Over the past 75 years since the founding of the People’s Republic of China, the country’s economic strength, scientific and technological capabilities, and overall national power have significantly increased, and its international influence has greatly expanded, according to a report from the National Bureau of Statistics.
From 1979 to 2023, China’s economic growth averaged 8.9 percent annually, far exceeding the average global economic growth of 3 percent during the same period.
China’s average annual contribution to world economic growth was 24.8 percent, ranking first in the world, according to the report.
Following are some highlights of the country’s economic achievements over the past 75 years:
— In 1952, China’s GDP was only 30 billion U.S. dollars. In 1978, China’s GDP increased to 149.5 billion dollars, accounting for 1.7 percent of the world economy. Since the reform and opening up, China’s economic aggregate has continued to expand. In 2023, China’s GDP reached 17.8 trillion dollars, account
ing for 16.9 percent of the world’s total and solidifying its position as the world’s second-largest economy.
— In 1985, the number of invention patent applications in China was 8,558. This number had soared to 526,000 by 2011, making China the world leader in this area. As of the end of 2022, China’s number of accepted applications for invention patents reached 1.619 million, firmly securing its position as the world leader.
— In 1950, China’s foreign trade of goods was only 1.1 billion dollars, accounting for 0.9 percent of the world’s total. In 2013, China became the world’s largest goods trading nation. By 2023, China’s total goods trade had reached 5.9 trillion dollars, accounting for 12.4 percent of the global share, and has consistently ranked first in the world for seven consecutive years.
— Service trade has also undergone tremendous expansions. At the beginning of the founding of the People’s Republic of China, China’s service trade was almost zero. In 2023, the country’s total service trade i
mport and export volume reached 933.1 billion dollars, ranking fourth in the world.
Source: The Namibia News Agency