10 sets of data decoding China's transformation in the new era

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(Xinhua) 08:06, December 21, 2023

BEIJING, Dec. 20 (Xinhua) -- China has made historic achievements in economic and social spheres in the new era.

Considering these accomplishments, Xinhua has compiled data and facts showcasing advancements in 10 key areas over the past decade. These insights unveil the driving forces behind the sustained growth of the world's second-largest economy.

RAPID ECONOMIC EXPANSION

China's gross domestic product (GDP) more than doubled, rapidly expanding to 121 trillion yuan (about 17 trillion U.S. dollars) in 2022 from 59.3 trillion yuan in 2013, with an average annual growth rate of over 6 percent.

China has emerged as a key stabilizing force and growth booster for the world economy. Over the past decade, the share of the Chinese economy in the global total has surged from 12.3 percent to over 18 percent, with the country contributing approximately one-third of the global economic growth during this period.

The International Monetary Fund (IMF), the Organization for Economic Cooperation and Development, and many multinational financial institutions have recently revised China's growth forecasts, reflecting confidence in China's economic development.

Steven Barnett, IMF senior resident representative in China, said that China remains the biggest engine of global economic development in 2023, contributing one-third of the global growth.

VANQUISHING POVERTY

China launched a monumental anti-poverty campaign on a scale unseen anywhere in the world, and the final 98.99 million impoverished rural residents living under the current poverty line have all been lifted out of poverty.

The country has met the poverty eradication target set out in the United Nations 2030 Agenda for Sustainable Development 10 years ahead of schedule.

With absolute poverty eliminated in China, the country's per capita disposable income grew from 16,500 yuan to 36,883 yuan in the past 10 years, creating the world's largest middle-income group of more than 400 million people.

Experts expect China's middle-income population to expand to over 800 million in the next 15 years, which is leading to a gigantic domestic market.

People sell products via livestreaming at a plantation in Dongbaihu Town of Zhuji, east China's Zhejiang Province, June 8, 2023. (Xinhua/Xu Yu)

HUGE CONSUMER MARKET

With deeper pockets, Chinese people are more inclined towards spending. China's total retail sales of consumer goods increased from 23.8 trillion yuan in 2013 to 44 trillion yuan in 2022, forming the world's second-largest consumption market.

The box office revenue in the summer of 2023 exceeded 20 billion yuan. During the Mid-Autumn Festival and National Day holiday this year, the number of domestic tourists nationwide reached 826 million, a surge of 71.3 percent year on year.

China's courier sector continued to flourish in 2023, with its annual delivery volume exceeding 120 billion parcels for the first time.

Expenditure of end consumers contributed 83.2 percent of economic growth in the first three quarters of this year and the share rose to 94.8 percent in the third quarter, which highlighted consumption's role as a main engine for economic development.

STEADY JOB CREATION

China attaches great importance to employment and considers job creation a top priority. The country has consistently implemented pro-employment measures to address this crucial aspect.

Since 2012, the number of newly created urban jobs every year has stayed above 11 million, with the figure already reaching 11.09 million in January-October this year.

In addition, China has improved the social security system that covers the entire population and has woven a dense social security net to protect people's well-being.

China-Europe freight train X8155 prepares to depart from the station of Xi'an International Port in northwest China's Shaanxi Province, Nov. 28, 2023. (Xinhua/Zou Jingyi)

EXPANDED TRADE

China's total goods trade exceeded 42 trillion yuan in 2022, topping the world rankings for six consecutive years.

China has seen a significant improvement in trade competitiveness over the past years, as the country has accelerated innovation-driven development, cultivated new advantages in trade competition, optimized trade environment, improved trade facilitation and developed digital trade.

China took up 14.7 percent of the global export market in 2022, leading the world for 14 years in a row. The country's cross-border e-commerce trade topped 2 trillion yuan for the first time in 2022.

China's progress in building up its strength in trade has provided strong support for stabilizing the macroeconomy, said Zhuang Rui, executive dean of the Institute of International Economy at the University of International Business and Economics.

GROWING FISCAL REVENUE

China's fiscal revenue stood at around 20.4 trillion yuan in 2022, rising significantly from about 12.9 trillion yuan in 2013.