SCIO briefing on China's economic performance in 2020
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E-mail China.org.cn, January 20, 2021
China National Radio:
In 2020, China's GDP exceeded 100 trillion yuan. What does this mean for China's economy? What is the significance for establishing a new development pattern? Thank you.
Ning Jizhe:
These questions are very much to the point. China's GDP has now exceeded 100 trillion yuan. This means that China's economic and technological strength, and composite national strength have taken a big step forward. The achievement is of great symbolic significance in building a moderately prosperous society in all respects and embarking on a new journey of building a modern socialist country in all respects.
First, it marks the continuing rise of China's composite national strength. China's GDP reached 101.6 trillion yuan in 2020, surpassing 100 trillion yuan for the first time in its history. The Chinese economy reached 10 trillion yuan in 2000, exceeded 50 trillion yuan in 2012. Over the past 20 years, the Chinese economy expanded 10 times, which is a remarkable achievement. Converted at the prevailing average annual exchange rate, China's GDP in 2020 reached $14.7 trillion, ranking second in the world, and it is expected to account for around 17% of the global economy. In 2020, its per capita GDP exceeded $10,000 for the second consecutive year, which consolidated China's position among upper middle-income countries and narrowed the development gap with high-income countries.
Second, it marks the continuous improvement of China's scientific and technological strength. Major sci-tech achievements were made over the previous year. Chang'e-5 successfully landed on the moon and returned with samples. China's Mars probe Tianwen-1 was successfully launched. The Five-hundred-meter Aperture Spherical Radio Telescope (FAST) was officially put into operation. The Beidou-3 global navigation satellite system was put into operation. The manned submersible Fendouzhe (Striver) completed a 10,000-meter dive. And, the Jiuzhang quantum computer was successfully developed. The poetic line "[c1] We can clasp the moon in the sky and catch turtles in the deep sea" has now become reality. Scientific and technological innovation is becoming increasingly vigorous, injecting new vitality into high-quality economic development.
Third, it marks significant gains in China's economic strength and a remarkable increase in its industrial and agricultural productivity. In 2020, total grain output reached a record high and continued to rank first in the world. The output of more than 220 industrial products ranks No. 1 in the world, and the added value of the manufacturing sector is expected to rank first in the world for 11 consecutive years. China's infrastructure has constantly improved. The high-speedrailway network hasreached38,000km and expressways exceeded 155,000 km. 5G connections in China has exceeded 200 million, ranking first in the world. The modern service sector, including information services, business services, research and development services and marketing services, continues to develop. The capability of the financial sector for serving the real economy has been enhanced, and the country's social productivity has reached a new level.
Fourth, it has laid a solid foundation for China to build a new development pattern. We are accelerating the formation of a new development pattern with the domestic market as the mainstay and the domestic and international markets mutually supporting each other. The key is to tap the potential of domestic demand, especially consumer demand. China has the largest population and the largest middle-income group in the world. In 2020, the total retail sales of consumer goods reached almost 40 trillion yuan, and final consumption expenditure exceeded 55 trillion yuan. The total capital formation was close to 45 trillion yuan. This will further boost the advantage of the super large Chinese market.
At the same time, we should also clearly recognize that China is still the world's largest developing country, and its per capita GDP is still slightly lower than the global average. Compared with the major developed countries, China still lags far behind. The basic reality that China is still in the primary stage of socialism has not changed. The issue of unbalanced and inadequate development is still prominent, and there is still a large gap between the development of urban and rural areas. Meanwhile, innovation capacity still fails to meet the requirements for high-quality development. In order to achieve long-term economic and social development goals and build China into a modern socialist country, we still need to work hard and make unremitting efforts. Thank you.
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