Beijing — As the People’s Republic of China commemorates its 75th anniversary, it stands as a testament to dramatic transformation, evolving from a once impoverished nation into a leading global economic powerhouse. Over the decades, China has embraced a development strategy focused on innovation, sustainability, and openness, positioning itself as a key driver of global economic dynamics.
According to Namibia Press Agency, China’s journey from modest beginnings to becoming the world’s second-largest economy is underscored by remarkable growth metrics. Since 1952, the nation’s GDP has soared, multiplying over 223 times at constant prices, reflecting an average annual growth rate of 7.9 percent. In 2023 alone, China’s GDP reached approximately 126 trillion yuan (about 18 trillion U.S. dollars), a stark contrast to the 67.9 billion yuan recorded in 1952.
The nation’s remarkable economic ascent is mirrored in its comprehensive societal advancements. China has notably eradicated poverty, lifting 98.99 million rural inhabitants out of poverty by 2020 and achieving significant improvements in living standards. The per capita disposable income of its residents has increased 76-fold when adjusted for inflation, reflecting a transition to moderate prosperity across all aspects of life.
Industrial and agricultural outputs have seen substantial increases, with the added value of the manufacturing industry topping 33 trillion yuan in 2023, maintaining its position as the largest globally for 14 consecutive years. Grain production has also surged, ensuring food security with a total output of 695.41 million tonnes in the same year.
China’s influence extends beyond its borders, contributing significantly to global economic growth, with an average contribution exceeding 30 percent from 2013 to 2023. As of 2023, it holds the title of the world’s largest goods trader and foreign exchange reserves holder, with significant standings in service trade and commodities consumption. Foreign direct investment into China reached 163.3 billion U.S. dollars in 2023, reflecting a robust international economic engagement.
New growth avenues continue to emerge, particularly since the 18th National Congress of the Communist Party of China in 2012, which committed to high-quality development. This approach has seen China strengthen its innovation capabilities, with significant investments in research and development. The nation’s urbanization has also progressed, with the urban resident rate increasing by over 13 percentage points since 2012.
China’s commitment to sustainability is evident in its leadership in renewable energy and new energy vehicles, aligning with ambitious targets for peaking carbon emissions by 2030 and achieving carbon neutrality by 2060. These initiatives underscore China’s role as a stabilizing force in the global economy, providing a model for sustainable development and international cooperation.
As China continues to implement its development strategies and reform measures, it not only ensures its own growth but also contributes to global stability and prosperity, offering abundant opportunities for worldwide collaboration.