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China’s 40-year economic run outshines global peers

China’s reform and opening-up policy has changed the country and the fate of Socialism, allowing the country to bid farewell to poverty and weakness and to regain historical glory and confidence as a big country, reported CNTV News App Friday.

Between 1978 and 2016, China’s annual GDP growth averaged 9.7 percent, faster than any other country over the same time period as the United States achieved an annual growth rate of 2.7 percent, followed by Canada with 2.5 percent growth, the United Kingdom with 2.3 percent growth and Japan with 2.2 percent growth.

Even within the BRICS block, China’s economic performance was outstanding as China’s GDP of $12 trillion in 2017 was almost double the combined volume of Brazil, $2 trillion, Russia, $1.5 trillion, India, $2.6 trillion, and South Africa, $350 billion.

China’s economy volume ranks second worldwide now, compared with the 8th slot in 1970.

In 1980, China’s GDP was only 10.7 percent of the United States’ GDP, 35.9 percent of Germany, 50.5 percent of the United States’, 43.3 percent of France. However, in 2017, China’s GDP was 3.3 times Germany’s, 4.6 times UK’s and 3.7 times France’s.

In East Asia, in 1980, China’s GDP was only 28.1 percent of Japan’s but in 2010, China’s GDP exceeded Japan’s and in 2017, China’s GDP was 2.47 times Japan’s.

China’s changes have shifted the world economic structure as in 1980, European Union’s economy accounted for 34.1 percent of the world economy, while the US took up 25.7 percent and East Asia took up 15.8 percent, however, in 2017, East Asia accounted for 27.3 percent of world economy, while the US took up 24.3 percent and the EU took up 21.7 percent.

China has made great contributions to a more balanced trade system as China’s entry into the WTO has allowed developing nations more advantages in negotiations.

China’s fast growth since the reform and opening-up has also set a good example for other developing countries.

China’s development has also lifted the country’s 700 million people out of poverty, another great contribution to the world.

According to data of the International Monetary Fund, China’s per capita GDP hit $8,116 in 2016, ranking 70th worldwide, close to Russia’s $8,900 and Brazil’s $8,700, but exceeding South Africa’s $5,316 and India’s $1,749.

However, the per capita GDP of the US of $57,000 was almost seven times that of China in the same year.

China’s per capita GDP ranked 61st in 2017, moving up 65 slots compared with the year 1980 when Vietnam’s per capita GDP was much higher than China’s.

During the same time period, South Korea moved upward 36 slots followed by Singapore, India and Brazil with 27-slot, 27-slot and 22-slot upward movement.

In 1980, China’s per capita GDP was $309.3, close to India’s $276.4. However, in 2017, China’s per capita GDP of $1,982.7 was 4.35 times India’s.

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