China's economic growth ranks first among the top five economies in the world

On October 1, 1949, the Chinese people, who had experienced a long period of turmoil and war, ushered in the sunrise of the rebirth of the Chinese nation. Seventy years of glorious history, China has leaped from a poor and weak country to the second largest economy in the world. The historical leap of comprehensive national strength has attracted worldwide attention. Since 1949, especially in the 40 years since the reform and opening up, China's economy has made great strides and its total economic output has reached a new level. Ouyang Jun, professor of Beijing Research Institute of Southwest University of Finance and Economics, said in an interview with Daily Economic News that the 40-year history is essentially a history of establishing and perfecting effective incentive institutional arrangements, and a history of drawing closer and consolidating close ties with developed markets such as the United States.

"Reform has enabled more and more Chinese people to participate more and more actively in economic activities and have more and more possibilities to participate in economic activities; opening up has enabled China's economy to make more and more effective use of both domestic and foreign markets and two kinds of resources." Ouyang Jun said that after 40 years of development, China has grown from a chasing power on the world economic stage to a semi-chasing power.

China's economic growth ranks among the top in the world

1949. China has just emerged from the war and needs to be flourished. The Chinese Communist Party is facing tremendous challenges and tests as the country is ravaged. It has gradually found its own development path suitable for China through constant attempts and exploration.

In 1978, the Third Plenary Session of the Eleventh Central Committee opened a new era of China's reform and opening up, and the work center of the Party and the state has since shifted to economic construction. Over the past 40 years, under the leadership of the Communist Party of China, the Chinese people have gone through all kinds of difficulties and obstacles, concentrating on construction and striving for development. Great changes have taken place in China's economy and society, and historic achievements have been made in reform, opening up and socialist construction. Over the past 40 years, we have been taking economic construction as the center, pushing forward reform and opening up with all our efforts. Our economic development has entered the fast lane, and our economic growth ranks among the top in the world. According to the data of the National Bureau of Statistics, in 2017, China's gross domestic product (GDP) increased 33.5 times at constant prices compared with 1978, with an average annual growth rate of 9.5%, doubling every eight years on average, much higher than the average annual growth rate of the world economy of the same period of about 2.9%. In terms of economic scale, China ranks second in the world and contributes more and more to world economic growth. In 1978, China ranked 11th in the world in total economic output; in 2000, it surpassed Italy and ranked 6th in the world; in 2007, it surpassed Germany and ranked 3rd in the world; in 2010, it surpassed Japan and became the second largest economy in the world, with its international status and influence significantly improved. Ningji, director of the National Bureau of Statistics, said publicly that in 2018, GDP grew by 6.6% over the previous year, ranking first among the top five economies in the world. China's economic growth contributed nearly 30% to world economic growth and continued to be the largest contributor to world economic growth.

From the point of view of the total economic volume, the scale of China's economic increment has significantly expanded. In 1978, China's gross domestic product was only 367.9 billion yuan. After that, it rose to 1 trillion yuan in 1986, to 2 trillion yuan in 1991, to 10 trillion yuan in 2000, to 20 trillion yuan in 2006 and to 90 trillion yuan for the first time in 2018. At the average exchange rate, China's total economy reached 1.36 trillion yuan, ranking second in the world. Since the 18th National Congress of the Communist Party of China, China has made great achievements in various fields, and has ranked among the world's top ranks in some important fields. At the same time, in some fields, it has changed from "follower" to "parallel" and "leader". Socialism with Chinese characteristics has entered a new era, and the Chinese nation has ushered in a great leap from standing up, becoming rich to becoming strong.

But we also note that China's economy, which grew at a double-digit rate, fell to less than 8% in 2013 after a decade of consecutive quarters of slowdown. The development of the world's second largest economy has entered a new normal. In November 2014, at the opening ceremony of APEC Business Leaders Summit, Chinese President Xi Jinping systematically expounded the characteristics of the new normal state: first, from high-speed growth to medium-high-speed growth; second, the economic structure has been continuously optimized and upgraded, the tertiary industry and consumption demand have gradually become the main body, the gap between urban and rural areas has gradually narrowed, the proportion of residents'income has increased, and the benefits of development results have been achieved. And the wider public; third, from factor-driven, investment-driven to innovation-driven. The new normal will bring new development opportunities to China. The Central Economic Work Conference held at the end of 2015 clearly pointed out that understanding the new normal, adapting to the new normal and leading the new normal are the major logic of China's economic development at present and in the future. From Ouyang Jun's point of view,

Although the economy has entered a new normal, the economic growth has slowed down, the original competitive advantage based on cheap labor force and low-level environmental protection has gradually disappeared, the original international economic and trade rules tending to protect developing countries have begun to change, and the internal and external environment facing China's economy has become tense, but the industrialization and rapid development of more than 40 years have taken place. Science and technology and education have fostered a large and well-trained industrial army and a large number of new industries with new technologies and products. It not only maintains the cost advantage in the complex technology industry, but also brings the differential global competitive advantage.