Xinhua News Agency, Beijing, December 14th Title: GDP doubled in ten years, and China’s economic strength achieved a historic leap.

Xinhua News Agency reporter Wei Yukun

More than 120 trillion yuan-

From 2013 to 2022, China’s gross domestic product (GDP) increased from 59.3 trillion yuan to 121 trillion yuan, with an average annual growth rate of more than 6%. According to the annual average exchange rate, the total economic output reached 18 trillion US dollars, ranking second in the world.

This is the scene of the 134th Canton Fair filmed on October 15th, 2023. Xinhua News Agency reporter Deng Hua photo

In 2023, the main expected goals of China’s economic and social development are expected to be successfully achieved, which also means that China’s economic aggregate will continue to grow steadily.

Since the new era, China’s economic aggregate has doubled, and its development has stood at a new and higher historical starting point:

From the time line, in 2014, 2016, 2017, 2018, 2020 and 2021, China’s GDP successively crossed 60 trillion yuan, 70 trillion yuan, 80 trillion yuan, 90 trillion yuan, 100 trillion yuan and 110 trillion yuan, and exceeded 120 trillion yuan in 2022.

In the Smart Microelectronics Industrial Park in Rizhao High-tech Industrial Development Zone, Shandong Province, staff are producing filters (photo taken on June 29, 2023). Xinhua News Agency reporter Guo Xulei photo

In 2020, China is the only major economy in the world with positive economic growth. In recent three years, the average annual economic growth of China has reached 4.5%, which is about 2.5 percentage points higher than the world average. In 2023, China’s economic growth rate will continue to be in the forefront of major economies.

Vertically, at present, China’s annual GDP increment has far exceeded the annual GDP in the early 1990s. The increment brought by the 1% growth rate of China’s economy is equivalent to about 2.1% 10 years ago.

While the economic aggregate continues to increase, the per capita GDP has achieved new breakthroughs. In the past 10 years, China’s per capita GDP has increased from 43,497 yuan to 85,698 yuan. According to the annual average exchange rate, China’s per capita GDP reached $12,741 in 2022, and remained above $12,000 for two consecutive years.

China’s economic share in the world has steadily increased, and its international influence is increasing day by day.

In the past 10 years, the proportion of China’s total economic output in the world economy has risen from 12.3% to about 18%, and the total trade in goods has been ranked first in the world for six consecutive years, with an average annual contribution rate of over 30% to the world economic growth, which has always been the biggest engine to promote the world economic growth.

This is the Tesla booth in the smart car chain exhibition area of the first China International Supply Chain Promotion Expo (photo taken on November 30th, 2023). Xinhua News Agency reporter Ren Chaoshe

Foreign exchange reserves rank first in the world. In the past 10 years, China’s foreign exchange reserves have been stable at more than 3 trillion US dollars, and the balance of foreign exchange reserves reached 3,127.7 billion US dollars by the end of 2022. Under the background of complex and severe external situation and rising uncertainty, the huge and stable foreign exchange reserves provide a strong guarantee for China’s economy to resist external risk shocks.

Groups of data witness the steady improvement of China’s comprehensive national strength, international influence and people’s living standards, showing that China’s development foundation is stronger, its development quality is better and its development momentum is more abundant.

This year is the first year of fully implementing the spirit of the 20th National Congress of the Communist Party of China, and the year of economic recovery and development after three years of epidemic prevention and control in COVID-19.

Facing the complicated international political and economic environment and arduous domestic reform, development and stability tasks, China’s economy has successfully withstood external pressure, overcome internal difficulties and achieved a recovery: the GDP in the first three quarters reached 91,302.7 billion yuan, with a year-on-year increase of 5.2% at constant prices.

This is the vision model of "Zero Carbon City" exhibited at Schneider Electric booth of the 6th China International Import Expo (photo taken on November 9, 2023). Xinhua News Agency reporter Ding Ting photo

Based on their long-term optimism about the China market, foreign financial institutions continue to "overweight" the China bond market. According to the data of the People’s Bank of China, overseas institutions have made net purchases of Chinese bonds for nine consecutive months. Since 2023, the cumulative net purchases have reached nearly 1 trillion yuan, of which the net purchases of foreign capital in October have exceeded 200 billion yuan, and it is expected that the increase in holdings in November will reach 250 billion yuan.

Recently, the International Monetary Fund (IMF), the Organization for Economic Cooperation and Development (OECD) and many other international organizations have intensively raised China’s economic growth expectations and cast a "vote of confidence" for China’s economy.

The IMF raised China’s GDP growth forecast for 2023 from the previous 5% to 5.4%, while raising its GDP growth forecast for 2024. OECD raised the forecast of China’s GDP growth rate to 5.2% in 2023. The Asian Development Outlook 2023 (December Edition) recently released by the Asian Development Bank predicts that China’s economic growth rate will reach 5.2% in 2023, higher than the 4.9% predicted in September.

The just-concluded Central Economic Work Conference pointed out that, on the whole, the favorable conditions facing China’s development are stronger than the unfavorable factors, and the basic trend of economic recovery for the good and long-term good has not changed, so it is necessary to enhance confidence and confidence.

The audience learned about a miniature lathe at the Bavarian booth of the 25th High-Tech Fair (photo taken on November 15th, 2023). Xinhua News Agency reporter Liang Xushe

Han Wenxiu, deputy director of the Central Finance Office in charge of daily work and director of the Central Agricultural Office, said that in 2023, China’s contribution to global economic growth was about one-third, making it the largest engine of the world economy. "Compared with last year, compared with other countries, China’s development achievements are convincing, and it can be said that the scenery here is unique."