Highlights of China’s economic development over the past decade_Xinhua

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Workers are busy in a workshop of Harbin Turbine Company Ltd. of Harbin Electric Corporation in Harbin, northeast China’s Heilongjiang Province, May 7, 2022. (Xinhua/Wang Jianwei)

BEIJING, May 16 (Xinhua) — China has made significant progress in economic and social development over the past decade, cementing and improving its status as the world’s second-largest economy, a senior official said.

China has achieved the first centenary goal of building a moderately prosperous society in all respects, and has embarked on a new journey towards the goal of building a modern socialist country in all respects. Here are some highlights of the country’s innovative, coordinated, green, open and shared development over the past ten years.

LEAPFROG IN ECONOMY

China accounted for more than 18% of the global economy in 2021, up from 11.4% in 2012, said Han Wenxiu of the Central Committee for Financial and Economic Affairs.

The country’s gross domestic product (GDP) topped 114 trillion yuan (about $16.79 trillion) in 2021, and GDP per capita reached $12,500, close to the threshold for high-income economies.

The Chinese economy’s contribution to global economic growth has amounted to about 30 percent in recent years, making it the biggest engine of growth in the global economy, Han added.

MORE INNOVATIVE SOCIETY

China’s spending on research and development (R&D) reached 2.44% of its GDP in 2021, up from around 1.9% in 2012, Han said.

Last year, China’s R&D spending was 2.7 times its 2012 level, and its basic research spending was 3.4 times its 2012 level, according to Li Meng, vice minister of science. and technology.

China rose to 12th place in the 2021 Global Innovation Index from 34th in 2012, making it the only country in the world to achieve a sustained and rapid rise, Li said.

MORE COORDINATED DEVELOPMENT

Official data showed a more coordinated development pattern between China’s urban and rural areas.

China’s permanent residence urbanization rate reached 64.7% in 2021 from 53.1% in 2012, and the urban-rural income ratio decreased from 0.38 to 2.5 in 2021 during of the last decade.

China’s Gini coefficient, an index reflecting inequality where zero equals perfect equality, fell to 0.466 in 2021 from 0.474 in 2012.

A BETTER ECOLOGICAL ENVIRONMENT

China’s ecological environment has seen a historic turning point, Han said.

China’s forested land accounts for about a quarter of the world’s total, and its CO2 emissions per unit of GDP have fallen by about 34%.

The country also leads the world in installed capacity of wind, photovoltaic and other green energy, as well as production and sales of new energy vehicles, Han said.

As a staunch supporter of the Paris Agreement, China has announced targets to peak CO2 emissions before 2030 and achieve carbon neutrality before 2060, Han noted.

WIDER OPENING

China has created a series of new highlands and set up pilot zones for their opening, Han said, citing that the country has established 21 pilot free trade zones and the Hainan Free Trade Port in China. course of the last decade.

China has cemented its position as the world’s top commodity trading nation, with products exported from China accounting for 15 percent of the global total, Han said.

China has also introduced the negative list system and signed nine new free trade agreements over the past decade, bringing the total number of such agreements to 19.

SHARED DEVELOPMENT

China has eliminated absolute poverty after lifting nearly 100 million rural poor out of poverty, making a significant contribution to global poverty reduction, Han said.

The country also has the largest education, social security, and medical and health care systems in the world, with average Chinese life expectancy increasing by 2.5 years to 77.9 in 2021. .

The proportion of the middle-income group in China has risen to one-third of the total population over the past decade, Han said.

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