for several consecutive years.

The Belt and Road Initiative has consolidated and expanded its network of partnerships and 22 pilot free trade zones have been established.

European opinion-maker Modern Diplomacy stated in a recent article that over the past 75 years, China has turned itself from a poor country into the world's second top economy, with the largest manufacturing system in the world. Since the 18th National Congress of the Communist Party of China (CPC), the national effort has achieved results and historic changes, thus successfully promoting and expanding the stages of modernization.

 

 

A container of China-Europe freight train is lifted at Horgos Port in Horgos, northwest China's Xinjiang Uygur Autonomous Region, Jan. 15, 2024. (Photo by Bai Fengliang/Xinhua)

 

 

NEW GROWTH MOMENTUM

In particular, since the 18th National Congress of the CPC in 2012, China has been committed to implementing the new development philosophy, unlocking the dynamics, vitality and potential of high-quality development while effectively addressing various risks and challenges along the way.

China has witnessed continuous optimization of its economic structure. In 2023, the contribution rate of final consumption expenditure to economic growth reached 82.5 percent, further enhancing the role of consumption as the main engine.

By the end of 2023, the urbanization rate of the permanent resident population had increased by 13.06 percentage points compared to the end of 2012, further narrowing the development gap between urban and rural areas.

As an innovation-oriented country, China has continuously strengthened its growth momentum. In 2023, China's total expenditure on research and experimental development ranked second in the world, increasing 2.2 times compared to 2012. China's ranking in the Global Innovation Index rose from 34th in 2012 to 12th in 2023, making it the only middle-income economy among the top 30.

A number of intelligent and green industries have rapidly taken shape. Electric vehicles, solar batteries and lithium-ion batteries, categorized as China's tech-intensive and green "new three," reported a combined export value of 150 billion dollars in 2023, jumping 29.9 percent year on year.

 

 

Employees work at an assembly line of Chinese vehicle manufacturer Seres Group in Liangjiang New Area, southwest China's Chongqing Municipality, April 25, 2024. (Xinhua/Huang Wei)

 

 

China also achieved fruitful outcomes in green development. Over the past ten years, the newly installed capacity of renewable energy has accounted for over 40 percent of the world's total. For nine consecutive years, China has been leading the world in the production and sales of new energy vehicles.

Over the past decade, China has supported average annual economic growth of over 6 percent, with a 3 percent increase in energy consumption, and has reduced its energy consumption per unit of GDP by 26.8 percent.

The country has set the ambitious targets of peaking its carbon emissions by 2030 and achieving carbon neutrality by 2060. These goals have spurred enormous demand for traditional industry upgrades and green consumption, leading China to become the world's largest green market.

New China's journey of 75 years showcases its resilience, growth and unwavering progress toward an even brighter tomorrow.

At the third plenary session of the 20th CPC Central Committee in July this year, China rolled out a slew of specific reform measures, presenting a clear blueprint for promoting high-quality development and high-standard opening up to advance Chinese modernization.

It is believed that China will continue to bring greater stability and certainty to the turbulent world while providing more opportunities for cooperation along with its own development.