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Maintaining Firm Confidence in Chinese Economy

By Qiu Ping Source: Updated: 2023-06-13

China has strategic conditions and advantages for the development. China still enjoy strategic advantages for the development, including advantages of Chinese socialist market economy, demand in a super large domestic market, supply from a well-functioning industrial system, as well as human resource strengths of vast numbers of workers and entrepreneurs who are both hardworking and intelligent. As long as the advantages and vitality of all aspects are truly stimulated, China will be able to create a new development pattern at a much faster pace and always being in an invincible position in the fierce international market competition and the strategic game of major powers.

China's development stands at a new and higher historical starting point after ten years of development in the new era. In the first decade of the new era which began in 2012, China historically eliminated absolute poverty and built a moderately prosperous society in all respects as scheduled. China attained a medium-high growth rate of 6.6% per year, placing it in the ranks of the world’s leading major economies, and its average contribution to global economic growth exceeded 30%. Its GDP rose from 53.9 trillion yuan in 2012 to 114.9 trillion yuan in 2021. China’s ranking on the World Intellectual Property Organization’s Global Innovation Index rose from 34th in 2012 to 11th in 2022. For eight years in a row, total national grain output has exceeded 650 million metric tons; and China’s manufacturing sector remains the largest in the world. China's economic strength, technological strength, comprehensive national strength, and international influence have all taken a significant step forward, and its development has laid a more solid material foundation.

In the first decade of the new era, China has overcome a variety of difficulties and steadily forged ahead in economic development, creating the miracle of rapid economic growth. As we embark on a new journey to build a modern socialist country, China will be sure to achieve similar feats in promoting high-quality development.