In the first decade of the new era since 2012, China has seen historic rise in economic strength. Its success in high-quality economic development underpins and widens the Chinese path to modernization.
Statistics show that China’s economy grew from 54 trillion yuan (about $7.39 trillion) in 2012 to 114 trillion yuan (about $15.6 trillion) in 2021, with its share of the world economy rising from 11.3 percent to 18.5 percent. The country’s GDP per capita rose from $6,300 to over $12,000, surpassing the world’s GDP per capita.
Also, China has fully applied the new development philosophy on all fronts and made efforts to promote high-quality economic development. According to the World Intellectual Property Organization (WIPO) Global Innovation Index 2021, China climbed to 12th place in 2021 from 34th in 2012.
These figures prove that China’s economic achievements will go down in history as a success story, and that the country is working hard to realize high-quality economic development.
In an increasingly changing world, China’s economic development in the new era has experienced frequent external shocks such as the aftermath of the 2008 global financial crisis, the China-U.S. trade frictions, the COVID-19 pandemic, etc.
Nevertheless, the Chinese economy has demonstrated strong resilience, thanks to its complete industrial systems, abundant human resources, convenient infrastructures, strong domestic market and massive market dynamism, thereby providing a strong impetus to world economic growth.
For example, the year 2020 saw China’s GDP grow by 2.3 percent, making it the only major economy to achieve positive growth under the pandemic. In 2021, China’s GDP grew by 8.1 percent, continuing to be among the best-performing major economies.
In U.S. dollar terms, from January to August this year, the total value of China’s imports and exports was $4.19 trillion, up 9.5 percent year-on-year (YoY); China’s actual use of foreign capital reached $138.4 billion, up 20.2 percent YoY – a good indication that foreign investors continue to be bullish on the Chinese market.
In his report to the 20th CPC National Congress, Xi Jinping, general secretary of the CPC Central Committee, pointed out that the essential elements of the Chinese path to modernization include socialism with Chinese characteristics, pursuing high-quality development, and achieving common prosperity for all.
With its two major miracles of rapid economic development and long-term social stability, China has proved that it has successfully carved out a path to modernization. The path embodies the confidence of the Chinese people in embarking on the path to socialist modernization, and it also testifies to the wisdom accumulated by the Chinese people for realizing the great rejuvenation of the nation.
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