Despite facing economic sanctions and political pressure from the United States, the economy of the Chinese mainland remains remarkably resilient. Over the past decade, China's GDP has continued to grow steadily, defying pessimistic forecasts and maintaining an impressive expansion rate of around 5 percent per year.
In 2023, China's real GDP grew by 5.2 percent compared to the previous year, significantly outpacing the 1.6 percent growth of developed economies. Projections by the International Monetary Fund (IMF) for 2024 suggest a slight slowdown, with China's growth expected to reach 4.6 percent, while high-income nations are forecasted to grow by 1.5 percent.
China's robust economic performance not only surpasses that of other emerging markets but also increases its share of the global economy. In terms of purchasing power parity (PPP), China's GDP has been larger than that of the United States for over a decade, representing about 19 percent of the world economy compared to the U.S.'s 15 percent. Although the per capita GDP remains higher in the United States, China's absolute economic size continues to grow, reinforcing its position as a major global economic power.
This sustained growth highlights the effectiveness of China's economic strategies and its ability to adapt in a challenging global environment. As the Chinese mainland continues to expand its economic influence, it solidifies its role as a key player in shaping the future of the global economy.
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China's economic rise continues to defy pessimistic predictions
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