China Witnesses a Significant Leap in Economic Strength

By building a vibrant socialist market economy well-suited to its national conditions, China has been able to release and develop the productive forces on a vast scale. As a result, the total economic aggregate and per capita GDP have risen by a significant margin, and composite national strength and international influence have increased considerably. 

Rapid economic growth has resulted in an unprecedented rise in economic strength 

In 1952, China’s GDP stood at just 67.9 billion yuan. By 1986, it had exceeded 1 trillion yuan, before surpassing 10 trillion yuan in 2000 and rising past 20 trillion yuan in 2006. Thereafter, GDP expanded by an additional 10 trillion yuan every one to two years to top 126 trillion yuan in 2023, solidifying China’s position as the world's second-largest economy. When calculated in constant prices, China’s GDP in 2023 was 223 times higher than that in 1952, representing average annual growth of 7.9%.

A marked increase in per capita GDP has seen China move into the upper-middle-income category of countries 

In 1952, China’s per capita GDP was just 119 yuan. This figure has steadily increased thanks to many years of sustained efforts and development. In 2019, China’s per capita GDP exceeded US$10,000 for the first time, reaching 70,078 yuan, or US$10,158 at the annual average exchange rate. In 2023, per capita GDP reached 89,358 yuan, an 89-fold increase in real terms compared to 1952, with average annual growth of 6.5%. When calculated at the annual average exchange rate, this amounts to US$12,681, elevating China into the ranks of upper-middle-income countries.

China has become a leader in terms of composite national strength and has gradually increased its international influence

In the early days of the PRC, China’s economy was small in size, accounting for just a fraction of the world economy. However, through sustained economic development and the continuous reform and opening up, China’s economy has maintained a rapid rate of growth and gradually become an important engine and stabilizing force for the world economy.

In 2023, China’s economic aggregate accounted for about 17% of the global total. Between 1979 and 2023, China’s average annual contribution to world economic growth was 24.8%, the largest of any country in the world. With this, China has become the world’s largest manufacturer, the largest trader of goods, the second largest consumer market, and the largest holder of foreign exchange reserves. All this has made it a vital participant, builder, and contributor in the international system. 

Editor: Yi Xiaowei

Excerpts from “Opening a New Chapter After 75 Years of Development” by the CPC Leadership Group of the National Bureau of Statistics, Qiushi Journal, English edition, No. 6, 2024