China’s remarkable transformation over the past 75 years has not only uplifted its own people but has also contributed significantly to global development. From a nation struggling to meet its people’s basic needs, China has emerged as the world’s second-largest economy, the largest manufacturer, and the largest trader in goods.
Between 1949 and 2023, China’s Gross Domestic Product (GDP) soared by over 200 times, and per capita disposable income increased more than 70-fold. The Chinese people now enjoy longer and better lives, with life expectancy increasing from 35 years in 1949 to 78.6 years today. Illiteracy rates have plummeted from over 80 percent to below 3 percent, and the nation has successfully eliminated absolute poverty among its population.
China’s economic growth has been a driving force for the global economy, contributing over 30 percent of global growth for many consecutive years. With an average annual growth rate of 8.9 percent between 1979 and 2023—far exceeding the global average of 3 percent—China has provided a steady engine for worldwide prosperity.
During times of global economic uncertainty, such as the financial crises in 1997 and 2008, China’s robust economy served as an anchor, helping to stabilize and revive global markets. In the first half of this year, China’s economy continued its upward trajectory, reaching $8.7 trillion with a year-on-year growth rate of 5 percent, despite domestic challenges and international headwinds.
Projections indicate that from this year through 2029, China will account for approximately 21 percent of the world’s new economic activities. This surpasses the combined contribution of the G7 countries, estimated at 20 percent, and significantly outpaces the United States, projected at less than 12 percent.
The vast scale of China’s economy and its enormous market potential suggest that the country is poised for even greater achievements. A stronger Chinese economy not only benefits its own citizens but also creates valuable opportunities for nations around the globe. As China continues to grow, its success underscores the interconnectedness of today’s world and the shared prosperity that comes from mutual development.
Reference(s):
cgtn.com
