Over the past 75 years, the People's Republic of China has transformed from a semi-colonial society struggling to meet basic needs into the world's second-largest economy, largest manufacturer, and leading trader. This remarkable journey has not only elevated the lives of over a quarter of the global population but also significantly contributed to global development.
Since 1949, China's GDP has surged by more than 200 times, and per capita disposable income has increased over 70-fold. Life expectancy has risen by 43.6 years to 78.6 years, illiteracy rates have plummeted from over 80 percent to below 3 percent, and absolute poverty has been eradicated. These achievements showcase China's pivotal role in enhancing global welfare.
Contrary to some Western misconceptions, a stronger China aligns with the world's best interests. China has been a consistent engine of global growth, contributing over 30 percent annually for many years. Between 1979 and 2023, China's economy expanded at an average rate of 8.9 percent, significantly outpacing the global average of 3 percent.
Beyond being an economic powerhouse, China serves as an anchor for the global economy. During financial crises in 1997 and 2008, China's robust and steady growth provided essential support for the global economy's recovery. In the first half of this year alone, China's economy reached $8.7 trillion with a 5 percent year-on-year growth rate, despite facing both domestic challenges and global economic headwinds. Bloomberg projects that from now until 2029, China will account for around 21 percent of the world's new economic activities, surpassing the combined contributions of the G7 countries and the United States.
The vast size and dynamic nature of China's economy offer immense potential for future growth. As China continues to scale new heights, it will create more opportunities for development across other nations, reinforcing its status as a cornerstone of global prosperity.
Reference(s):
cgtn.com
