Beijing, 26 Oct (Xinhua) -- 38.6 percent! This is China's average contribution to world economic growth from 2013 to 2021, according to the latest World Bank report. This figure exceeds the combined contribution of the G7 countries. As an important engine of world economic growth, China's economy is full of resilience and vitality, which has attracted the attention of the world.
The latest data show that China's economy grew by 3.9% year-on-year in the third quarter of this year, significantly faster than in the second quarter. The Wall Street Journal reported that China's economy grew significantly in the third quarter significantly higher than the previous value and higher than market expectations.
At present, the new crown epidemic has been delayed repeatedly, geopolitical conflicts have continued, global inflation has risen, the Fed's aggressive interest rate hikes have impacted the world, and the downward pressure on the world economy has increased significantly. In this context, China's economy has stabilized its own development momentum, continuously delivered valuable growth momentum to the world economy, and continued to write the Chinese miracle in the history of world economic development. The report of the 20th National Congress of the Communist Party of China has drawn up a blueprint for China's future, so that people in the global economic circles continue to be optimistic about the bright prospects of China's economy.
From 53.9 trillion yuan to 114.4 trillion yuan, this is the jump speed of China's total economic output from 2012 to 2021, and currently ranks second in the world.
6.6%！ This is the average annual growth rate of China's economy from 2013 to 2021. This figure is well above the world average of 2.6 percent over the same period and the average of 3.7 percent for developing economies.
Bright data one after another outlines the decade of China's economic progress. Sergei Lukonin, director of the Chinese Politics and Economics Department at the Institute of World Economy and International Relations of the Russian Academy of Sciences, believes that the good performance of China's economy is due to the long-term implementation of effective economic policies by the Chinese government and the fruitful macro-control of macro-control. As the world's second largest economy, China has not only achieved scale growth, but also improved strength in the process of promoting high-quality development.
In the past 10 years, China's economic restructuring has achieved solid results. The added value of China's manufacturing industry increased from 22.5% to nearly 30% of the world, and the proportion of high-tech manufacturing and equipment manufacturing in the added value of industries above designated size increased from 9.4% and 28% in 2012 to 15.1% and 32.4% in 2021, respectively. The contribution rate of final consumption expenditure to economic growth reached 65.4% in 2021, an increase of 10 percentage points over 2012, becoming the first driving force for economic growth. The average annual growth rate of fixed asset investment is 9.4%, which effectively supports the smooth operation of the economy and plays a key role in promoting economic growth and optimizing the supply structure.
In the past ten years, as China has accelerated its approach to the middle and high end of the global value chain, there have been many highlights of major powers: Tianwen-1 successfully "fell into fire", Chang'e-4 first explored the back of the moon, the high-speed maglev transportation system with a speed of 600 kilometers per hour was successfully rolled off the production line, and the C919 large passenger aircraft obtained the type certificate... The hard verification power of Made in China is increasing day by day.
Fu Xiaolan, director of the Center for Technology and Management Development Research at the University of Oxford and academician of the British Academy of Social Sciences, believes that China's innovative development path, which has two driving forces of government and market, has continuously injected new impetus into China's economic development in the past decade and set an example for other countries.
In this decade, Chinese per capita gross national income has achieved a new leap. In 2021, Chinese per capita gross national income (GNI) reached US$11,890, a one-fold increase from 2012. In the GNI per capita ranking released by the World Bank, China rose from 112th in 2012 to 68th in 2021, an increase of 44 places.
Tian Xuan, deputy dean of the PBC School of Finance and chair professor of finance at Tsinghua University, told Xinhua News Agency that the development process of the past ten years and the report of the 20th National Congress of the Communist Party of China show that the starting point and foothold of China's economic development are to seek happiness for the people, and constantly improve the people's participation in economic development and the degree of sharing of development results, which is a concentrated embodiment of the inclusiveness of China's economic development. At the same time, the people are also the fundamental source of strength for economic development, and only by improving people's livelihood and promoting common prosperity can we ensure the sustainability of China's economic development. He said that he believes that under the guidance of the 20th National Congress, China's economic development will be more fair, inclusive, orderly and rule of law in the future, which will help enhance the resilience of economic development.
In the past decade, China's high-level opening up to the outside world has been steadily advancing. China has become a major trading partner of more than 140 countries and regions and the world's largest trade in goods; The actual use of foreign capital has increased from more than 700 billion yuan to 1.15 trillion yuan, and the stock of overseas investment has increased from less than 0.6 trillion US dollars to more than 2.7 trillion US dollars; China has signed more than 200 cooperation documents with 149 countries and 32 international organizations to jointly build the "Belt and Road". The volume of China-Europe trains reaching more than 20 European countries continues to grow, maintaining the stability and smoothness of the international industrial chain; Under the circumstances that economic globalization has encountered adverse currents, China has successfully held economic and trade events such as the China International Import Expo to gather the world's products, promote the circulation of commerce and trade, and gather synergies for development.
A more open China is playing an increasingly important role in the world economy: China's GDP accounted for 18.5% of the world in 2021, an increase of 7.2 percentage points over 2012; China's position as the world's largest country in goods trade has become more stable, and the proportion of goods trade in the world has increased from 10.4% in 2012 to 13.5% in 2021; In 2016, the renminbi was officially included in the currency basket of the International Monetary Fund's Special Drawing Rights (SDR), and its proportion of payments in global trade has been increasing. Chinese bonds have been included in global indices such as Bloomberg Barclays, JPMorgan Chase and FTSE Russell; From 2018 to 2021, foreign investors have accumulated a cumulative net increase in China's domestic stocks and bonds by more than US$700 billion, with an average annual growth rate of 34%.
Pan Xiangdong, former chief economist of Galaxy Securities and chief economist of Qi Rhenium Research Institute, believes that in the past decade, China has continuously expanded its opening up, continuously upgraded its economic and industrial structure, achieved a comprehensive victory in poverty alleviation, and built a moderately prosperous society in an all-round way. He said that the report of the 20th Party Congress has drawn up a blueprint for the future of China's economy. In the future, China's open and vibrant market will promote a higher level of win-win cooperation between China and the world.
It is precisely the high-quality development of the past ten years that has made China's economy more and more consolidated as the engine of the world economy and won wide recognition from the international community. "We will never be able to do without China's participation and contribution to major global affairs and the world economy." Brazilian economist Ronnie Lins commented.
"Comprehensively promote the great rejuvenation of the Chinese nation with Chinese-style modernization", "Innovation is the first driving force", "Adhere to high-level opening up"... The statements in the report of the 20th National Congress have become the keywords of heated discussions in the international community for several days.
"Everything is about innovation." After reading the report, Stephen Perry, chairman of the British 48 Group Club, said with emotion that China has a strong sense of foresight, and its strong vitality is reflected in every field of China.
Al Jabarah, professor of economic and financial law at Cairo University in Egypt, believes that the 20th National Congress of the Communist Party of China will promote the further opening up and development of China's economy and further integration with the world in the next few years.
World Economic Forum President Borg Brende is optimistic about the medium- to long-term prospects for China's economy. In his view, the stable growth of China's economy in the future is not only related to China itself, but also of great significance to promoting world economic growth.
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Planner: Ni Siyi
Executive Producer: Lee Zheng-woo
Co-ordinator: Fu Yunwei, Yan Junyan, Liu Chang
Text reporters: Fan Yu, Fu Yunwei
Visual design: Miao Peiyuan
Editors: Ouyang Wei, Xu Chao, Su Liang, Xu Jiatong, Liu Yifang, Deng Qian, Yu Maofeng, Mao Xiao
Produced by Xinhua News Agency's International Communication Integration Platform