China’s economic landscape has been transformed over the past decade. From higher incomes to carbon-conscious policies to wider opening-up, phenomenal progress has been made in the country.
China’s gross domestic product (GDP) surpassed 100 trillion yuan (about $14.33 trillion) in 2020, a new milestone for the world’s second-biggest economy. The figure continued to rise to over 114 trillion yuan in 2021, contributing over 30 percent to global economic growth.
In 2012, its GDP was around 53.86 trillion yuan, accounting for about 11.5 percent of the world total.
Continued economic expansion has led to encouraging domestic improvements: people have more money on their hands and growth has been steered onto a path characterized by green development and high-level opening-up.
BETTER LIFE FOR PEOPLE
Hu Zucai, deputy director of the National Development and Reform Commission, said the country has made historic progress in people’s quality of life over the past decade, with visible changes in various aspects.
In 2021, China declared absolute poverty eradication, having lifted nearly 100 million rural poor out of poverty over the past eight years.
Supported by rapid growth, the Chinese have become wealthier. Official data showed that per capita disposable income in the country reached 35,128 yuan in 2021, more than double the 2012 level.
Higher incomes have bolstered the rise of the middle-income group, with China now having over 400 million middle-income people, down from over 100 million in 2010.
People’s health has been made a political priority. Over the past decade, the world’s most populous country has continued to reform its medical and healthcare systems to provide affordable and quality medical services to the public.
So far, China has managed several cases of centralized bulk purchasing of medicines and high-end medical supplies, helping people cut their medical bills by a total of 300 billion yuan.
STRIVING FOR SUSTAINABILITY
In 2020, China announced that it would peak in carbon emissions by 2030 and achieve carbon neutrality by 2060, a move that has received widespread acclaim in the international community.
Domestically, overall environmental improvements reflected in key air and water quality indicators reflected consistent efforts to decarbonize the economy, fight pollution and protect the natural ecosystem.
The low-carbon transition requires a higher share of renewable energy in the energy structure. Over the past 10 years, China has gradually phased out the use of coal for heating in over 27 million rural households, while accelerating the development of installed renewable energy capacity. The country is a world leader in its installed capacities of wind, photovoltaic, hydroelectric and biomass power.
To speed up efforts to reduce carbon emissions, China launched a national carbon trading market in July 2021, the world’s largest in terms of the amount of greenhouse gas emissions covered.
Institutional innovation has also been achieved to protect and value the ecosystem. After establishing ecological “red lines” in 2017, China completed nationwide drafting of ecological protection lines last year, marking no less than 25 percent of its land area for protection.
Thanks to its green initiative, China has reduced its carbon emissions intensity by 34.4 percent over the past 10 years. Green has become a prominent color in economic and social development, said Minister of Ecology and Environment Huang Runqiu.
UNLIMITED OPENING
As uncertain and volatile as the world has been over the past decade, China has remained committed to promoting high-level opening-up and becoming a land of opportunity while becoming more involved in the global economy.
China’s trade in goods and services totaled US$6.9 trillion in 2021, growing from US$4.4 trillion in 2012 and securing the world top position for two consecutive years.
The “circle of friends” will also be expanded. While cementing economic ties with traditional trading partners, the country has been actively exploring emerging markets in the Association of Southeast Asian Nations, Africa and beyond.
As a popular destination for foreign investment, China has maintained its attractiveness over the past decade by accelerating domestic institutional opening.
The country’s negative foreign investment list has been trimmed for five consecutive years since 2017, and laws and regulations, including the Foreign Investment Law, have been enacted to strengthen protections for foreign investors.
Even in the pandemic-stricken 2021, actual utilized foreign direct investment in mainland China exceeded 1 trillion yuan for the first time. It was the country’s first double-digit growth in almost a decade.
In addition, China has also actively set up platforms to facilitate trade. Despite the disruptions caused by the pandemic, several exhibitions have been held, including the China International Import Expo, the China International Fair for Trade in Services and the China International Consumer Products Expo.
Building on these hard-won achievements of the past decade, the country has set goals for the new stage of development and is poised to create new economic success stories.
China will strive to take new steps in economic development, with policies to take new steps of reform and opening-up, make new strides in building an ecological civilization and enhance people’s well-being, among others, in accordance with the 14th Annual Plan (2021-2025).
Source: Xinhua
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