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Home > News > Market Flash > The contribution rate of China's economic growth ranks first

The contribution rate of China's economic growth ranks first

ECHEMI 2019-10-11

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On the morning of Sept 24, the first news conference of the 70th anniversary activities in celebration of the establishment of the 70th anniversary activities was held. Ning Jizhe, deputy director of the national development and Reform Commission, director of the National Bureau of statistics, Secretary of the Ministry of finance, Liu Kun, and governor of the people's Bank of China, introduced the relevant concepts of promoting the steady, healthy and sustainable development of China's economy with the guidance of the new development concept. And answer questions from reporters. At the press conference, the three heads of relevant departments introduced the great achievements of China's economic and social development in the past 70 years with detailed data and cases, and elaborated on the policy considerations and orientations at the present stage in view of the current hot issues such as guaranteeing growth and promoting consumption, which are concerned by the market.

For example, how to promote car consumption, Ning Ji zhe said at the scene that for relaxing and canceling the purchase of automobiles, several cities have already begun to implement relevant measures, followed by some conditional areas will follow up.

For this reason, Ning Ji zhe used a group of "exponential growth" data at the press conference to show briefly the achievements since the founding of the Communist Party: "in the past 70 years, we have completed the socialist revolution, promoted socialist construction, carried out the new great revolution in reform and opening up, and greatly liberated and developed the social productive forces. From 1952 to 2018, China's GDP jumped from 67.91 billion yuan to 90.03 trillion yuan, a 174-fold increase in real terms; per capita GDP rose from 119 yuan to 646 million yuan, a 70-fold increase in real terms."

Ningjitao introduced that China has become the second largest country in the world economy, the first country in trade in goods, the first country in foreign exchange reserves, the second largest country in trade in services, the second largest country in the use of foreign capital and the second largest country in foreign investment. Major scientific and technological achievements have been made in the fields of mobile communications, modern nuclear power, manned space flight, quantum science, deep-sea exploration and supercomputing. In 2018, the per capita disposable income of Chinese residents increased 59.2 times as much as that in 1949, and the per capita consumption expenditure increased 28.5 times as much as that in 1956.

Ningjizhao stressed that in the past 70 years, China's economic construction, social construction and ecological civilization construction have been promoted in a coordinated manner. For example, in terms of infrastructure achievements, at the end of 2018, China's railway operation mileage was 132,000 kilometers, of which 30,000 kilometers were high-speed railway, ranking second in the world and first in the world respectively; and 4.85 million kilometers were highway mileage, of which 143,000 kilometers were highway, ranking first in the world. At the same time, China's education, culture, health care, sports, social security, poverty alleviation and poverty alleviation, ecological and environmental protection undertakings have developed in an all-round way. Over the past 70 years, life expectancy per capita has increased from 35 to 77 years, and forest cover has increased from 12.7% in 1976 to 22.96% in 2018.

At the press conference, Ning Ji zhe also said that China's role as a builder of world peace, contributors to global development and the defenders of the international order were highlighted. At present, China is the largest number of peacekeepers in the five permanent members of the United Nations, and China's economic growth has the highest contribution rate to world economic growth. China's initiative to build the "one belt and one road" initiative has been actively responded by more than 160 countries and international organizations. In addition to introducing in depth the achievements made in the past 70 years, Ningji Zhe also responded to the hot issues in the current economic and social development at this conference.

For example, in view of the domestic consumption situation this year, Ning Ji zhe said that according to the analysis of the power source of economic growth in the first half of this year, the three demands jointly promoted the economic growth, and consumption continued to maintain the first driving force in investment demand, consumption demand and external demand. Consumption played a 60% pull role in the first half of this year. It is more than 40 percentage points higher than investment.

Ningjichao said that in the first half of this year, the income of residents kept basically in step with the economic growth. The real growth of income and GDP was 6.5% and 6.3% respectively.

Next step, how will we expand consumption and promote the formation of a strong domestic market? In response to the questions raised by reporters on the spot, Ningjizhao said: "We will focus on promoting the quality and expansion of consumption. This is an effective measure to boost the economy and improve people's livelihood.

He pointed out that we should promote the upgrading of consumption and actively promote the replacement of old cars, household appliances and electronic consumer goods. To eliminate the restriction of vehicle consumption, cities such as China and other cities have relaxed or eliminated the restriction on purchase, and the cities such as ",", "and" are also considering that the following areas will be followed up. We should encourage green consumption and support residents to buy energy-saving household appliances. We should support service consumption, introduce policies and measures such as providing for the aged, household services and infant care services, and further stimulate the potential of service consumption.

Disclaimer: ECHEMI reserves the right of final explanation and revision for all the information.

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