BEIJING — China has emerged as the leading contributor to global economic growth from 1979 through 2023, according to a recent report from the National Bureau of Statistics.
According to Namibia Press Agency, the report details China’s rapid economic expansion, with an average annual growth rate of 8.9% over the past 44 years, significantly outpacing the global average of 3% during the same period. China’s contribution to world economic growth averaged 24.8% annually, securing its position as the top global contributor.
The report highlights several key milestones in China’s economic journey over the past 75 years:
In 1952, China’s GDP stood at only $30 billion. By 1978, this figure had grown to $149.5 billion, representing 1.7% of the global economy. Post-economic reforms and opening up, China’s GDP soared to $17.8 trillion in 2023, making up 16.9% of the global total and affirming its status as the world’s second-largest economy.
Patent innovations have seen dramatic increases, with invention patent applications rising from 8,558 in 1985 to 526,000 by 2011, placing China at the forefront globally. By the end of 2022, China had 1.619 million accepted invention patent applications.
China’s foreign trade in goods has also grown substantially, from $1.1 billion in 1950 to becoming the world’s largest goods trading nation in 2013. By 2023, China’s total goods trade reached $5.9 trillion, accounting for 12.4% of the global share and leading the world for seven consecutive years.
The service trade sector has expanded from nearly zero at the founding of the People’s Republic of China to $933.1 billion in 2023, ranking fourth globally.
These figures underscore China’s significant role and influence in shaping the global economic landscape over the past several decades.