BEIJING, Oct. 22, 2022 /PRNewswire/ -- China will first pursue high-quality development to build China's modernization, and its economy is expected to gain a new solid growth momentum from the 20th National Party Congress. Communist Party of China (CCP), according to the CCP congress.
Some Western media outlets have made false accusations against the Chinese economy, from running reports on foreign capital outflows from China, claiming the country's economic growth has slowed sharply, to blaming it for shaking up the global supply chain.
The reality is that the Chinese economy has been transformed from quantitative to qualitative growth. It has seen a historic rise in economic strength and has made great contributions to the world economy. It will be dedicated to building a modernized and higher-level open economy in the next five years.
From quantity to quality
China has promoted a new development pattern that is open double circulation involving both domestic and foreign markets, and has implemented the innovation-driven development strategy and promoted emerging strategic industries.
The country has made breakthroughs in some core technologies in key fields, including human spaceflight, lunar and Martian exploration, deep-sea and deep-earth probes, supercomputers, satellite navigation, quantum information, nuclear power technology, aircraft manufacturing, and biomedicine.
China has joined the ranks of the world's innovators. For example, it has invented the world's first "hand-ripped" steel that is only 0.02mm thick, making a major contribution to the improvement of high-end manufacturing. It is widely used in folding mobile phones, flexible screens, and batteries.
It has also developed two international standards for high-speed rail infrastructure design and power supply, which have been published by the International Union of Railways. The two standards have demonstrated China's contribution to promoting the internationalization of high-speed rail standards.
The country has manufactured the world's largest tunnel boring machine (TBM), which can be used in the construction of mega transportation projects. China-made tunnel boring machines have been exported to more than 30 countries and regions, with the value of newly signed contracts rising 58% year-on-year in the first six months.
China's new energy vehicle (NEV) production and sales have exceeded global sales for seven consecutive years since 2015. Chinese brands ranked six of the top 10 best-selling NEV models globally in 2021. Among the top 10 companies in terms of electric battery shipments, six are Chinese companies.
The country also has the world's largest 5G network, with its 5G users accounting for more than 80 percent of the global total. In 2021, the country's industrial robots increased 44.9 percent year on year.
Historic rise in economic strength
The economic data showed that the Chinese economy has secured positive growth with great potential and proven resilience over the past decade, remains attractive to foreign capital, and has been a leading stabilizer of the global supply chain during the COVID-19 pandemic. the COVID-19.
China's GDP has grown from 54 trillion yuan (7.5 trillion dollars) in 2012 to 114 trillion yuan (about 15.8 trillion dollars) in 2021 with a global share of 18.5 percent, a increase of 7.2 percentage points. The country has remained the second largest economy in the world. Over the past decade, its average contribution to global economic growth exceeded 30 percent, ranking first worldwide.
Consumption has become the main engine of economic growth in the country, contributing 65.4 percent of its economic growth in 2021, 10 percentage points more than in 2012. It has become the largest online retail market in the world. world for nine consecutive years, with a population of more than 1.4 billion and a middle-income group of about 400 million.
The country's manufacturing value-added output has risen from 16.98 trillion yuan ($2.4 trillion) in 2012 to 31.4 trillion yuan ($4.4 trillion) in 2021, with a global share that increased from 22.5 to almost 30%. Its manufacturing sector has been the largest in the world for 12 consecutive years and has been improved with the proportion of high-tech manufacturing from 9.4 to 15.1%.
Foreign direct investment (FDI) in China has expanded from US$111.7 billion in 2012 to US$173.5 billion in 2021. Foreign investors have seized new opportunities from China's industrial and consumption upgrading, with an increased inflow of FDI in the service industry and high-tech industries of 8.7 and 33.6% respectively in the first eight months of this year.
"China has the world's largest middle-income group, a comprehensive industrial system, a strong industrial chain and an increasingly modern infrastructure, providing abundant market space for enterprises," said Zhao Chenxin, vice president of the National Commission Development and Reform Commission during the CPC congress.
With a solid industrial base and a series of policies to ensure supply, China's foreign trade has maintained relatively high growth, effectively alleviating the pressure on the global supply chain stemming from the COVID-19 pandemic. 19 and the conflict between Russia and Ukraine. The country's foreign trade in goods increased 10.1% in the first eight months of this year.
Tasks for the next five years
The next five years will be crucial for a good start of China's modernization drive, and the CPC congress has set the main tasks: China will make progress in promoting high-quality economic development, and achieve greater self-reliance and strength in science and technology, with innovation at the heart of the drive.
The industrial system will be modernized, with measures to promote new industrialization and boost China's strength in manufacturing, product quality, aerospace, transportation, cyberspace and digital development, according to the CPC congress. China will also take new steps in reform and opening up, and establish new systems for a higher level open economy.
The CCP basically aims to realize socialist modernization from 2020 to 2035 and build China into a great modern socialist country that is prosperous, strong, democratic, culturally advanced, harmonious and beautiful from 2035 to the middle of this century.
link
Photo - link
View original content: enlace
