As China marks its 75th anniversary, the nation celebrates an extraordinary journey of economic transformation and improved living standards for its 1.4 billion people. From the aftermath of the Cultural Revolution in 1978, personal incomes in China soared from 171 yuan (approximately US$108) to nearly 40,000 yuan (about US$5,500) in 2023. This remarkable increase represents a 228-fold rise in yuan terms and a fiftyfold jump in U.S. dollars.
Since embarking on the reform and opening-up policy, China has transitioned from one of the world's poorest countries to an economic powerhouse. With an average annual growth rate of 8.9% over 45 years, China has sustained the longest and greatest economic expansion in human history. This growth lifted over 770 million rural residents out of poverty and propelled urbanization from under 20% in 1980 to over 65% today.
China's ability to sustain such growth is further highlighted by its capacity to feed nearly 20% of the global population using less than 10% of the world's arable land. Infrastructure advancements are equally impressive; high-speed railways expanded from just over 1,000 kilometers in 2008 to more than 45,000 kilometers in 2023, making up over 70% of the world's total.
Improvements extend beyond infrastructure. Modern agriculture and biological breeding have ensured food security, while healthcare reforms and national medical insurance schemes have significantly enhanced public health. Green and low-carbon technologies have played a crucial role in reducing pollution, contributing to a healthier environment for millions.
From 2013 to 2022, China created 130 million new urban jobs, averaging 13 million annually. The nation has also built the world's largest social security system, with over 1.377 billion social security card holders covering 97.4% of the population. This comprehensive coverage provides a strong safety net, enhancing people's well-being and sense of security.
Despite these achievements, China faces new challenges. The investment-led economy, heavily reliant on infrastructure and property construction, is experiencing a slowdown. In 2023, fixed capital formation remained above 40% of GDP, a level that is no longer sustainable. To address this, China is pivoting towards high-quality development, emphasizing scientific and technological innovation as the new drivers of growth.
Today, China's GDP accounts for nearly 17% of the world's total. With a growth target of around 5% in recent years, China is poised to contribute more than 30% to global growth, benefiting both its citizens and the international community.
As China continues to evolve, it remains committed to enhancing the lives of its people and contributing to global prosperity. The journey of the past 75 years exemplifies resilience, innovation, and a steadfast dedication to improving living standards on an unprecedented scale.
Reference(s):
cgtn.com
