China’s Economic Contribution to World Economy
Despite the ongoing challenges posed by the COVID-19 pandemic, China’s economy has remained stable and continued growth in the past year. According to data from the National Bureau of Statistics (NBS), the country’s gross domestic product (GDP) reached an all-time high of 121.0207 trillion yuan (about $17.95 trillion) in 2022, representing a 3% increase from the previous year.
However, the head of NBS, Kang Yi, pointed out that to achieve the goal of being on par with mid-level developed nations by 2035, China’s per capita GDP would need to reach approximately $12,700.
In addition to overall GDP growth, the NBS data also showed that China’s value-added industrial output increased by 3.6% year on year. The high-tech manufacturing and equipment manufacturing sectors, in particular, showed strong momentum with output values rising by 7.4% and 5.6%, respectively.
Despite facing various challenges in the past three years, China has managed to maintain the stability of its economy. The country was one of the first nations to resume work and reopen businesses in 2020 and was the only major economy to achieve positive growth that year.
To promote steady economic growth, the Chinese government implemented a range of strategies such as allocating resources for infrastructure development, decreasing the expenses for businesses, and providing support for companies that were greatly impacted by the pandemic. As China continues to manage the outbreak, economists predict a faster recovery for the country’s economy compared to the global market.
Liu pointed out that the resurgence of China’s economic growth is predicted to be stronger within the country than internationally. This will play a crucial role in restoring confidence in the worldwide economic recovery.
According to data from the General Administration of Customs (GAC), China’s trade in goods reached 42.07 trillion yuan (approximately $6.21 trillion) in 2022, a 7.7 percent increase from the previous year, making it the top global trading nation for the sixth consecutive year.
Official data also reveals that China holds a 14.7 percent share of the global export market, leading the world for 14 consecutive years.
World Economic Forum President Borge Brende also holds a positive outlook for the Chinese economy, stating that China plays a significant role in bringing key players together and that it has emphasized the importance of continuing trade with other countries.
The country’s strong resilience and vast market potential also offer hope for a resurgence in consumer spending as the pandemic subsides.
In 2022, consumption accounted for 32.8 percent of GDP growth, and the National Bureau of Statistics (NBS) predicts that consumption will gradually recover in 2023 as the epidemic response is optimized.
In 2023, China aims to strengthen domestic demand by promoting consumption and raising personal incomes, and encouraging private investment in critical national projects, according to the NBS.
