The United States is now the world's largest economy, and China is the world's second-largest economy.
Let's start with a brief review of China's economic development.
On October 1, 1949, the People's Republic of China was founded. In December 1978, the Third Plenary Session of the 11th Central Committee was held, announcing the cessation of class struggle and focusing on the development of socialist modernization. In 1984, the Third Plenary Session of the 12th Central Committee was held, which formally defined the status of the commodity economy for the first time. In 1992, Deng Xiaoping inspected Wuchang, Shenzhen, Zhuhai, Shanghai and other places and delivered important speeches. The speech on this southern tour completely emancipated Chinese's thinking.
On December 31, 2021, it joined the World Trade Organization and became the 143rd member of the WTO, and China's economy has integrated into the wave of globalization and achieved rapid economic development.
Let's make a brief comparison to see how China's economy has developed since joining the World Trade Organization.
In 2002, China's GDP was $1.4 trillion, the GDP of the United States was $10.91 trillion, and China's economy was 1/8 of that of the United States.
In 2007, China was $3.5 trillion, the United States was $14.4 trillion, and China's economy reached 1/4 of the United States.
In 2010, China's GDP surpassed Japan to become the world's second-largest economy.
In 2012, China was $8.5 trillion, the United States $16.2 trillion, and China's economy reached 1/2 of the United States
In 2014, China was $10.4 trillion, the United States $17.5 trillion, and China's economy reached 62% of the United States
In 2021, China was $17.7 trillion, the United States $23 trillion, and China's economy reached 77% of the United States, nearly 80%.
According to the speed of development, after joining the World Trade Organization, China's economy maintained double-digit growth for five consecutive years between 2003 and 2007, and after 2010, China's economy bid farewell to double-digit growth and slowly grew steadily. As the size of the economy becomes larger, the speed of economic development gradually declines, which itself is also in line with the law of economic development.
Let's look at a comparison of GDP per capita
The average GDP of Chinese was about $1,200 in 2002, more than $10,000 in 2019, and the average GDP of Chinese in 2020 was about $11,000, while the per capita GDP of the United States in 2020 was $63,000, and the average GDP of Chinese was only about 1/6 of that of the United States. GDP per capita has reached more than 20,000 US dollars, which is a low-level developed country. Between $30,000 and $60,000? It is a moderately developed country. So at present, China belongs to developing countries, while the United States belongs to a moderately developed country. Per capita income and per capita GDP are different, the greater the value of human creation, then his income will be relatively higher.
In the statistics, the per capita income is different, and the difference is quite large. Personally, I think that China's median per capita income is about 1/4 of that of the United States, between 1/4 and 1/5.
I hope that China will continue to create a good international environment, unswervingly globalize, and maintain the sustained development of China's economy, and strive to surpass the United States in the next five years and become the world's largest economy.
The sustainable development of the economy requires internal political stability, as well as social stability, talent training, appropriate policies to optimize related industries, and continuous upgrading of industries. For example, China once surpassed in all aspects of infrastructure, high-speed rail, UHV power grid, LCD panels and other industries, and now has breakthroughs in photovoltaic cells, new energy vehicles, chips and semiconductor industries, as well as domestic large aircraft, aerospace and other industries. Only after mastering the core technology can there be high gross profit and high profit, which is why the United States keeps imposing sanctions on China.